Lost Will vs destroyed Will vs valid Will

A ‘lost’ Will is not automatically a ‘revoked’ Will – lost vs revoked A Will is valid until it is intentionally revoked by the Will-maker. The Will-maker must be of sound mind to revoke a Will. A person holding a POA for the Will-makers...

Appointor insane? Family Trust succession planning

Family Trust succession planning Many assets don’t go into your 3-Generational Testamentary Trust Will at death. These assets do not go into your Will: Joint tenancy Superannuation (well not automatically) Cross-owned insurance Family Trust assets (except for...

When can’t you change a SMSF trustee?

Use a law firm’s website to update SMSF Deeds You would have thought it was straightforward to change the Trustee of a Self-Managed Superannuation Fund. Not so you if you read Moss Super Pty Ltd v Hayne [2008] VSC 158. A member died. The surviving member tried...

Can Family Trusts override the Family Court?

Family Trust v Family Court As tax lawyers, Legal Consolidated structures clients’ affairs to legally reduce tax burdens. We are also asked to: consider asset protection if you or your business goes bankrupt or insolvent draft 3-Generation Testamentary Trust...

ASIC warns of ‘cutting corners’ on death nomination forms

ASIC warns financial services licensees against ‘cutting corners’ on death nomination forms The Australian Securities and Investments Commission (ASIC) is putting the financial advice sector on notice about meeting requirements for witnessing signatures....

Everett’s assignments out. Service Trusts in.

Everett’s assignments do not work. Instead, consider a Service Trust to overcome the Personal Service Income rules. Escape Personal Service Income rules (PSI) with a Service Trust Agreement Because of Personal Service Income rules (PSI) it is hard for professionals...

Extend the vesting date of my trust?

Extend the vesting date of my family trust? Most Australian trusts, at some point, must vest. The trust must end after 80 years. This is based on ancient English law. The government does not want a trust to go on forever. This is because it may end up that no one is...