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 […]
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?

An Australian Enduring Power of Attorney (POA) is a legal document. It allows you to appoint a person to make decisions about your assets. The POA deals with your assets e.g. real estate and bank accounts. Trustees of a Family Trust – Trustee delegating authority A Trustee can not outsource […]
30/11/2020

Bankruptcy Trust in Wills

Smart people do not hold assets in their own name. Thus they keep assets out of creditors’ reach. This is useful for business owners as well as the wealthy. Lose in court? You lose your assets. But you generally do not lose the assets held in your ‘safe harbours’: 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 […]
20/08/2020

NSW Stamp duty to change a Trustee

Change a trust’s trustee to a corporate trustee in New South Wales? At times, you may wish to change the trustee of your New South Wales trust. Perhaps the trustee dies, leaves the country or loses mental capacity. Or you want to move from a human to a company as […]