Blog
Category: Wills & Estate Planning
Estate planning and blended families
Blended families are becoming more common in today’s world and take various forms. With this comes the need to consider how your estate planning needs should be addressed taking into account your specific circumstances.
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What happens if I lose my Trust Deed?
Despite the huge increase in documents being executed electronically, there are still areas of law in which the presentation of the original wet ink signed document is important. A Trust Deed is one such document. Unfortunately, it is not uncommon for clients to approach us in situations where the original Trust Deed is lost, and requesting what their options are.
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Should a trust deed have a power to vary its provisions?
It is common to find that, over time, the terms of a Trust may need to be updated or revised, usually because of changes to the law, including tax and duty laws. Not having a power to vary the terms of a Trust can have significant issues and create unnecessary financial impositions.
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Timing the withdrawal of your superannuation to be tax effective
As the population ages, the issue of timing the withdrawal of funds you’ve accrued in your superannuation account(s) becomes more important. Withdrawing from your super too early, you may miss out on the favourable tax treatment. Not withdrawing in time and your money may be subjected to tax which might otherwise not have applied.
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When should I review my Binding Death Benefit Nomination?
If you’ve made a Binding Death Benefit Nomination to deal with superannuation fund moneys after death, and you’ve either nominated your legal personal representative in your Will or a particular person, then just like your Will, it may need to be reviewed and revised from time to time.
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How can I stop my kids from challenging my Will?
Contemplating leaving a child out of your Will is a common issue that arises in families, particularly where one or more of the children are seen as the “black sheep”. In very general terms, kids might challenge the Will you make in three areas.
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Duties of a trustee
In very general terms, a trustee holds assets of a Trust, manages those assets and deals with the capital and income in accordance with the terms of the Trust. The trustee owes a duty directly to the beneficiaries and must always act in the best interest of those beneficiaries.
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How to leave a gift to a charity in your Will
Deciding to make a gift to a charity in your Will is a commendable act. But there does need to be some consideration as to what you wish to achieve by the gift. You also need to be mindful of the potential for a family provision claim against your estate.
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How do I gift my digital assets in my Will?
There is no legislation at the moment in Australia which addresses the change of ownership of digital assets after death. But, given the prevalence of digital assets, it is increasingly likely that legislation will be put into place in the future.
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What can be done if the original Will is missing or lost?
We have recently received a number of queries where the original Will of the deceased is missing or lost. It may be that a copy of the Will has been found but not the original document. The question then is what to do and whether a Grant of Probate can still be made where only a copy of the Will is located.
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Can I stop my children receiving inheritance at 18?
This blog looks at two options for delaying the age at which your children receive a share of your estate. The first is to “take a risk’ and second is to create a Discretionary Trust.
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Duties of an Attorney under a Power of Attorney in NSW
If you’ve been made an Attorney under a Power of Attorney, you need to be very aware that you are taking on significant responsibilities and you have important obligations to act appropriately.
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