Hotchpot Clauses vs Equalisation clauses in Wills

Sign up here to receive our PRUDENCE newsletter

25/07/2021

Hotchpot Clauses vs Equalisation clauses in Wills

Dangers of a Hotchpot Clause in a Will – Re CosierDeceased Estate Equalisation in Wills are bad We want to treat our children equally. In our Wills, we put in an Equalisation clause. Or we put a Hotchpot clause in our Will. But neither an Equaliatation nor Hotchpot clause in […]
03/07/2021

Do foreigners pay CGT on Australian Family Trust assets?

Two cases sadly hold that foreigners in Australian discretionary trust must pay taxon gains made on Australian assets. But these are assets that are not “taxable Australianproperty.” The Australian Family Trust sells some assets. The trust makes a capital gain. from the sale The assets are shares. They are not […]
12/04/2021

Do Marriage and Divorce revoke your Will?

Does getting married destroy your Will? What if you separate from a marriage or a de facto relationship? Does it affect a previously made Will? Getting married? Does it affect your Will? Usually, marriage revokes your Will. Marriage cancels, nullifies and destroys your current Will. Therefore, if you die as […]
24/02/2021

Replace Australian Lost Company Constitution

Replace a lost Company Constitution on law firm website Lost your company constitution? Build a replacement company constitution on our law firm’s website. You get: law firm letter  – confirms the law firm authored the replacement of the lost company constitution member minutes new constitution to replace the lost Constitution […]
25/01/2021

Can a POA act for a trustee?

  Can a Trustee delegate its authority? Can a POA act on the trustee’s behalf? A human Trustee can not outsource the job of being a trustee to another person. Even if that other human holds a Power of Attorney for the Trustee. The position is different for a company. […]
30/11/2020

Bankruptcy Trust in Wills

  Bankruptcy Trust in Wills Put a Bankruptcy Trust in your Will to protect your spouse, children and beneficiaries. The Bankruptcy Trust protects your beneficiaries if they go bankrupt before or after your death. When you die you give your assets to your spouse and children. But what if your […]
03/09/2020

Financial Planners witnessing POAs prepared by Legal Consolidated

The Statutory Regulations 2018 (Cth) allows financial planners and advisers to witness Commonwealth statutory declarations. This has been the case since 18 September 2018. This means that financial planners are in the group of ‘authorised witnesses’. This is long overdue and I applaud the FPA and many other groups, including […]
28/08/2020

A warning to accountants. Chadbourne v FCT.

A warning to accountants Commonly Dad borrows money cheaper than his trust. In this recent case, Dad borrows money from the CBA and gives it to his trust. Everything goes wrong. In Chadbourne v FCT [2020] AATA 2441: the taxpayer, Mr Chadbourne, borrows money from CBA he on-lends the money to […]