Most people who advise on testamentary trusts talk about the ‘tax benefits’. This emphasis is plain wrong. Why? Because, a simple Will (without a testamentary trust) is more likely to do harm, and to lead to family disharmony, than one with a testamentary trust.
A gift of property that is no longer in your estate when you die automatically ‘fails’ (or ‘adeems’). This rule can lead to unfairness and unintended consequences.
A key benefit of having your super in a SMSF is that you can choose who ultimately benefits from particular assets within your fund when you die.
What is, and what is not, in your personal estate? This may sound like a academic question not worthy of a lot of thought. However, if you are in estate planning mode, it is critical that you answer this question correctly.
Just because you and your partner make 'mirror Wills' does not mean that your partner cannot change their Will (either before or after you die). Furthermore, your partner does not have an obligation to inform you if they do change their Will. Find out how to deal with these issues.
Your super doesn't form part of your estate, and is not subject to the terms of your Will. It's therefore critical to have in place appropriate arrangements to make sure your super ends up where you intend.
When you are separating for your spouse or partner, it's easy to get bogged down in negotiations about your kids and dividing up your property. But don't forget your estate planning - otherwise you may just end up leaving your former partner the biggest gift of them all.
The digital realm is truly the ‘Wild West’ when it comes to management and realisation after death.
What would happen if you lost mental capacity or died? While your physical life may be well provided for, chances are your digital life is seriously at risk.
While being very professional, Andreyev Lawyers always treated me with great respect. I have felt that they were prepared to walk that extra mile to help their clients.
Unlike divorce, marriage separation does not have an effect on your Will. For this reason, the period of separation that occurs prior to divorce is possibly one of the most important times to ensure your Will reflects your changed circumstances.
When you are entrusted to deal with the estate of a deceased loved one, it can feel overwhelming. We are here to guide you through this time with compassion, clarity and certainty.
This Brief outlines the structure, use, eligibility requirements and benefits of Special Disability Trusts
When you give an outright gift to someone under your Will, the beneficiary receives the gift from your executor, with no strings attached. The beneficiary can do what they like with it. If you impose any rules on the gift, then you have effectively created a 'testamentary trust', and things get a little more complicated.