Succession law explained
Everyday when you go to work, meet a friend, or go to the shops you create a plan. It could be rudimentary or require managing a number of interconnecting bus routes or several different road routes depending upon the traffic conditions. I know that we don’t like thinking about it but you will die some …
Continue reading "The Future is a lot like today – so plan for it now"
Rupert Burge died in January 2013, aged 93. His widow Anne, son Conrad and daughter Susanne survived him. His wife applied for a grant of probate. Most of the deceased’s estate comprised money in two offshore bank accounts. In March 1983 a will was drafted by solicitors in Victoria appointing his wife Anne sole executrix, and leaving …
In October 2007 PG died leaving a will dated 18 May 2006. At the time of his death, PG was the sole director and shareholder of, a company holding a parcel of 7,385,586 shares in A. At the date of PG's death, the value of each share was $8.73 and the total value of the …
An executor named in a Will does not have to apply for a grant of probate. An executor named in the will of a deceased person may renounce his or her executorship of the deceased’s will. Renunciation of an executorship is made in writing prior to a grant of probate to the executor. In some jurisdictions …
When James Brown died in December 2006 his estate comprised copyrights to more than 800 songs and the rights to his image that some estimated to be worth more than $90million. In a Will Brown had created six years prior to his death the major beneficiary was the “I Feel Good” Trust, to be established to …
Continue reading "James Brown’s estate ain’t on the good foot"
In July 2002 Francesca and Augusto Conti established a self managed superannuation fund (SMSF) they were its only trustees and members. Following Francesca's death in August 2010, Augusto retired as a trustee of the SMSF and appointed as trustee a corporation of which he was a director. Francesca had made a will dated 13 January …
Continue reading "Superannuation binding death benefit nomination versus Will"
As discussed before the payment of death benefits from a superannuation fund are made in accordance with the rules of the fund and not as set out in the deceased's will. The trustees of the fund must apply the rules of the fund in good faith, responsibly and reasonably. Death benefits from a superannuation fund …
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Superannuation law recognises a ‘dependant’ of a deceased member of a superannuation fund as: (1) a spouse of the deceased; (2) a child of the deceased; (3) a dependant of the deceased; and (4) if an ‘interdependency relationship’ is established. Enabling the beneficiary to directly inherit the contributor's funds if they die, and avoiding higher …
Continue reading "Superannuation Death Benefits for Same Sex Couples"
Mr & Mrs Katz were long term members and also acted as individual trustees of their self managed superannuation fund. Mrs Katz died leaving Mr Katz as the sole member and trustee of the fund. Superannuation laws required the fund to have two individual trustees. Mr Katz appointed his daughter, Linda Grossman, as an additional …
Continue reading "Superannuation – Binding Death Benefit Nomination"
Superannuation Law & Succession Law When you die, it is not only Succession Law that governs who gets your assets. Most people in Australia have Superannuation, which is governed by superannuation laws, which give your super fund the power to decide who receives your superannuation when you die. You might believe that nominating a beneficiary through …
Continue reading "Superannuation – Can I make a Binding Nomination to My Estate"