Succession law explained
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"
Robert Holmes à Court, a lawyer, corporate raider, and the first Australian billionaire died following a heart attack in 1990 aged 53. Following his death extensive searches were undertaken but no executed Will was found. His estate was estimated to be worth over $800 million Although Holmes à Court was described as a corporate raider …
Lawrence Inlow, 46, was killed instantly when struck in the head by the rotor blade of a helicopter. As is the central issue of many of my posts he died without a Will. It is not uncommon for a person to die intestate but Inlow was the in house lawyer for a major United States insurance …
Continue reading "Estate Management – It’s not just about a Will"
The deceased married his second wife Margaret on 7 June 2000 three days before he died. They had known each other since 1994 and had lived in a domestic relationship since 1996. She applied for the grant of probate of a will made by the deceased on 27 January 1999. The Will left the whole …
If you have a Will it is revoked if you marry someone after making it unless the Will was made in contemplation of that marriage. Legislation in most jurisdictions provides that Wills made in contemplation of marriage generally or in contemplation of a particular marriage are not revoked by the marriage of the will maker. …
The revocation of a Will is simply the cancellation of a Will so that it no longer operates. A will can be revoked in a number of different ways but importantly in order to revoke a will voluntarily the testator not only must act, but also have the intention, to revoke the will. In Writing In …