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.
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).
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.
I would like to acquaint you with a few issues relating to the need for a Will.
Wills are not only for those in fear of an imminent demise or those in wedded bliss – or otherwise. They are equally important for singles, and particularly important for those who have just exited a relationship, or are about to contemplate a new relationship, or even serial relationships.
An existing Will becomes void on marriage and a Will made in marriage is not automatically revoked on separation or divorce.
The first hurdle to clear if someone wants to contest a Will is whether they are an ‘eligible person’ under the relevant legislation. A ‘step-child’ is specifically included in the list of such eligible persons in the law. Seems straightforward? Think again. A recent case in the Supreme Court of Victoria (Bail v Scott-Mackenzie  […]