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Navigating Tax Complexities: For Cross Border Estates
Overview Australia is a multicultural country with around thirty percent of our population born overseas and a further 20% who are first generation Australians (with one or both parents born outside of Australia). Many migrants to Australia choose to retain assets they have overseas or may later inherit assets from overseas relatives. Because of this […]
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Why Estate Planning Is Crucial After a Divorce or Separation: Protecting Your Assets and Loved Ones
Going through a divorce or separation can be emotionally taxing and overwhelming. Amidst the myriad changes and adjustments, one crucial aspect often overlooked is estate planning. Yet, it’s precisely during these times of transition that having a solid estate plan becomes even more critical. In Australia, where laws regarding estate planning can be complex, ensuring […]
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Case Study: How a Power of Attorney Can Save You
Who will make medical or financial decisions for you if you are incapacitated? Losing capacity is not a topic many of us like to envisage. However, with proper planning you can ease the burden on family members and loved ones by being prepared. The importance of having a designated alternative decision maker is illustrated by […]
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Why Estate Planning Should Be On Your Christmas Wishlist
By Anna Thompson, Legal Assistant With the festive season quick approaching and celebration and holiday preparations being made, it is time to start thinking about presents for your loved ones. This year, think about giving a gift that benefits both you and your loved one: the gift of an estate plan. The Perfect Holiday Gift […]
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Why Every Parent Needs A Will
By Elizabeth Michael, Principal Lawyer and Notary Public As a parent, you want to do everything in your power to protect your children and ensure their wellbeing. One crucial step towards achieving this goal is to have a will in place that appoints guardians for your minor children. A will is a legal document that […]
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Why Drafting Your Own Will Is A Bad Idea
By Jordyn Nichols, Lawyer What is an Informal Will? An informal will is a document that sets out a person’s testamentary intentions but does not satisfy the legal requirements of execution under Section 7 of the Wills Act 1997 (Vic). There are a number of reasons why someone may choose to write their own will, […]
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The Importance of Estate Planning Before Capacity Becomes an Issue
We should all plan for our future. Certainly, we should all have a current will, especially those of us who need to make special arrangements for the care of children or pets. Many of us would also benefit from making a formal arrangement to account for a time when we could find ourselves unable to […]
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Deceased Estates – What Happens When Executors Don’t Agree?
When someone dies, their assets are usually distributed according to their will. The person responsible for managing and distributing these assets is the “executor” of the deceased estate. In some cases, a will appoints more than one person to act as executor, and these individuals normally need to work cooperatively to execute the duties of […]
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Succession Planning for Business Owners
As a business owner, you deal with many responsibilities, including having to decide what to do with your business when you move on. Sometimes the logical endgame for a business is to be wound up, but in most cases, the aim is a smooth transition to new ownership. This is particularly important if you plan […]
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De Facto Partners – Who Gets Your Super When You Die? Some Common Myths Debunked
Superannuation is an important asset that many Australians accumulate throughout their working lives. If you are in a de facto relationship, do you know who will receive your super when you die? Myth #1: I have made a Will. It is all sorted. It is a common misconception that having a will is enough. This […]
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