Following recent articles posted, and which you can read here, we continue to list some other major areas that a legal health check will cover. Family and Estate Planning and Employees.
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Both men and women who have recently retreated or have been forcibly ejected from a relationship are generally not in the best state of mind to make sound financial decisions.
It might be useful to set out a sort of checklist, incorporating the fundamental principles that at least ought to be considered in these circumstances.
Exports to China make up 38% of the Australian export market, and the virus has reduced the demand for many goods and services. A potentially positive outcome for the Australian consumers is that we could see lower petrol prices as a result of the Coronavirus.
There are potential income tax implications if a beneficiary receives an income from their inheritance.
Tax management for beneficiaries of a deceased estate is an important consideration in estate planning. If a beneficiary sells property or shares received through the estate, they may be subject to capital gains tax (CGT).
Powers of Attorney allow people of your choice to make decisions on your behalf, and hopefully, in your best interests. It is probably stating the obvious to suggest that you should think carefully about who you wish to entrust with your life and/or financial well-being.
There are some legal niceties as to the respective liability and obligations between the partners and limitations on debts being incurred on the ordinary course of the partnership. However, the responsibility you can face on behalf of your partner can put all of your personal assets in jeopardy.
You need to consider either changing your structure or at least holding your assets in another legal entity. A trust is an excellent option, but there are a number of others such as a company which may be appropriate, depending on your circumstances.
Many people do not know that super does not automatically form part of a person’s estate and subsequently, the distribution of the assets held by the fund is not governed by their will.
It is essential to plan for what happens to your superannuation death benefit and to ensure you have a binding death nomination in place with the trustee of your super fund. This will ensure that your assets are distributed in accordance with your wishes.
A view which most solicitors with experience in Will making share, is that no Will is better than a bad Will. We have all seen Wills made by people trying to save a dollar by getting a form from a newsagent or simply scribbling a few words on a piece of paper.
In the making of your Will, you have a unique opportunity to pour oil on troubled waters. By thoughtful distribution of items of family or emotional significance past grievances may be minimised, and perhaps such actions may even help to create an understanding that you were unable to achieve in your lifetime.
Seek professional advice to ensure that your Will actually reflects your wishes.