At times, as Estate Specialists, we are asked questions relating to the implications for gifting their inheritance to other family members. One such elderly couple came to us asking if they could gift their share of an inheritance to their daughter. Obviously this couple had no need for the inheritance and wanted to provide the benefit to someone who would genuinely needs it. The amount involved … [Read more...]
Estate Planning for the Business Owner
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...]
Celebrity Wills Blog Series: (2) Heath Ledger
Updating your Will can be just as (possibly more) important than ensuring you have one in the first place. Celebrities are not immune from this either, take for example the ‘out of date’ Will of Heath Ledger. Everyone knows they should have a Will. Whether everyone actually has one is a different thing altogether. Whether it be apathy, laziness or fear of death, an alarmingly large number … [Read more...]
Who Will Look After My Children if I Die?
From the moment our children are conceived the worrying starts. Perhaps there is no greater fear than the one of, who will look after my children if I should die unexpectedly and prematurely? When a spouse dies during a marriage or committed relationship, the surviving spouse will ordinarily assume the sole parenting role. While occurring today with less frequency, what happens if the greatest … [Read more...]
There is no such thing as a ‘free’ Will’
While watching the footy one Sunday afternoon, an advertisement for an insurance company came on the television. In addition to selling insurance, the company told viewers that if they signed up within the next month they would receive, free of charge, a Will Kit. I imagine that a lot of people watching the advertisement thought it was a good offer. After all, who can resist a freebie? A Will is … [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...]
Digital Assets: Your Online Life After Death
With rapid advancements in technology there is the increased likelihood that you have created a digital presence and online identity. As time goes by many of our ‘possessions’ are becoming digitised, creating a new category of personal property that being the ‘digital asset’. What is a digital asset? A digital asset is anything you may own, or have rights to, that exist either online or on … [Read more...]
Celebrity Wills Blog Series: (1)Robin Williams
Every adult needs a Will. I say and write that repeatedly when speaking with new clients, current clients, friends or the public when presenting seminars or information sessions. So why do we not think that celebrities don’t have a Will? Of course they do. Celebrity Wills range from the complex, think Michael Jackson, to non-existent, Amy Winehouse or, (would you believe it?) Abraham … [Read more...]
Wills & Estates Planning: The Differences Made Simple
What is difference between making a Will and an Estate Plan? We have provided a case study to help explain the difference. Firstly, a Little Background A client was concerned that at their death, their assets could be sold off by the surviving spouse during their remaining lifetime. A solicitor was instructed and a comprehensive testamentary trust was developed at some expense. … [Read more...]
Estate Planning After Separation and Divorce
I have been married for several years but have recently separated from my spouse. We have finalised a property settlement, but are yet to get around to being officially divorced.. I don’t have a Will, does this mean my former spouse will still have access to my estate when I die? The simple answer is yes. Whilst you may be separated, you are still legally married and have a legal ‘spouse’ in … [Read more...]
