Succession law explained
A young man had been granted an enduring power of attorney over his father’s assets. The father was diagnosed with vascular dementia. Over a short period of time the father’s bank accounts were emptied using the power of attorney with the son stealing more than $300,000.00 - the father’s life savings. The father is now …
Continue reading "Elder Abuse is a growing problem"
We have posted about the need for making a Will as a matter of planning but what path should you take in order to make a Will. Any Will making path begins with discussion of your wishes and documenting them in order that your loved ones are aware of your choices. Death is a deeply …
Continue reading "This may sound like a broken record…Make a Will!"
Euphemia (“Mia”) Polykarpou, died on 2 March 2015, leaving an estate with a value of about $1.4 million. She had made a Will in March 2004, probate of which was granted to her executor in October 2015. Mia left her entire estate to charitable causes; half went to scientific research into the causes and cures …
In 1992 the Australian Commonwealth Government introduced a compulsory system of superannuation for employees known as the Superannuation Guarantee (SG) at a level of 3 per cent in a bid to boost retirement savings. Compulsory super payments have helped build a $2-trillion pool of retirement funds. Employers pay 9.5% of the ordinary time earnings of …
Richard Steven Valenzuela died in a plane crash in Iowa in February 1959, aged 17. Also on board were Buddy Holly and The Big Bopper. The day later became known as The Day the Music Died. Born outside of Los Angeles in 1941. Richie taught himself to play a number of instruments gaining experience performing …
We have discussed intestacy before: this is where, if you die without a Will, your assets will be distributed according to a legislated formula in the jurisdiction where you live - regardless of your wishes. In NSW a beneficiary of an intestate estate must survive the intestate by 30 days to receive a benefit from the …
Eliane Lucie Daly and her husband, Henri Georges Daly lived in New Caledonia. On May 2003 they attended the office of their solicitor who had prepared wills for each of them to sign concerning their property in Australia. The terms of these wills mirrored each other as follows I REVOKE all former Wills and Testamentary …
I have had some questions about the difference between mutual Wills and mirror Wills. Both are joint Wills and express the testamentary intentions of two or more people, are jointly executed, and expressed in the one testamentary instrument. The difference between mirror Wills and mutual Wills is that people who have made the corresponding Wills …
Spouses or partners often make basic wills that are identical to each other. This is referred to as a mirror Will, the Wills are identical, but unlike mutual wills, are revocable. A simple Will leaves all of your estate to your spouse/partner, and if they die before you, the estate would go to your children. …
A recently released report suggested many wills are later contested. As Making a will is a common way of transferring assets across generations the larger the estate, the higher the tensions; when Prince died earlier this year 29 people claimed to be relatives in an attempt to share in his $500 million estate. Howard Marshall …