new ademption laws

New Ademption Laws

New Ademption Laws by Jacqui What is ademption? Ademption is a very old concept that has developed over centuries of English inheritance law, and been brought to Australia. It occurs when a specific gift is left to someone in the deceased’s Will, and that specific gift is no longer owned by the deceased when they […]

more than one

More Than One Spouse in 6 Years?

More Than One Spouse in 6 Years? by Jacqui Brauman If you die without a Will, you are said to have died ‘intestate’, and the laws of intestacy apply. New laws commenced on 1 November 2017 for the laws of intestacy in Victoria, and my previous article gave some information about those changes. As part […]

Die Without A Will

What Happens If I Die Without A Will?

What Happens If I Die Without A Will? by Jacqui Brauman If you die without a Will, you die ‘intestate’. Each State has its own laws about intestacy, so if you die in Victoria without a Will, then the Administration and Probate Act is the piece of law that dictates what happens to your estate. […]

SMSF CGT

What a Relief – CGT Help

What a Relief – CGT Help Wilsons can help you negotiate the complexities of the government’s capital gains tax relief which you may be eligible for if have superannuation interests in the retirement phase greater than $1.6m or are receiving a transition-to-retirement income stream. The new superannuation measures required several changes to clients’ arrangements in […]

Aged care

Aged Care Basics

Aged Care Basics by Jacqui Your ACAT Assessment (“Aged Care Assessment Team”) or ASAS Assessment (“Aged Care Assessment Service”) is your first step, and this should be done sooner rather than later. Generally it cannot be done in an emergency, and could take a couple of months to arrange. This Assessment is the key to […]

self managed super

Farming Land and Business Premises in Your SMSF

Farming Land and Business Premises in Your SMSF by Jacqui Having the transfer balance cap of $1.6m introduced for pensions has more impacts on self-managed superannuation funds (SMSFs) if the SMSF has invested in property, particularly valuable farming land that is still being farmed by the family or a business premises that is used for […]

change to super

A Change to Super that Everyone With An SMSF Needs to Know

A Change to Super That Everyone With An SMSF Needs On 1 July 2017, when many new changes to superannuation commenced, there have been some impacts on estate planning due to these changes. Most particularly with self-managed super funds (SMSFs), but this change will also effect large accumulation funds as well. When someone gets to […]

will-kit

Homemade Wills and Will-Kits

Homemade Wills and Will-Kits by Jacqui Brauman Another homemade Will has just cost a family tens of thousands of dollars in Western Australia, with the family having to work out what the Will actually says in the Supreme Court. The will-maker must have thought they were very smart, but the language used in Wills has […]

The Sandwich Generation

New Book – The Sandwich Generation

New book – Sandwich Generation Who is the ‘sandwich generation’? You are the generation that is stuck between your adult children and your elderly parents. You have obligations to both of them, and you thought you’d have some freedom by now! You are torn between them. Just when your children should be grown up and […]

protective trust

Case study: Protective Trust

Case Study: Protective trust by Jacqui Brauman Protective trusts are not necessarily the best option to use when you have a vulnerable beneficiary, but they are still useful in some cases and should be considered by will-makers. Jay is upset when his daughter’s marriage breaks down, and even more so when she returns to drinking […]

Appoint Guardians for your Children

Case Study: Why You Need to Appoint Guardians For Your Children

Case study: Why You Need to Appoint Guardians for Your Children by Jacqui Brauman One of the cases that I came across a few years ago, through a friend working as a prosecutor, made me want to bring estate planning awareness to parents of young children. This case was one of the reasons why I […]

stamp duty

Stamp Duty Changes to Make Estate Planning Harder

Stamp Duty Changes to Make Estate Planning Harder One of the benefits that we previously had in Victoria was that spouses did not pay stamp duty on land transfers between them, whether it was their principle place of residence or an investment property, or any other restructure of properties between them. This was really important […]

self-managed superannuation

Case Study: Self-Managed Superannuation

Case Study: Self-Managed Superannuation Jay is in his second marriage. He has two adult children from his first marriage, a step-child and a new baby from his second marriage. He is the sole member of a self-managed superannuation fund that he set up before he got married again, and the fund has assets of $1.5m […]

common mistakes

Common Mistakes in Estate Planning

Common Mistakes in Estate Planning by Jacqui Brauman There are a lot of common mistakes that are made by lawyers and others who prepare estate planning documents for their clients via online services other than a lawyer. One of the major mistakes that leads to all the other following mistakes is to not value the […]

separated but not divorced

Separated But Not Divorced? Your Will Should Be A Priority

Separated but not divorced? Your Will should be a priority by Jacqui Brauman I used to tell family law clients when they were separating that their children and their property settlement were the most important things, and that they didn’t have to worry about getting a divorce unless they wanted to remarry. However, if you […]

power of attorney capacity

When Does A Power of Attorney Begin?

