When buying or owning property with someone else, it is easy to focus on the practical details and overlook how the ownership is recorded. However, the way a property is owned can have important consequences later on, particularly when it comes to estate planning and what happens after an owner passes away.
Joint bank accounts are often viewed as a convenient way to assist aging family members to manage their funds in this increasingly technological world. However, while joint bank accounts may simplify day to day banking and bill payments for aging family members, they can create complications from an estate planning and estate administration perspective. Understanding these risks is essential before adding another person to an account or relying on joint ownership as an estate planning strategy.
Whilst it can be tempting to avoid professional fees and complete you own will, it may result in further costs, delays and stress for your family.
The threshold for requiring a formal grant of administration is increasing from $15,000 to $40,000, reducing legal costs and easing the process for executors and families. In the article below, Megan explains what this change means, how it may affect you, and why having a valid will in place remains essential.
With the rise of digital assets in the 21st century, have you considered how your intangible assets are dealt with after your death?
Are you or your loved one thinking of moving into a retirement village? Moving into a retirement village is a big life decision – is the move right for you? This article outlines some key things to consider before making your next big life decision.
Enduring powers of attorney require you to have mental capacity to sign. Ensure you have your affairs in order sooner rather than later to avoid undue stress and complications in the future.
Have you ever thought about having an enduring power of attorney but hesitated at the same time because you were not keen on the idea of your attorney having complete control over your personal affairs?
When drafting your will, an important consideration is who to appoint as testamentary guardian for any minor children. Before appointing a testamentary guardian it’s important to know the role they will play in your child’s life should you die, and any restrictions on their powers. This article explores the role of a testamentary guardian.
If you have been excluded from your parent’s Will, or left a very small gift, you may have the right to challenge the Will. This article provides you with a summary of your rights.