While an estate’s executor is the person most involved in an estate’s administration, this does not mean they can leave the people who stand to benefit from the estate assets(beneficiaries) in the dark throughout this process. RMB Wills and Estates Division explains:
Trusts, including family trusts and unit trusts, are useful mechanisms to provide asset protection both throughout life and in estate planning, and also allow greater flexibility in tax planning. However, as RMB Lawyers Wills & Estates & Disputed Wills Division explains, it pays to understand the nature of perpetual succession:
Caring for a child with a disability is an incredibly challenging for parents who continue to provide ongoing care for their child into adulthood. RMB Estate Planning lawyer Division explains the value of Special Disability Trusts:
A voice recording on an iPhone can be classed as a Will under certain circumstances, our Wills & Estates Division explains.
When it comes to making a decision about appointing an Enduring Guardian to look after you when you lose capacity either through old age or ill health (or both), the clear message is: don’t leave it until it is too late.
Even if you have never met your biological parent, you may still be able to make a claim on their estate. The RMB Lawyers Estate Planning division explains.
The RMB Wills and Estate division explains the tax implications for executors of estates, who may be under pressure to finalise distributions to beneficiaries:
If you have been appointed executor of a Will of a loved one who has passed away, the RMB Wills and Estates division has some important advice:
Making sure you have a valid and up-to-date Will doesn’t only ensure your estate is distributed according to your wishes when you die. As the RMB Wills and Estates division writes, it is also a service to your loved ones.
You should consider a binding death benefit nomination if you have a self-managed superannuation fund, to ensure your assets are distributed as you wish after your death. The RMB Estate Planning division explains.
Being involved in the administration of an estate when a loved one passes can be a daunting process, but knowing the terms and responsibilities is a good place to start. EMMA Perkins from RMB Lawyers explains:
Being asked to become an executor of an Estate carries many responsibilities, the RMB Estate Planning explains.
Preparing a “bullet-proof” Will can be complicated, particularly if we do not wish to provide for a particular person.
Everyone should have a current will, but it can be particularly important for people going through divorce or separation.
Testamentary Trust Wills allow your estate to be administered in a tax effective manner for your beneficiaries. Ssuch Wills can also protect inheritances from creditors or relationship breakdowns.
A Special Disability Trust is a trust established either by Deed or by Will. For the purposes of this information we are discussing a Special Disability Trust established by a Will. It is a trust established for the benefit of one person whom suffers from an impairment or a disability. In general terms the trust is designed to provide a source of income whilst not adversely affecting an individual's entitlements to a disability pension.
Some common sense tips on Why are Binding Death Benefit Nominations so difficult?
In this second of a two-part series on Power of Attorney, we consider the issues of Enduring Power of Attorney and Enduring Guardianship.
The importance of Wills and Powers of Attorney.
A solution to a problem that can arise with Power of Attorney property sales.
Families considering the "granny flat" option for aged care should draw up an agreement so that everyone is clear about their obligations and to cover a variety of possible circumstances.
Issues involved with challenging a Will.
Sspecial trusts designed to provide for people with disabilities after their parents have died.
Access to digital assets that is creating problems for executors of Wills and lawyers finalising deceased estates.
Issues surrounding voluntary euthanasia.