Succession Planning for a company

  Who owns my company at death? At death, your shares in a company go into your Will. Your shares are part of your deceased assets. Your executor in your Will looks after the shares and the company. The executor does this in the best interest of the beneficiaries...

Are funeral wishes in a Will legally binding?

  Are funeral wishes in a Will legally binding? The funeral wishes in your Will are not legally binding. Your executor is not required to follow them. Do not clutter your Will with directions for your funeral and remains. Your Will has to take a journey. It goes to...

Lost Will vs destroyed Will vs valid Will

A ‘lost’ Will is not automatically a ‘revoked’ Will – lost vs revoked A Will is valid until it is intentionally revoked by the Will-maker. The Will-maker must be of sound mind to revoke a Will. A person holding a POA for the Will-makers...

Abandon a gift in a Will to keep the pension?

Abandon a gift in a Will to keep the pension? The Financial Planner carefully structures Mary’s affairs. Mary receives a $1 pension and a Concession Card. But then, Mary’s mother dies. Mum’s Will leaves everything to Mary. The inheritance costs Mary her $1 pension and...

Mum dies, baby pays 66% tax

Parent dies leaving children under 18 – use of Post-Death Testamentary Trust In a perfect world, you build a 3-Generation Testamentary Trust in your Will. When you die, your Estate is tax-free for 80 years. A 3-Generation Testamentary Trust washes out the...