Case Study – Why You Should Make a Will and Have Your Affairs in Order
Jack and his wife have three young children. They own a house as joint tenants (meaning the property will pass to the survivor) and a dress-making business. Jack and his wife each make a Will leaving everything to each other and then to their children in equal shares. Jack’s wife dies unexpectedly. Several years later… Jill owns a dress boutique. Jill meets Jack when buying dresses from Jack’s dress-making business. Jack and Jill start dating and eventually enter into a relationship. Jack suggests to Jill that she sells her boutique and works with him in the dress-making business. Subsequently, Jack and Jill move into Jack’s home to raise the children together. Each morning, Jack wakes up and says, ‘Darling Jill, I love you. One day all this will be yours.’ TIME FREEZE - Is it tr...Read More
Why Estate Planning Makes Financial Sense
Do you have a will? Statistically, there is a high chance that you don’t. A whopping 45% of Australians do not have a valid will. That’s alarming considering that a will is the most important document you ever will sign in your life. So why are you putting it off? Do you think you are out of reach from the spectre of death? Sure, you might have your health, but one day, and I hope for your sake it’s a long time in future, you’re going to die. Sorry to be the bearer of bad news. And then what’s going to happen to your assets? It’s possibly going to be taxed, distributed to people against your wishes or even straight to the government. Instead, plan your estate and make a will. If that doesn’t encourage you, then read on, because in this blog we are going to look at why estate planni...Read More
A brief guide to Probate
What is Probate? Good question! Many people think that once a person dies, the Will they drew up magically appears in the hands of the executor. The executor then calls everyone detailed in the Will together to hear what they were left and they then all leave with their entitlements. Before any assets or possession are distributed, the Will has to go through Probate; the legal process necessary to carry out the instructions specified in the Will of the deceased. Probate is made of three general steps: Registration of the last Will of the deceased to the Supreme Court. Authorization of a Grant of Probate. Distribution of assets and possessions. Registration of the last Will The executor of the Will is the person responsible for registering the last Will to the Supreme Court of th...Read More
Why do you need a will?
While many of us don’t want to think about it, death comes to us all. And though we all want to live life to its fullest, there is a good chance that we will have some possessions left when we die. So have you made a Will? “I’m too young to make a Will…, I don’t have anything to give away…, it’s too complicated…, it costs too much” tend to be the reasons why people do not want to make a Will. Hopefully, after reading this, you’ll see that making a Will is very straightforward and inexpensive process. What is a Will? The definition of a Will is “a legal document containing instructions as to what should be done with one’s money and property after one’s death”. So rather than have everyone squabbling over your possessions after you die, make a Will. Essentials for a...Read More