beneficiaries
Enduring Power of Attorney vs Executor
When planning for the future, it is essential to understand the distinct roles of an Enduring Power of Attorney and an Executor. Both positions involve significant responsibility, but they operate at different times and serve different purposes. Confusing the two can lead to misunderstandings and complications in managing your affairs. This article clarifies the differences … Read more
Has AI Prepared Your Will?
Artificial Intelligence (AI) has rapidly transformed many aspects of our daily lives, including the way we approach legal documentation. Online platforms now offer AI-generated Wills, promising convenience, speed, and affordability. However, while the prospect of using AI to prepare your Will may seem appealing, there are significant risks and challenges that should not be overlooked. … Read more
Will Challenge Series Part 3: Minimising Will Challenges
If you’ve read the first two parts of this series, you might be feeling a bit unsettled about the prospect of your Will being challenged. In this article, we are going to look at proactive strategies for minimising the risk of Will challenges. Note that we use the term minimise. This is because we can … Read more
Who should I choose to be the Executor of my Will?
An Executor is the person you appoint in your Will to manage your estate and carry out your wishes after your death. They will need to attend to the following: Apply for and obtain a Grant of Probate (if required) Collect all the assets of the estate Pay any debts and expenses Arrange tax returns … Read more
Will Challenge Series Part 2: Some Common Challenge Scenarios
Questions about potential Will challenge come in many forms, but they often boil down to two really common scenarios: the re-married parent, and the estranged adult child. In this article, we will take a look at each of these and how they often work out. The Re-Married Parent The scenario Chris has three adult children … Read more
Will Challenge Series Part 1: When Can a Will be Challenged?
Did you know that the incidence of Will challenges has risen by around 25% in the past decade? Statistics tell us that approximately 10% of all Australian Wills face legal challenges, but the true number is likely to be much higher because this figure only records challenges which reach a certain legal stage. This would … Read more
Transparency in Estate Planning
Family dynamics can be intricate, and sadly, disputes sometimes arise when it comes to estate planning. A lack of transparency regarding a loved one’s Will can intensify these situations and often lead to Will challenges. This blog post emphasises the critical importance of fostering open communication and transparency amongst family members to help minimise the … Read more
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
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