If I die first my joint tenancy asset goes the survivor. This is my spouse. Or if my spouse dies first I get my spouse’s interest in the joint tenancy asset. But what if we both die at the same time? For example, in a car accident or from an aeroplane crash. And it is not […]
A recent case considered by the Queensland Supreme Court Williams v Williams & Anor [2023] QSC 90 has highlighted the importance of taking all of the required steps to ensure a binding death benefit nomination is valid and capable of giving a legally binding direction to the trustee of a superannuation fund for the payment of death benefits […]
Who you want to take care of your financial, personal, and medical affairs if you were to lose capacity by way of Enduring Powers of Attorney (financial and personal) and Medical Treatment Decision Makers? Who you want to be your executor and/or trustee? Do you need to consider incorporating a testamentary trust in your Will? […]
When a person dies leaving assets in Victoria, somebody, usually the executor of the deceased person’s Will, has to deal with the administration of the estate. Administering the estate means following the legal processes to distribute the estate as the Will-maker wanted. The person does not have authority to deal with the assets of the […]
Testamentary capacity is a gauge of the mental faculties of a testator when they create their will. A testator must be of competent mind, understanding, and memory in order to make a valid will. All testators are assumed to have testamentary capacity until it is proven that they do not. Whether or not a client has […]
It is often that that a marriage or a divorce automatically revokes a will. Is it so? Marriage Section 13 of the current Victorian Wills legislation deals with the effect of marriage on a will. Marriage revokes a will unless the will was made in contemplation of that particular marriage. The contemplation need not be […]
A reseal is necessary as the personal representative appointed (executor or administrator) by a grant in a foreign jurisdiction cannot deal with assets in Victoria, although enquiries should first be made with asset holders as some, such as banks and share registries, may accept a grant from another jurisdiction together with satisfaction of other requirements. […]
Many Australians are risking their wealth, considering somewhere between 25 and 40 per cent of people die intestate, without a Will in place. Part of that statistic is influenced also by a loss of documents. So not only is it important to have proper, strong, appropriate documents that fit your plan in place … but […]
The last 3 decades have seen a substantial growth in the number of people in Australia establishing a family/discretionary trust. The benefits of such an arrangement have been largely touted by professionals around 2 areas – asset protection and tax benefits. The issue of whether a corporate trustee is best suited as opposed to an […]
On 23 June 2015 the Federal Court of Australia gave judgment in an appeal from a decision of the Superannuation Complaints Tribunal (“SCT”) to affirm the trustee’s determination to pay death benefits to the deceased’s adult children. The decision can be accessed here: http://www5.austlii.edu.au/au/cases/cth/FCA/2015/612.html The deceased made no binding death benefit nomination and the legal […]