Legal Tip 379: Revoking a will Some people make a will but later change their mind and want to ‘cancel’ or revoke it. How do you revoke a...
Imagine a situation where someone in the family, such uncle Fester, who died say 40 years ago and left the house that he owned in his will to...
When a person dies and leaves their shares to someone else there is generally no CGT triggered (if resident). Transfer to the LPR and then to the...
When a person is to receive a gift from a will, they might die before that gift is received. A parent might die before their parent dies with...
People don’t like to think of this, but when preparing your will you would need to consider that your children or child could die before you. If...
Death can make trustee resolutions impossible, and this can result in the trust income being taxed at the top marginal tax rates. Example...
Trusts are private affairs, the trust assets don’t pass via the will, and even the control of the trust doesn’t pass by will (except as a backup...
When a person dies their assets pass on, this includes assets that they beneficially own but don’t legally own. An example of this would be the...
A person’s will cannot direct what the trustee of a superfund does with a persons superannuation benefits upon their death. But there is a chance...
Dying doesn’t get you out of a contract. If a person dies they are still legally bound to pay their debts. The debts will be payable out of the...
Some people have no family, no relatives at all. No parents, grandparents, children, grandchildren or aunties or uncles etc. If such a person were...
When a person dies their assets pass via the will or the intestacy laws. Where there are bank accounts involved the cash in these will pass also....
Different Tax File Numbers or TFNs are needed when someone dies. The deceased will need to do their tax return up to the date of death (LPR does...
When people get married, they remain married until a divorce is finalised. Without the divorce they are still spouses even if they don’t live...
Yes, the dead have to pay tax too! After someone dies, they have to file a tax return up to the date of their death. They will get their normal...
The trustee of a trust generally must make one or more beneficiaries presently entitled to income of the trust prior to 30 June each year. This is...
The trap for old players is if 2 people purchase a property in say 1980 and then one of them dies the other might inherit the share of the other –...
There is a CGT trap for young players whose shares pass to non-residents upon their death. The issue is CGT event K3 is triggered. Generally,...
I don’t blame you if you don't want to act as executor! Some people nominate family or friends to be the executor of their estate when they die...
It is best to avoid having a non-resident executor of your will. There are 2 main reasons which are a) Taxation, and b) Practicality A...
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