All publications relating to ‘Estate Planning & Wills’
Why your business needs a company power of attorney — Five things to know
A complete estate plan for a family in business must consider a power of attorney for all companies in the group. A power of attorney is an instrument that gives authority to another person to act on behalf of the principal. An individual power of attorney gives your attorney legal authority to manage…
Unusual wills and where to find them: What makes a valid will?
With the advent of technology, courts have had to grapple with difficult questions of whether to accept new forms of “documents” as wills. In New South Wales, the Court has previously held a DVD recording was a valid codicil (see our analysis of the case here). More recently, in Nichol v Nichol [2017]…
What happens when the sole director and shareholder of a company dies?
A successful business can come to a crashing halt if the sole director and shareholder dies. If there is no director or shareholder, the company may become paralysed, face cash flow problems if the deceased was the sole signatory of bank accounts, be unable to pay its employees; or, at worst…
Where there’s no will, there’s still a way 5 things about intestacy
Everyone has an estate plan – even if you didn’t plan one. If you die without a will, the rules of intestacy will apply. The rules of intestacy distribute the estate in accordance with specific rules in the Succession Act 2006 NSW. Leaving your estate planning to the rules of intestacy…
5 Reasons why you might need testamentary trusts in your will
A testamentary trust is a trust that is created under a will and comes into effect after you die. Here are five reasons why testamentary trusts are a great structure to consider in your estate planning. Asset protection Assets under a testamentary trust are held and managed by a trustee (as appointed by you) for the…
Advanced Care Directives
In Brief In this article, we examine Advanced Care Directives (ACDs) and how they can be used to assist your loved ones to make decisions about your medical treatment in circumstances where you lack the capacity to make such decisions for yourself. What is an ACD? An ACD is a document which sets…
Inheritances in Family Law
Say you have recently separated and no property or financial settlement has yet been finalised. You have a very elderly great aunt who is wealthy and to whom you have always been close. Your former de facto partner or spouse now wants you and/or your great aunt to produce the Will…
Abuse of Power
In Brief In an important decision for people considering their estate plan, the Supreme Court of New South Wales has recently reiterated the limits on an attorney’s ability to use a power to benefit themself. But even with this protection, the case highlights the need for people to carefully consider who…
Who needs a statutory will?
In Brief In a previous article, we examined how statutory wills are able to be used for asset protection and tax minimisation purposes. In this article, we outline the types of people for whom an application for a statutory will might be made and then consider the prevailing issue of testamentary capacity…
Can you record your will on a DVD?
In brief The Early Romans had a curious way of making their wills. A Roman would walk into a public space and declare his or her testamentary intention by spoken word in front of at least seven witnesses. Over time the Romans recognised the risk of leaving the wishes of the deceased to…