Blog
Gifting To Charities In Your Will
It is quite common for individuals to gift an amount from their estate, or even a percentage of their estate to a charity of their choice. When including a charity as a beneficiary in your Will, it is very important to get the wording right to ensure the gift is successful on your death. When … Read more
Top 5 reasons your Legal Will Kit might cause problems
Let’s face it – most of us are time poor, and most of us are reluctant to spend extra money where it seems like there is a less expensive alternative. Preparing your own Will from a Will Kit seems to address both of these – easy to do at home, and a lot less money … Read more
Duties of an Executor
The Executor of your Will is the person appointed by you who becomes responsible for carrying out the terms of your Will and your wishes. Choosing who to appoint as your Executor is not an easy task. The duties of an Executor can be time-consuming and at times confusing. This is especially true for family … Read more
What is a Discretionary Testamentary Trust (DTT)?
In essence, a DTT is a structure that can be put in your Will that can save your beneficiaries from paying unnecessary tax, and may offer other protections to your beneficiaries as well. Under a Will with no DTT, everything passes directly to your beneficiary – let’s say your spouse. In simplistic terms, your spouse … Read more
Foreign Beneficiaries and the FIRB
There used to be an exemption for property acquired under a Will. That changed in January 2021 when that exemption was removed. A beneficiary of Australian property under a Will who is not ordinarily resident in Australia (which includes both foreign citizens and Australian citizens residing overseas) is now required to obtain approval from the … Read more
Informal Wills
In order to make a valid Will, there are two basic requirements: The Will must be in writing. The Will must be signed in front of two witnesses. The Wills Act 1997 sets out further obligations on how to comply with the above requirements which can be quite technical. There are ways to prove a … Read more
Transfer of Property on Death
Ever wonder what happens to your property when you die? Well, it all depends on how the property was owned during your lifetime. There are three main ownership types, sole ownership, joint proprietors or tenants-in-common. Sole Ownership If you own property in just your name, upon your death this property will pass according to your … Read more
What happens after Probate?
Once it has been determined that a Grant of Representation is required and it has been obtained, it is now time to deal with the assets of the estate. The first step is for the executors to decide what to do with each asset. Any assets that have been specifically gifted to a beneficiary will … Read more
What is Probate?
Simply put, Probate is a court issued document that confirms the Will of the deceased is valid and validates the appointment of the person nominated as Executor in the Will. The Executor will need to obtain a Grant of Probate before they can administer and distribute the estate. The official term for Probate is a … Read more