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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...
The Probate Process: Step-by-Step
Death can be an overwhelming time for family members, particularly for those who are the Executor(s) named in the Will. If you have not previously experienced the Probate process, you may feel confused about where to begin. In this blog post, we will break down the...
What forms part of a Deceased Estate – the ‘silo’ theory
Many clients have the preconceived idea that everything that they own or control in their lifetimes shall be dealt with according to the provisions of their Will. For the purposes of administering a Deceased Estate, however, only assets that are owned personally will...
Tax and Deceased Estates
Unlike some other jurisdictions, Australia does not have a ‘death tax’ on deceased Estates; however, there are several tax issues of which Executors need to be aware when administering an Estate. In this blog post, we will provide an overview of some of these issues....
Estate Bank Accounts: A Guide for Executors
Part of the role of the Executor is to call in the assets of the Estate and maintain Estate bank accounts. Depending on the terms of the Will and any Trust(s) its terms creates, this may be a short-term responsibility, or the need to maintain an estate bank account(s)...
When it’s time to update your Will
The provisions of your Will should continue to reflect your current circumstances. As Tony likes to say, its provisions should reflect your wishes as if you had “died yesterday”. When changes happen in your life, it’s therefore important to consider how these changes...
Powers of Attorney and Related Documents Explained – Part 2
This is the second post in our series covering different advance planning documents. We recommend reading our previous post on Powers of Attorney and Appointments of Medical Treatment Maker before reading this post. In this post, we look at Advance Care Directives,...
Powers of Attorney and Related Documents Explained – Part 1
When it comes to Estate Planning, it is important for you to consider not only what will occur on your death, but also what would happen to your affairs should you lose the capacity to make decisions. Many clients primarily think of their Will when considering Estate...
Providing your legal representative with access to your online assets
Our online presence is, in effect, today’s shoebox of treasured possessions, containing electronic correspondence, images, and other “virtual” mementos. There also a myriad of other related issues such as banking and social media accounts which require a knowledge of...
The Benefit of a Non-Lapsing Binding Death Benefit Nomination (BDBN)
The decision of the Supreme Court of Queensland in the recent case of Re Narumon Pty Ltd [2018] QSC 185 highlights the importance of having a correctly drafted binding death benefit nomination (‘BDBN’) which is non-lapsing as it gives a validly appointed attorney the...
“Can’t you wait till I’m dead?”
“Can’t you wait till I’m dead?” A client of mine, of German extraction, visited his elderly father several years ago who asked him to explain what the provisions made in his will. The heading to this article was the father’s response! This response recently came to...
Why You Should Make A Will
“By failing to prepare, you are preparing to fail.” - Benjamin Franklin I am often referred clients from other practitioners and professionals in complimentary fields. Recently I received an email to the following effect: “Hello Tony, I referred a gentleman to you...
Global Partnership Family Offices
Tony Kelly is the Australian representative of the internationally based Global Partnership Family Offices, which serves the family office community as a private and impartial peer-to-peer networking forum. Underpinned by a Family Office Advisory Board, the Global...