Blog
Category: Wills & Estate Planning
What happens to your business when you pass away?
For many business owners, your business isn’t just a livelihood - it’s a legacy. But what happens to that legacy when you're no longer around to lead it?
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Who has the right to make decisions about a deceased's body?
Understanding who holds the legal right to make decisions about what happens to the body of a deceased person is essential for ensuring the deceased's wishes are respected and avoiding disputes during an already difficult time.
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Advantages of professional advice when making a Binding Death Benefit Nomination
When considering a Binding Death Benefit Nomination, professional advice can be valuable to ensure the nomination is valid, complies with relevant legislation, and fits within your broader financial and estate planning strategy.
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Risks of choosing the wrong attorney for Your Power of Attorney
Choosing the right attorney under a Power of Attorney is one of the most important decisions you’ll make for your financial and legal well-being. Understanding the risks can help you make a more informed decision and avoid potentially devastating outcomes.
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Who should you appoint as your Attorney in a Power of Attorney?
When preparing a Power of Attorney, one of the most important decisions you will make is choosing who you want to act as your attorney. The attorney named in a Power of Attorney will have significant control over your financial affairs if you become unable to manage them yourself. It’s a decision that should be made with careful consideration.
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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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