Legal Consolidated publishes PRUDENCE each week. It is emailed to accountants & financial planners. But anyone can join the free mailing list.
Is a POA revoked when you separate or divorce? Divorce and marriage generally ends your Will . However, separation does not affect an existing Enduring or Lifestyle POA . While QLD and the ACT have special rules, separation and divorce do not nullify your…
Legal Consolidated's SMSF Deed , SMSF Deed updates and Investment Strategies are drafted to comply with the: Superannuation Industry (Supervision) Act 1993 (Cth) ( SIS Act ); Superannuation Industry (Supervision) Regulations 1994 (Cth) ( SIS Regs ). Legal…
We want to treat our children equally. In our Wills, we put in an Equalisation clause. Or we put a Hotchpot clause in our Will. But neither an Equalisation clause nor a Hotchpot clause in Wills works. A Hotchpot Clause tries to balance and treat the…
Usually, marriage revokes your Will . Marriage cancels, nullifies and destroys your current Will. Therefore, if you die as you leave the church you die without a valid Will. You are intestate. In all Australian States and Territories, marriage revokes your…
A human Trustee can not outsource the job of being a trustee to another person. Even if that other human holds a Power of Attorney for the Trustee. The position is different for a company. A company can give a corporate POA . Can a human Trustee of a family…
The Bankruptcy Trust protects your beneficiaries if they go bankrupt before or after your death. When you die you give your assets to your spouse and children. But what if your spouse, children or grandchildren go bankrupt? The assets you gave them in your…
Since 2018, thanks to significant advocacy efforts by the Financial Advice Association Australia and Legal Consolidated, financial planners have been empowered to act as authorised witnesses for Commonwealth statutory declarations and Powers of Attorney…
Commonly Dad borrows money cheaper than his trust. In this recent case, Dad borrows money from the CBA and gives it to his trust. Everything goes wrong. the taxpayer, Mr Chadbourne, borrows money from CBA he on-lends the money to his family trust his lawyer…
