A key concern for many families while preparing their Will and Testamentary documents is the discussion surrounding how they might ensure the needs of their children will be met in the event of their unexpected death or illness. Indeed, this is a critical discussion that must happen, particularly when the clients have very young children. While most clients in this situation come to us ready to … [Read more...]
Can I leave someone out of my Will?
A recent judgement out of the Supreme Court of South Australia sends a timely reminder to all Will Makers, that trying to successfully leave someone out of your Will is still a very difficult and tricky proposition. For many years now a myth has been perpetuated in many circles relating to the misconception that leaving someone a ‘token’ amount in your Will is a sound tactic for preventing … [Read more...]
WHAT RIGHTS DOES A STEP-CHILD HAVE TO YOUR ESTATE?
Scenario: Mrs Smith married Mr Smith who had two children from a former marriage. Mrs Smith had no natural children of her own. Mr Smith predeceased Mrs Smith with Mrs Smith dying several years later. Are the children of Mr Smith entitled to make a claim against the estate of the Mrs Smith? The children of Mr Smith became the legal step-children of Mrs Smith at the time of the … [Read more...]
Case Study – “Gifts and Asset Divestment in Estate Planning and Asset Protection”
How the family home can stay in an individual’s name for the purpose of the CGT main residence exemption yet the value can in someone else’s hands. It illustrates the pros and cons of asset divestment to the next generation during the lifetime of the senior generation and how it should and should not be done. Doris and David Day married in 1975 at the age of 30. Doris was born into a wealthy … [Read more...]
Deceased Estate Without a Body?
When dealing with the administration of a deceased estate it seems obvious that you need an actual deceased person! The ordinary course of events would run as follows; Make a will naming an executor; Die; Executor obtains a Grant of Probate; Executor administers deceased estate. Simple right? As a lawyer, experienced in a great variety of Estate matters (many straightforward and … [Read more...]
