Are funeral wishes in a Will legally binding?

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funeral wishes not in a your will are funeral directions in wills binding

Are funeral wishes in a Will legally binding?

Are funeral wishes in a Will legally binding? The funeral wishes in your Will are not legally binding. Your executor is not required to follow them. Do not clutter your Will with directions for your funeral and remains. Your Will has to take a journey. It goes to the Supreme […]

Even a pre-1985 family home can be subject to CGT

[smartslider3 slider=2]   CGT Family Home – that does not seem fair Death and Probate Duties were abolished by 1981. However, in 1985 the Federal Government introduced Capital Gains Tax. CGT earns the Government more money on deceased estates in a single year than in the cumulative history of State […]

Mum dies, baby pays 66% tax

Parent dies leaving children under 18 – use of Post-Death Testamentary Trust In a perfect world, you build a 3-Generation Testamentary Trust in your Will. When you die, your Estate is tax-free for 80 years. A 3-Generation Testamentary Trust washes out the de-facto death duties: Capital Gains Tax, Stamp Duty […]

Reversionary Pension to love child

Muriel’s husband died a few years ago. At 54 she fell in love again and was the oldest mother in her city. She called her love child Colin. Her two oldest children, Ian and Brian, are successful engineers. Muriel’s assets are all in her Self-Managed Super Fund. As the sole director […]

Client was not well enough to make a Will – what happens now?

In March 2016 the Court created a statutory Will for a man who had suffered serious injuries in 2012. This resulted in ongoing short-term memory loss. He wanted to make a Will. While he could identify the persons whom he wished to benefit, and demonstrated an understanding of how the Will operates he […]

Court rewrites Will to save tax – Court-authorised statutory Wills

Court rewrites Will to save tax – a novel remedy for crazy people Each of the States and Territories allow the making, revoking and varying of a Will. But only if you lack testamentary capacity: South Australia: section 7 Wills Act 1936 (SA) ACT: section 16A Wills Act 1968 (ACT) […]

Joint tenancy is old fashioned and dangerous. Is tenants in common better?

Joint tenancy is old fashioned and dangerous Joint Tenancy vs Tenants in Common Tenants in common: each owner holds their discrete share of the asset outright. It can be 20% and 80%. Or can be 50% and 50%. Or is can be 34%, 6% and 60%. But it must equal […]

Estate Planning – New dangers

Estate Planning – new dangers When I started drafting Wills in the 1980s: A lawyer had no obligations to the beneficiaries (only to the Will maker – who is dead by that stage); and Accountants and advisers had no obligation to warn a client to make a tax effective Will. […]