Superannuation is a complex area of Estate Planning that a lot of people don’t really understand. It is important to think about your super when considering your Estate Planning as it can be a significant asset in your Estate.
Before diving too deep into the specifics of Testamentary Trust Wills and how they can benefit you, it’s helpful to understand what a Trust actually is.
As seen in the previous post on Trusts in general, we saw the different roles played by the Settlor, the Trustee and the Beneficiary. We also saw that a Trust is governed by a fiduciary relationship between the Settlor and the Trustee wherein the Settlor relies on the good faith of the Trustee.
Service (noun): the process of sending or delivering court documents to the parties to a matter after the documents have been filed with the court.
Disclosure (noun): a process whereby both parties to a family law property settlement are required to exchange all information and documentation relevant to their financial circumstances.
Parental Responsibility (noun): the legal duties, powers, responsibilities and authorities that parents have towards their children.
Have you ever watched a medical drama on television and been in awe of the complicated medical diagnoses the actors have to not only remember, but deliver convincingly without tripping over their words? Or, more worryingly, have you yourself ever attended an appointment and left feeling more confused than when you arrived because it felt like they were speaking another language?
Topics: Family Law
Doctor Lodin died in June 2014 leaving behind an estate valued at approximately $5 million. Dr Lodin had died intestate as he did not have a Will. Under the rules of intestacy, Dr Lodin’s sole daughter was entitled to the whole of the estate. Dr Lodin’s ex-wife, Magdalena, subsequently brought an application for family provision against the intestate estate.
Topics: Estate Disputes
The Fair Work Ombudsman has been taking an increasing interest in the area of advisor liability and illegal phoenix activity. Illegal phoenix activity refers to the transferring of assets from a company nearing insolvency to a new company to protect those assets from creditors when the company goes into liquidation.
A Traditional Will outlines the intentions of the testator and how they would like their Estate to be distributed amongst their beneficiaries. Once the testator passes away, the funds will be distributed to the beneficiaries directly according to these instructions.
Topics: Estate & Succession Planning