When Does A Power of Attorney Begin? by Jacqui Brauman Powers of attorney can be general or enduring. “Enduring” simply means that the powers you give endure beyond you losing mental capacity. Today, we are talking about Enduring Powers of Attorney that give powers in relation to financial, legal and personal matters. These powers of […]

get in order in 2017

Get In Order in 2017

Get In Order in 2017 One of your New Year’s resolutions may have been to get organised in 2017, or maybe it’s on your list of New Year’s resolutions every year. Well, in getting organised, here are some of the things you should think about to make sure that the wealth you are creating is […]

Single mum

Case Study: Single Mother Without Powers of Attorney

Case Study: Single Mum Without Powers of Attorney by Jacqui Brauman Sara is a single mother raising her four-year-old daughter Michelle and two-year-old boy Matthew. Although she was devastated that her relationship with the father of her children failed, she has really embraced being able to do things her own way. She gets to choose […]

estate planning melbourne

The Correct Way to Transfer Control of Your Family Trust

The Correct Way to Transfer Control of Your Family Trust Many small businesses and farming businesses are run in a family trust structure, and many families use family trusts as an investment vehicle, and perhaps own their investment properties in a family trust. Family trusts can be a great vehicle, particular for those who set […]

ACQ5 awards - wills and estates lawyer of the year

ACQ5 Global Awards 2016 – Wills and Estates Planning Lawyer of the Year

ACQ5 Global Awards 2016 – Wills and Estates Planning Lawyer of the Year TBA Law proud to announce that we have won another business award in a global industry magazine. ACQ5 announced to the world the winner of the 11th Annual ACQ5 Global Awards for 2016, and we were one! The 11th Annual ACQ5 Global […]

equal inheritance to children

Equalising Inheritance Through Your Will

Equalising Inheritance Through Your Will People will often want their children to have an equal share in their estate, and in giving instructions like this is a solicitor, many may not consider non-estate assets. If a will-maker truly wants their children to all be treated equally, then they also have to consider: pre-death gifts the […]

mistakes powers of attorney

5 Things To Never Do When Appointing a Power of Attorney

5 Things to Never Do When Appointing a Power of Attorney There are two primary enduring powers of attorney available in Victoria. One is for medical treatment, and the other covers financial, legal and personal matters. An attorney appointed for you must act in your best interests, but not in the best interests of your […]

self-managed super fund

If You Have A SMSF …

If you have a SMSF, what other documents should you have? Superannuation is holding more and more of our wealth. If you have a self-managed superannuation fund (SMSF), you have an more immediate responsibility to make sure that it operates correctly, and that you have considered all the succession factors you need to. The Trustee […]

same sex couple

Case Study: Same Sex Couple

Case Study: Same Sex Couple Mitchell and his partner, Cameron, live together with their young adopted daughter, Lily. They are modestly wealthy, their home being worth $800,000 with a $250,000 mortgage remaining. They each have superannuation of approximately $200,000 and life insurance each of $500,000. In Australia, as a same sex couple Mitchell and Cameron […]

estate planning blended family

Case Study: Blended Family

Case Study: Blended Family Jay needs to do his Will and estate plan. He and Gloria are married, but Jay has two adult children from his first marriage, Claire and Mitchell. Gloria has one child from a previous relationship, Manny aged 10, who lives with her and Jay. Jay and Gloria have just had a […]

bankrupt estate

The Truth About Insolvent Estates

The Truth About Insolvent Estates What happens when someone dies insolvent, meaning that they have more debt than assets? The first myth is that the executor will be liable for the debts. This is not true, if the executor acts honestly and does his or her job properly. The executor should not be personally liable […]

self-managed superannuation fund

7 Secrets About Your Self-Managed Superannuation Fund

7 Secrets About Your Self-Managed Superannuation Fund It’s no secret that the government is currently looking at changing rules around superannuation, but what are some things that already apply to our superannuation that you don’t know? Where are the governing rules of your self-managed superannuation found? There are detailed rules in legislation governing superannuation. However […]

simple will

When Does a Simple Will Become Complex?

When Does A Simple Will Become Complex? Solicitors are loath to call even a “simple will” a simple will these days. There are so many aspects to the wording used that the layman doesn’t understand, not to mention the trustee powers that need to be included. But even when a will is relatively simple, there […]

estate plan

Case Study: Estate plan for well-off nuclear family

Case Study: Estate Plan for well-off Nuclear Family Phil and Claire are married. They have three children, two to whom are still minors; Hayley, Alexis and Lucas. Most of their assets are jointly held: their house and bank accounts. Phil has a thriving real estate business in his own name. The total value of their […]

estate planning presentation

Estate Planning Presentation

Estate Planning Presentation This is a presentation that I’ve given at a few different locations. I thought I would record it an make it available for everyone.

minor's trusts

A Tricky Secret About Minor’s Trusts

A Tricky Secret About Minor’s Trusts In a Will, we will often leave our entire estate to our children once both spouses have passed away. If those children are still minors (under the age of 18 years) then they cannot inherit until they reach that age. Quite often, in our Wills, we will say that […]

superannuation death benefit

Who Can I Leave My Super To?

Who Can I Leave My Super To? Superannuation death benefits are not your estate assets – you have to nominate with the trustee of your super fund who you want your death benefit to be paid to.