The beneficial owner doesn’t necessarily need to be the legal owner. The property could be owned by Person A, but the beneficial owner be Person...
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...
There may be limited opportunities to save stamp duty in NSW where the gifts under a will are ‘adjusted’. Example Homer has 3 properties worth...
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...
Testamentary trust are trusts set up in the will of a deceased person. They don’t actually begin until after the death, and actually after the...
Not many people think about how CGT can change the outcome of their inheritance plans. Example Homer is a sole parent dad with 2 properties,...
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....
Continuing on from the previous tip Legal Tip 313: Estate Planning Consequences of Recording Beneficial Ownership Wrongly Example Homer sets...
Estate Planning Consequences of Recording the Beneficial Ownership of Shares in a Private Company Wrongly If someone dies and owns shares in a...
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...
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 –...
Last tip I mentioned that if a person leaves Australian shares to a non-resident beneficiary this could trigger CGT for the estate even if the...
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...
Sometimes a will might be invalid which is only found out after the testator carks it. A will can be invalid for any number of reasons. What...
When someone dies their superannuation benefits (death benefits) have to come out of super and can only pass to their estate or their dependants....
Imagine this: Homer dies in the kitchen and Marge finds his will. She reads it while waiting for the ambulance and finds that he has left a...
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