Succession law explained
Howard Hughes the billionaire aviator, industrialist and filmmaker died in April 5 1976, at the age of 70, without a will. Hughes' assets were governed by the Summa Corporation, and were valued at more than $2 billion. At the time of his death no one was certain if Hughes had left a will, and as …
Continue reading "Howard Hughes & the Mormon Will"
A person making a Will must have testamentary capacity at the time that it is made (or at the time that the instructions are given) in order for the will to be valid. The test for establishing whether a testator has mental capacity to write a Will was established in Banks v Goodfellow. John Banks, the …
In last Fridays post we discussed a Court overturning a Will makers wishes under Family provision legislation. However, as a general rule, Courts are reluctant to deny a person's testamentary wishes. Patrick Carroll ("Mr. Carroll") died on 16 April 2012. He made his will on 15 December 2011 (the "Will"). His children are Jehovah's Witnesses, …
A Witness is a person who observes the signing of a Will at the time and place that it occurs and affirms this by signing the document. Who can be a witness A witness must be able to form the intention “to attest and subscribe a will”, this means they have to be able to …
In most jurisdictions there is legislation allowing certain relatives to take action against the estate in the event that they feel the Will has not left them with adequate provision for their maintenance, support, education, or advancement in life. In finding what is adequate the Court looks at the circumstances of the case including the …
An executor is the person appointed in a Will to execute, manage, administer, direct, and dispose of his or her estate. Depending on the complexity of the estate an executor may wish to engage an expert with experience in the legal tax and accounting requirements. Many people when nominated as an executor are unsure of …
The simple answer is that the executor is the person named in your will to administer your estate after you die. The executor is responsible for managing the estate, protecting its assets, and carrying out your wishes. You can name as many executors in your will as you like, sometimes people name a solicitor as …
Bob Marley died intestate, at the age of 36, on May 11, 1981. Although he had known that he was terminally ill for some time before his death some say that due to Marley’s Rastafarian faith he did not create a will, meaning that he died intestate. If Jamaican intestacy law applied his wife Rita …
A beneficiary is a person who receives money or other benefits from a benefactor. In relation to deceased estates it is a person who has an interest in your Will. A properly made and executed will creates a Trust at the time of the Will makers’ death. If you have properly made and executed a Will …
Unless you specifically nominate that your death benefit is to be paid to your estate, then generally speaking your Superannuation does not form part of your estate. Normally Superannuation is directed to any beneficiaries under a valid binding nomination or at the direction of the trustees under a non-binding nomination. In either case a Beneficiary …