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The latest information from Tony Kelly
How to Avoid Division 296 Tax Changes
What You Need to Know About the Proposed Division 296 Superannuation Tax Changes The Australian Government has proposed significant changes to how superannuation earnings are taxed for individuals with substantial retirement savings. Known as Division 296, this...
What are ‘chattels’ and why are they important?
In the domain of estate planning and inheritance law, one might come across the term “chattels” quite often, especially in instances where assets are distributed when someone dies without a valid will (intestacy) or when detailed instructions are stated by a willmaker...
What happens to my pets when I die?
When a lawyer, accountant or financial planner asks you about your Will, they will typically ask about the distribution of assets (such as the family home, cash or cars) to beneficiaries (usually spouses, children and other friends or family). Where do pets fit into...
Update – Superannuation Binding Death Benefit Nominations
In 2018, Tony Kelly published a blog post regarding the Supreme Court of Queensland case of Re Narumon Pty Ltd [2018] QSC 185. Re Narumon revolved around the ability of an Attorney appointed under a valid Enduring Power of Attorney to renew the principal’s...
Important considerations for your superannuation
Superannuation is a key component of your Estate Plan. While your superannuation sits “outside” of your personal Estate in its own ‘silo’, any discussion around your Will should nevertheless take into account your superannuation death benefits. In this post, we...
Protecting your assets: BFA vs Will
For many of our clients, protecting their assets for the benefit of their children is the utmost priority. Of particular concern is that their spouse or partner may remarry (or re-partner), either after separation or after our client’s death, and any of their assets...
When to Update your Will (Part 2)
In 2021, we published a blog post on the subject of ‘When it’s time to update your Will’, covering some of the most common scenarios that should prompt a review. In the two years since, we have seen even more situations arise between families that should have led the...
Guardianship of Children – Myths Busted
When preparing a new Will, the guardianship of minor children is often at the forefront of our clients’ minds. For some clients, it can be difficult to choose who would be the most appropriate person to care for their children. This indecision can hold up the progress...
Dying without a Will
It is estimated that up to 50% of Australians do not have a valid Will in place. When a person dies without a Will, their Estate is governed by what are known as the intestacy provisions in the Administration and Probate Act. These provisions allow the Estate to be...
Land Tax and Discretionary Testamentary Trusts
Many clients with a real estate portfolio choose to create discretionary testamentary trusts (DTTs) in their Wills in order to pass the benefit of the portfolio on to their children. The DTT structure has many taxation benefits; however, it is also worth considering...
‘Giving’ money to your children: a good idea?
When considering their succession plan and how they wish to distribute assets during their lifetime, many of our clients raise the idea of giving money to their children for the purchase of a home. With property prices remaining high and increased interest rates...
Your Death Wishes and how to record them
When contacting us to discuss Estate Planning, our clients are usually focused on the legal aspects of what happens after their death, such as ‘who gets what’, creating testamentary trusts, or business succession. While it is crucial to have a legally binding Will to...
Philanthropy: during your lifetime or after your death
“Leave the children enough so that they can do anything, but not enough that they can do nothing” In a note to shareholders, US billionaire Warren Buffett expressed his belief that his children should not inherit his (almost incomprehensible) wealth following his...
Dealing with your assets: during your lifetime or after death?
A recent article in the Wall Street Journal posed the question of whether parents should give their children their inheritance, in whole or in part, during their lifetimes, or wait until after death, when their assets will be dealt with according to the provisions of...
Binding Financial Agreements: Why you need one
When clients come to see us about succession and estate planning, they are usually thinking about the contents of their Wills, and other financial-related structures such as Trusts, which they have or are contemplating creating in their lifetime(s) or in their Wills....
Choosing your Executor: Factors to Consider
When we sit down with clients to discuss their new Wills, one of the first questions we will ask is “who would you like to be your Executor”? For some clients, the answer is usually straightforward – their surviving spouse, and in default, a relative, close friend,...
Memorandum of Wishes
When making a new Will and Testament, there may be details that you wish to include as to the reasons for its provisions which aren’t suitable for inclusion in the Will. In such circumstances, we would recommend that you make what is known as a “Memorandum of Wishes”....
Informal Wills: A Warning
“Why should I pay a solicitor to prepare my Will when I can just write one myself?” For whatever reason – cost, convenience – some individuals choose to prepare their own Wills, sometimes without even a Will kit to assist them in meeting the necessary formalities as a...
