Why lawyers no longer use 'Schedules' in their legal documents Q: As a banker, I found Schedules (some of the old boys at the bank still call them 'extracts') useful just to copy that particular page of the SMSF, Trust deed, Loan or Lease agreement. But law firms no...
Family Trust and Wills Family Trusts vs Wills - never the twain shall meet Family Trusts have nothing to do with Wills. And Wills have nothing to do with Family Trusts. They have separate laws and tax rules. A Will gives away what you own. In contrast, you don't 'own'...
Q: What happens if, when we die, there is still a mortgage attached to the properties? If we were to die soon, each house would have a $400k mortgage. Most of this ($300k) could be cancelled out using the equity from our primary residence, but what happens if...
1. Address changes after I sign my Will and POAs? An advantage of Legal Consolidated Wills, POAs and all our legal documents is that if: your address changes in your Wills, POAs or any other legal documents; or the addresses change for your executors, beneficiaries,...
Nicknames and alias names in Wills Wife still uses her maiden name. How do I deal with alias names in a Will? Q: As an accountant, I am completing the data entry for their Estate Planning bundle. She is legally married. But still goes by her maiden name. She...
Disaster Clauses in Wills Q: What happens if we both die and all our children die with us? A: You have young children who travel with you. The car rolls over and you and your spouse, together with your children all die together. When you have young children select...
Lost tax benefits when leaving Gifts to Charities Specific Gifts are problematic more so when you include charities in your Will. Rather than making a Specific Gift in your Will, consider making the charity a Residuary Beneficiary: leaving the rental property...
What is the difference between an executor and a guardian? Executor: In a Will, the 'executor' carries out the instructions in your Will. The executor administers your estate. The executor sets up the appropriate trusts. Guardian: A guardian looks after your young...
