Wills & Estates
Now is the time of year that most people make commitments to themselves as to what they want to achieve in 2012. Make one of those resolutions to get your affairs in order. Do you know what will happen to your assets when you die? Will your family be able to support themselves? Will the people you want to have your assets actually receive them?
Recently the Herald Sun reported that Powers of Attorney can be used as a licence to steal.
The Victorian Supreme Court is currently overseeing what appears to be the first same sex Will dispute in Victoria. The trial continues in front of Associate Justice Lansdowne where Juanito Estrella is seeking provision out of the estate of his alleged partner Leon Wesley George Robins.
- It is becoming more and more common for people to hold assets in various entities rather than in their own name. Many properties and investments are held in family trusts, companies or within self managed superannuation funds.
- Australia now has around $1.3 trillion dollars invested in superannuation, and the total keeps growing. According to statistics produced by the superannuation regulator Australian Prudential Regulation Authority over the 12 month period ending December 2010 there was an increase in superannuation assets of 7.7%.
- Many people fail to consider the Capital Gains Tax (CGT) consequences that can arise after their death, some of which can have a massive impact on the estate itself.
Drafting a will is child’s play, isn’t it? The answer is yes if you don’t live beyond that week and as long as you had testamentary capacity at the relevant time. While we hope you live a long time after drafting your will, doing so makes the situation complicated as there are many pitfalls awaiting the unwary.
Do you leave specific legacies so you know exactly what each person will be getting, in dollar values or by reference to specific items? Alternatively, should the will be drafted with scope for discretion, possibly including a testamentary trust?
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