A contemplation clause is used when a party is contemplating either marriage or divorce at the time of making a will. This is a common occurrence, therefore having a contemplation clause in will is important when considering marriage or divorce. Marriage In any event you get married after making a will, the old will is …
To be able to contest a will in New South Wales, you must comply with the terms of the Succession Act 2006. This legislation governs the ability for people who are eligible persons who are seeking a share or a greater share of the deceased’s estate. The first step in commencing a family provision claim …
Cy-près (pronounced sih-pree) is a legal term that originated from French law and is used in NSW in relation to trusts. A cy-près scheme is a legal process that allows the Supreme Court of NSW to modify the terms of a charitable trust to ensure that the trust’s objectives are still met, even if the …
Cy-près Schemes and Charitable Trusts. What are they? Read More »
Generally, superannuation does not form part of your Estate unless the trustee of the superannuation fund pays your member ‘death benefits’ (the balance of your superannuation account) directly to your Estate. If you wish for your Superannuation to be paid to beneficiaries directly, you should contact your fund and discuss having a Binding Nomination placed …
You should not withdraw funds as you are accountable to the beneficiaries of the Estate. The Bank will only share the deceased’s Bank Account information with an Executor, Administrator or the next of kin. Upon notifying the Bank of the death, all Accounts will be frozen, so no unauthorised withdrawals are made. All Direct Debits …
What happens to the bank accounts with someone passes? Read More »
What is an Executor? When someone dies, an Executor is the person appointed by the Will to administer the Estate. The Executor is required to ensure that the debts are paid and that the assets are obtained and distributed as listed in the Will. If there are more than one Executor, they will need to …
What is the role of an Executor of a Will in NSW Read More »
It is common that when somebody passes away, a person who is in a relationship with that person (whether de-facto or married) or a child, sibling or relative may feel that they have not been properly provided for under the will. If this is the case, they may consider contesting the will or making what …
Dependency and why it is important to contest a Will Read More »
In New South Wales any person has the ability to contest a will or make as we call it a “Family Provisions Claim”. However, like most litigated claims it is very important that you are aware of the statutory time limits. Without proper attention to these time limits it is highly likely that you will …
Contesting a Will – The time limits you need to know Read More »
One (if not the most important) thing that you must consider including in your will is a residue clause. The residue clause is vital as it deals with all the leftover estate assets after the debts are paid and gifts have been given. The residue clause is usually the meatiest clause of the will as …
The coronavirus (COVID-19) pandemic is gripping the Australian nation and creating a plethora of issues for businesses throughout the country. However, individuals are also worried about the ways that they can protect themselves from this crisis. From a legal standpoint, the best thing to do is make sure your estate planning documents are up to …
