family loans and gifts here there be dragons

Family Loans and Gifts – Here There Be Dragons

family loans and gifts here there be dragons

Helping out a struggling family member always begins with goodwill and the best of intentions.

But gifts and loans between family members all too often result in family disputes and litigation which could easily be avoided with some simple precautions.

The incredible rise in house values, the economic consequences of COVID-19 and the rising cost of living, mean lots of Australian families will be relying on family to help out more than ever and that support is likely to take the form of financial assistance.

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What are digital assets

Estate Planning must include Digital Assets

What are digital assets

How many things in your life do you manage or store on your computer, tablet, smartphone or online? Like many people today you probably access photos, videos, music, e-books, blogs, movies, emails, conversations, social media, games, bank accounts, medical records, and even your identity – all online.

All of these are called “digital assets” and they may be of financial or sentimental value to you and your family. They can be just as precious and important as physical assets that you can touch. They should be part of your general planning for what happens when you die or if at any time you are unable to manage your own affairs.

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did you know youre a yoyo

Wills and Estate Planning Adelaide: Did You Know You’re A YOYO?

did you know youre a yoyo

YOYO stands for You’re On Your Own, and it has never been truer for Australian retirees.

In the 1980’s when Bob Hawke and Paul Keating changed government policy to encourage us all to save enough money for our eventual retirement, we did so with an expectation of mastering our own destiny to enjoy a wonderful and carefree retirement.

The idea was to reduce the dependence upon government funds for the old-age pension.

There has been a tremendous change in the social culture of Australia in the 40 years or so since superannuation commenced.

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parents dilemma choosing guardians for children

Parents Dilemma Choosing Guardians for Children

parents dilemma choosing guardians for children

Choosing a person to care for your children is difficult. In fact, for many families, it’s the hardest part of planning their estate.

It’s not easy to think of anyone else, no matter how loving, raising your child.

The problem only gets harder if your child has a disability.

Yet, you can make a tremendous difference in your child’s life by planning ahead.

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what happens when a gift in a will has been lost

What happens when a gift in a Will has been lost?

what happens when a gift in a will has been lost

With Australians living longer than ever, their physical health is often declining slower than their mental capacity, requiring close family members to assume the role of agents and substitute decision makers for financial and legal matters, generally by way of an enduring power of attorney.

It is not surprising if you have never heard of ‘ademption’. Ademption is a legal term derived from a Latin word meaning ‘a taking away’.

Ademption occurs when property (either personal or real estate) gifted under a Will is no longer in the Will-maker’s (Testator’s) estate when they die.

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seven surprising reasons why australians are challenging wills and estates more than ever

Seven surprising reasons why Australians are challenging Wills and Estates more than ever

seven surprising reasons why australians are challenging wills and estates more than ever

You only have to look at the newsfeeds and internet chat forums to see that people are talking about the increasing numbers of challenges to Wills and deceased estates nowadays.

Here are the seven main reasons why:

No Will

Recent research reveals 52 per cent of adult Australians don’t have a Will.

The majority of Australians are letting their families down in one key area — more than half of Australian adults don’t have a Will, even though it could mean their families are left out in the cold in the event of their death.

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people behaving badly

People behaving badly part – 4

people behaving badly

In my profession we have an expression: “You never know anyone until you share an inheritance with them”.

It is a true revealer of character. In my work as a lawyer specialising in Wills and estates, I am witness to some appalling human behaviour.

Due to the popularity of this series of articles, here are some more examples as cautionary tales:

An old man lies dying in a hospital bed. His Will was made less than a year earlier, leaving everything equally between his 3 kids.

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people behaving badly

People behaving badly – part 3

people behaving badly

In my work as a lawyer specialising in Wills and estates, I am witness to some appalling human behaviour.

Due to the popularity of this series of articles, here are some more examples as cautionary tales:

In my 35+ year career I have frequently had to try to deal with joint executors in a deceased estate, some of whom could not agree on the colour of an orange.

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