Blog
SMSFs & BDBNs
In our last article we wrote about putting in place your binding death benefit nomination (BDBN) in your superannuation. In this article we would like to refer to superannuation held in a Self-Managed Superannuation Fund, an SMSF for short. Same as your industry owned superannuation, you can name a beneficiary to inherit your superannuation under … Read more
Who should I name as my Superannuation beneficiary?
Generally, your superannuation does not form part of your estate and is not distributed under your Will. If you do not have a binding death nomination in place upon your death the trustee of the super fund will make a determination as to who to pay a death benefit to, this determination will be in … Read more
Electronic Witnessing of Wills and Powers of Attorney
Last year was a difficult year for Wills & Estates lawyers. When COVID-19 hit, lawyers had to work from home and could no longer have face-to-face meetings with their clients. A big problem quickly arose, how could our clients sign their Wills in front of two witnesses when they were unable to leave their homes … Read more
Looking After Vulnerable Beneficiaries – Protective Trusts
Whilst there are several options for these beneficiaries depending on your circumstances, one of the most common is to include a Protective Trust in your Will. A Protective Trust is basically having someone else look after your adult child’s money on their behalf- this person is called the Trustee. The Trustee receives the money from … Read more
Guardianship of your children
Something a lot of clients seem to struggle with is naming the guardian of their children, a great way to do it would be to make a list of the following: What are your values? What are your children’s critical needs? What are the logistical preferences? Who are the available people? Once you have listed … Read more
Why is the wording in my Will so complex?!
I get this question fairly often from slightly baffled and even frustrated clients who have tried to read through their Wills and found they get stuck on some of the wording. After all, they reason, this is my Will, shouldn’t it just say what I want in simple terms?! And I feel for them! … Read more
Right to Reside v Life Interest
When you own a property or part of a property in your own name, your Will controls what happens to that property. We often see clients wishing to provide a loved one (usually a spouse) with the ability to live in that house, and yet still ensuring that the house ultimately ends up with someone … Read more
When Executors Don’t See Eye to Eye
It is not uncommon for Wills to appoint more than one person as Executors- often adult siblings. And unfortunately, it is also not uncommon for siblings to fight. We see this regularly in estates where the siblings are both Executors but can’t agree or communicate on the running of the estate. So, what happens? Initial … Read more
Aged Care, Granny Flats & Estate Planning
If you or a parent are entering Aged Care, it can be overwhelming. Quite apart from the emotional upheaval, the financial implications can be complex, and good quality financial advice is a must. But equally important is making sure you review your estate planning at the same time. You need to make sure your Will … Read more
When Is Probate Needed?
One of the main questions we get asked by clients is ‘do I need to get Probate?’. The answer is not always a simple yes or no. To determine whether or not probate is needed we need to look at what assets were held by the deceased at the time of their death. Before … Read more