Do I update Wills, POAs and legal documents when addresses change?

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

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...

What happens if we all die together?

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...

Risks of including gifts to Charities in Your Will

  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...

Guardians and Executors in your Will when your child is under 18

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...

Specific Gifts in Wills are dangerous and complex

  Should I put Specific Gifts in my Will? Your Will needs to be clear and legally enforceable. Specific gifts in a Will add complexity and tax issues. What are Specific Gifts in Wills? Specific Gifts are gifts of a particular item of property to a specific...

Courts keep saying Gift & Loan-Back schemes don’t work

Business owners, company directors, and professionals like dentists and engineers face financial risks due to their work and responsibilities. Their vulnerability to bankruptcy is heightened by exposure to liability, unpredictable market conditions, and the risks of...

Papua New Guinea’s Tax System for Australians

Navigating the Tax Landscape: A Guide to Understanding Papua New Guinea’s Tax System for Australians PNG tax system – an Australian perspective This guide aims to provide Australians with an in-depth understanding of the tax system in Papua New Guinea...