Using an Investment Bond, financial advisers can put in place arrangements that are not only separate from their client’s Will, but can facilitate the Bond’s proceeds passing to intended beneficiaries well after (e.g. many years) the date of the investor’s death. A Bond can be structured to achieve intergenerational wealth transfers. This can be achieved […]
wills
DIY Wills are not the same as DIY Super
The courts are littered with examples of ‘do it yourself’ Wills that have gone wrong. It doesn’t matter how simple you think your Will is – even smart people like a retired ANU Professors can and do get them wrong. As a result of the ambiguities in the deceased’s Will, and notwithstanding that he was […]
Court refuses to make will for dementia sufferer
In the recent case of R v J [2017], the Western Australian Supreme Court rejected an application to make a will for a woman who no longer had capacity to do so. Julia is currently 91 years old. She has been married to Henry for 51 years and suffers from diminished mental function as a […]
Estate equalisation by courts not so straightforward
In a 2015 court case a claim by the daughters of the deceased for an equal share of his estate was dismissed. It was taken that the daughters had been fairly treated even though their brother inherited significantly more. This sounds like a legal decision from another century but it seems that fair and equal […]
Key issues in estate planning using trusts
A look at two important family trust issues that advisers may come across in establishing or managing the workings of a client’s estate planning using trusts. Issue #1: Who should be the Appointor of my Family Trust? When completing an instruction form for arranging a new family trust for a client, it is very likely […]
Proper planning is always key to a succession and estate plan
Good estate planning is not only about the Will but in the detailed planning that goes into the other aspects of the estate to achieve the best outcome for your loved ones. Advice and documentation on succession and estate planning should take place sooner rather than later. It becomes difficult to have documents prepared and […]
How do you ‘Will’ assets held by a family trust?
One of the primary appeals of family trusts is the flexibility which that structure allows in distributions of income and capital: family and related entities can be assisted as the trustees see fit. But what happens once the trust principal has deceased? Their Will only deals with assets directly owned by them and doesn’t extend […]
Did you know that the terms of a Will can be changed – or even ignored?
There are many reasons why the terms of a Will can be changed: The deceased’s Will could be out of date and not reflect the current family dynamics The beneficiaries might want to re-arrange the distribution of the estate for tax purposes, or to improve the flexibility of access to their inheritance Maybe a beneficiary […]