What is an executor? An “executor” is a person who administers a deceased person’s Will. If the deceased did not leave a Will, then the person administering the deceased’s estate is, not surprisingly, called “the administrator”. An ordered society needs rules to ensure that a deceased person’s wishes regarding their estate are followed. Different societies […]
wills
The most important thing you (probably) didn’t know you could do with your Will
Choosing the person who will take care of your children should you pass away before they are 18 is, for most, one of the most important decisions you will ever have to make. Alarmingly, many people don’t realise that having a spoken arrangement with your trusted person is not enough. We set out who gets […]
Avoid a challenge to charitable bequests by unhappy family members
Charitable bequests are often the target of disgruntled family members left out of, or unhappy about the contents of the deceased’s Will. It is possible to make charitable bequests and ensure the wishes of the benefactor are privately and directly met outside of a legal will and the deceased’s estate. “Some Insurance Bonds have a […]
Are mutual wills the silver bullet for step-family estate planning?
A step-family is “a couple family containing one or more children, at least one of whom is the step-child of one of the partners in the couple, and none of whom is the natural or adopted child of both members of the couple” (Australian Family Trends No. 4 — July 2013, The Australian Institute of […]
Loan vs gift: the right way to help out your kids
We all know that life’s pretty expensive living in Australia these days – especially if you have a hankering for buying residential real estate in a capital city. Plus, if you are “lucky” enough to get into the real estate market, that usually means that you’ve signed yourself up for an enormous mortgage for the […]
What happens when both members of an SMSF die at once?
It’s the call that every adviser dreads – the death of a client activates the estate planning toolkit of Will, Binding Death Benefit Nomination (“BDBN”) and reversionary nomination for SMSF pensions. But what if a husband and wife with their own SMSF both die in a car crash? At the same time? What is already […]
Mirror mirror on the wall, should my Will be mutual after all?
Often couples believe that their testamentary intentions are protected after they die if they have a mirror Will with their spouse.
Critical components of SMSF estate planning
You may have seen coverage in the news of the Women and SMSFs report, jointly released by the CBA and the SMSF Association, indicating that more than half of SMSF members do not have an up-to-date Will or a succession plan. The research report surveyed 801 SMSF trustees, as well as 535 individuals without an SMSF, and […]