When you have children you may want to ensure they will be taken care of in the event something happens to you. Each parent will have different relationships with each child and various involvement in their lives. When you write your Will you should be clear who is included or excluded to ensure they receive … Read more
When a person dies, the named executor (or executors) of the Will steps in to deal with the administration of the estate. The executor’s responsibilities generally include collecting and valuing assets, arranging the funeral, applying for probate, and distributing the remainder of the estate in accordance with the Will. The following provides an overview of … Read more
A Power of Attorney is a legal document that allows you to control who makes decisions for you, while you are still alive. At some point in your life, you may consider appointing a trusted family member or friend to make decisions on your behalf. Differences between a Power of Attorney, Guardianship/Administration Order, and Wills … Read more
There may be circumstances where a person with reduced decision-making capacity needs support to make personal or financial decisions. A guardian or administrator may be appointed to assist in such circumstances where there is no enduring Power of Attorney (POA) in place. Difference between guardian and administrators Guardians are appointed to make personal lifestyle decisions … Read more
Administering an estate involves collecting all the deceased’s assets, paying debts, and distributing the remainder to persons entitled and/or named under the Will (also known as the beneficiaries). It is helpful to understand your options as an executor when administering and distributing the estate. What is considered a deceased estate? The rule is that any … Read more
Can’t find the original paper Certificate of Title for your property? Not to worry, the title can be located or replaced by the Victorian titles’ office. What is a Certificate of Title? A Certificate of Title is the official record of who has interest and rights over a piece of land. What’s the recovery process? … Read more
When property and assets are jointly owned, and one of the joint owners passes away, the property and assets will automatically pass to the surviving party. Both names will remain on the title until a survivorship application is completed. To remove the deceased party’s name from the title, the surviving party must lodge a survivorship … Read more
It is never easy when a loved one passes away. Amidst the confusion and grief, you are also appointed to act as their executor. So what does that mean for you exactly? The Role Of An Executor It is likely that your loved one approached you and asked for you to act as their … Read more
Your superannuation fund (i.e. ‘super fund’) may be a major, if not the largest, asset of yours. When managing your estate and assets it is crucial understand how your superannuation benefits are dealt with after your death. How are my super benefits dealt with? Your super fund is managed by a board of trustees (‘the trustees’) … Read more
“Where there’s a Will, there are 500 relatives.” In making a Will, it can be just as challenging to decide who to exclude from your estate as it is to decide who is to benefit from it. People often think ‘it’s my Will, so I get the final say’. However, Australia laws prevents Will-makers, also … Read more
To Will or not to Will? Let’s explore the legislative rules that apply in the event of you passing without one. What are the Rules of Intestacy? If you don’t have a will, you are said to have died ‘intestate’ upon death. As such, the Rules of Intestacy will apply. This means the … Read more
Itis never easy dealing with the loss of a relative or close friend. Having some understanding of how property transfers from deceased estates are treated can alleviate the stress from managing the remaining assets and belongings of your lost loved one. What is a ‘Deceased estate’? A deceased estate is anything owned by the person … Read more
Making a Will is the essential step in estate planning – outlining your wishes and how your loved ones are to be cared for when you are no longer around. Surprisingly, some people still feel that spending money on ensuring a Will is validly prepared is unwarranted. While DIY Wills and DIY Will Kits are money … Read more
While this is a sensitive topic and you may be hesitant asking your friends and family, having a plan is important for peace of mind. Here we address some of the common reasons people put off preparing their Will. ‘I don’t have any assets’ It’s not unusual for many to believe that they don’t have … Read more
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