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Trusts are often used to protect assets, reduce taxes, and for succession planning. The main types of trusts for loans are: 3-Generation Testamentary Trusts in Wills discretionary trusts ( family trusts ) unit trusts self-managed super fund trusts, and Bare…
Family Trusts have nothing to do with Wills. And Wills have nothing to do with Family Trusts. They are governed by separate laws and tax rules. A Will gives away what you own. In contrast, you do not ‘own’ the assets in your Family Trust; you merely control…
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…
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, attorneys in your POAs, attorneys and…
Names change. People move. Identity documents disagree. None of that should make your executor play detective. A nickname, former surname or spelling error does not automatically invalidate a Legal Consolidated Will or destroy a gift. But unclear…
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 ' yes ' to the Disaster Clause question as you build your Will. Read the hints on…
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 to a non-charitable beneficiary, such as a human,…
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 children. In Australia, the executor of your Will…
