I met a very fit and healthy couple in their 80’s to discuss some estate planning. They showed me their current Wills, which they had prepared themselves. There were 2 major issues. They meant to leave everything to each other, and then the survivor was to make specific gifts, but the Wills were worded such […]
Estate Planning for 80 Year Olds Read More »
Today I had the pleasure of talking about the importance of having a Will on 89.7FM with the hosts of “In Good Company”, Lisa Evans and Louise Kelly – see HERE for their Facebook page. You can listen to the recording below:
A Few Good Reasons for Having a Will Read More »
I saw a client who would like a Will with gifts given pursuant to the terms of a discretionary testamentary trust, which enables income and capital to be distributed to not only the primary beneficiaries, who are her children, but also their family and companies and related trusts. For some very good reasons, the trusts
“Britney-Spears” Type Trusts Read More »
Below is a sheet which shows the benefit of having superannuation equalisation provisions in a Will if there is at least one financial dependent sharing equally in an estate, e.g. no spouse, two children out working and one child at school. If the superannuation and other assets are split equally, such as in the first
Superannuation Equalisation Provisions in Wills Read More »
I provided some advice to a lady who is the enduring attorney for her mother. Her mother now has dementia. She wanted to change her mother’s Will because the 2 named executors are now deceased. Unfortunately there is no power under the EPA to alter the person’s Will and an application needs to be made to
Wills and Enduring Powers of Attorney Read More »
We were instructed to seek letters of administration in favour of two sisters of a lady who died about a year ago now, leaving no Will. The deceased left behind a husband, but no kids, so her estate is shared roughly equally between her husband and her siblings. Our clients were happy for the husband to
We’ve been preparing a few wills of late. One set of clauses we are including deal with superannuation proceeds that are paid into the estate, which gives more flexibility to ensure they go to the intended persons. In one instance, we ensured minimal tax by splitting the sum of the Super Proceeds and the Residuary
Tax Effective Wills Read More »
Just as everyone should have a Will to ensure their assets are disposed of according to their wishes, and not according to the outdated Administration Act of 1903, everyone should have a binding death benefit nomination for their super and any associated life insurance, otherwise it is left to the discretion of the trustee. Couples
Importance of Binding Death Benefit Nominations Read More »
The results of a poll that I looked at last night estimated that that 55% of the adults in Western Australia have no Will, or are not sure if they have a Will. Of those adults without a Will, only about 9% will have one by the time they pass away, leaving half of the
Do you have a Will? Read More »
We have been finalising wills for a couple with a large combined estate, however, the wife will not have much in her estate if she pre-deceases her husband, because most of her assets are in super. We have worded her will such that, if her husband survives her, even by 5 minutes, all of her
Wills with Tax Benefits Read More »