According to the World Health Organisation, around 1 in 6 people over the age of 60 have experienced some form of abuse in community settings during the past year. Unfortunately, the rates of abuse increased during the COVID-19 pandemic, and may continue to increase with an aging population. Sarah Slattery explains.
Your Will should be as unique as you. Careful estate planning is required to ensure that your assets pass to your intended beneficiaries in the most advantageous manner. Binay Prasad, Accredited Specialist (Wills & Estates) explains.
When contemplating putting together an estate plan, an important aspect to consider is the personal circumstances of the prospective beneficiaries of your Will. Setting up a a Special Disabilty Trust can assist a beneficiary to manage their inheritance. Lawyer Sarah Slattery explains.
It is impossible to guarantee that your Will, no matter how cleverly drafted, will not be challenged in the future. Nevertheless, there are steps that you can take to limit a successful challenge. Binay Prasad Accredited Specialist (Wills & Estates) explains.
Separating from your partner, and the process of a family law property settlement often takes considerable time. Despite the formality of these processes, is important to note that separation and family law property settlements DO NOT revoke your Will. It is only in the event of a divorce that separation will have an effect on your Will.
Getting married is often one of the happiest days of a person’s life. Understandably, your Will is one of the last things on your mind. It is important to note, however, that your existing Will is revoked by your marriage.
Leaving a bequest or a gift to a charity in your Will is a good way to continue support for a charity that is close to your heart, long after you’re gone. A charitable bequest can be made alongside distributions to children, family members and friends, or alternatively, your entire estate can be distributed to charities.
We are all free to make our Will as we wish and see fit – this is known as testamentary freedom, and is a longstanding legal principle that forms the basis of how Wills are prepared and interpreted. However, Will Makers in Victoria have to make proper provision for persons they have an obligation to provide for. If a Will does not provide proper provision for that person, then they are entitled to request the Supreme Court of Victoria to make an order for greater provision. These are known as Part IV or Testator Family Maintenance (TFM) Claims.
Along with the increase in superannuation savings comes the issue of disputes arising between family members as to superannuation funds and how decisions are made regarding superannuation monies and its distribution as part of a deceased estate.
The coronavirus pandemic has meant the enforcement of social distancing and self-isolation in order to reduce the spread of the virus. This also involves the closure of various services and the implementation new social distancing requirements when leaving the house. As a result of these restrictions, it would seem that the need for Powers of Attorney has become increasingly important to assist in circumventing some of these difficulties, particularly for those in isolation who are unable to leave their home. Nominating a friend or family member to act on your behalf if you become ill or are unable to leave the house can provide you with peace of mind during these uncertain times, especially if you are within a high risk category.
At any stage in your life, you may need a Will, regardless of your age. To ensure peace of mind and a greater level of certainty surrounding the division of your assets after your death, the making of a valid Will is something which is highly recommended.
Coping with the loss of a loved one is naturally a very emotional time, and often it can be difficult as the executor of a Will to know what to do and where to start. The following checklist is intended to assist executors through this difficult time, detailing what is required to be done to get the administration process underway.
