The 4 Asset Silos

Discussion in 'Wills & Estate Planning' started by JohnPropChat, 25th Feb, 2021.

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  1. JohnPropChat

    JohnPropChat Well-Known Member

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    JohnPropChat, 25th Feb, 2021
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    What a dreadful article! Full of inaccuracies.

    Joint assets don't automatically pass to the survivor. Joint assets held as joint tenants pass to the survivor - usually, but not always. Joint assets held as tenants in common don't, they pass via the will or intestacy laws, or both. Bank accounts might be held as joint tenants or tenants in common.

    I don't know why an accountant is writing articles about succession law, hope they are not advising on it.
     
    Terry_w, 25th Feb, 2021
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  3. JohnPropChat

    JohnPropChat Well-Known Member

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    How does one go about opening a Bank account as tenants in common?
     
    JohnPropChat, 25th Feb, 2021
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  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    You can inform the bank. If you have a joint bank account that is held as JT you can sever the joint tenancy in writing too.
     
    Terry_w, 25th Feb, 2021
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  5. JohnPropChat

    JohnPropChat Well-Known Member

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    Can the power of being an Appointer for a Family Trust be also willed?
     
    JohnPropChat, 25th Feb, 2021
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  6. qak

    qak Well-Known Member

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    Would holding as TIC (assuming that's what it is if not JT?) have any other implications for operation of the account - eg would it require dual authorities for everything?
     
    qak, 25th Feb, 2021
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  7. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    It will depend on the wording of the trust deed. Potentially yes, but usually best done via a separate deed.
     
    Terry_w, 25th Feb, 2021
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  8. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Nope, that is a separate issue.
     
    Terry_w, 25th Feb, 2021
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