PRUDENCE — Sagacity. Wisdom. Protection.

Legal Consolidated publishes PRUDENCE each week. It is emailed to accountants & financial planners. But anyone can join the free mailing list.

NSW Enduring Power of Attorney and Appointment of Enduring Guardian witnessed free at the Local Court

The NSW Local Court provides a free witnessing service for Enduring Powers of Attorney and Appointments of Enduring Guardian. The NSW Government, through Acts of Parliament, authorises Local Court Registrars to witness these documents. The service is free. A…

Why Standard Testamentary Trusts Fail (How to Save $844,350 in death duties)

Think a 3-generation testamentary trust in your Will is only for the wealthy? Think again. A 3-generation testamentary trust in your Will will not magically make your death tax-free. The government is not that generous. But it does change who pays tax on the…

Majority attorneys in a Power of Attorney: why we say no

Every Australian state and territory lets you appoint more than one person under its financial, medical, and lifestyle decision-making arrangements. Your choice is to make the people you appoint act separately or unanimously. However, two States add a third…

Centrelink Loan Agreements — is the money a loan or a gift?

Centrelink regularly reviews your income and assets. The more money you have, the less Centrelink pays you. But what if you need a helping hand? Maybe your children want to help you move into retirement accommodation. Perhaps your parents want to help you buy…

Company Trustee and Bucket Company in a Testamentary Trust

A testamentary trust does not run itself. A human or company must act as a trustee. Many clients prefer a dedicated company as a corporate Trustee. It provides continuity, cleaner administration and asset protection . Despite ongoing attacks on bucket…

Can you electronically sign an Enduring Power of Attorney? Wet-ink vs remote-witnessing rules

Legal Consolidated requires wet-ink signatures for its Enduring Powers of Attorney and medical or lifestyle decision-making documents throughout Australia. The safest course is simple. The person giving the POA and the witnesses sit in the same room. Everyone…

How to get a Grant of Probate yourself — free guide

Legal Consolidated 3-Generation Testamentary Trust Wills are drafted so your executors can apply for a Grant of Probate themselves. Your executors do this with the help of your accountant and financial adviser. You can apply online in all Australian states…

Directors' Bank Account Opening Kit — best practice when opening a company bank account

Incorporating your company is step one. Your directors then need to make the company operational. Opening the company bank account is one of the first jobs. The bank wants more than an Australian Company Number (ACN). It needs to understand the company, who…