Jack and Jill are in their mid-60s. They have three children and modest assets consisting of their jointly owned home, some superannuation and a small amount in separate fixed term deposits. Jack and Jill want to ensure that when one of them dies, should the survivor lack the capacity to manage their finances, that an appropriate person is appointed to fulfil this role. […]
Peter and Jane have modest assets with a large proportion consisting of the balance of their superannuation funds. They have recently updated their wills and wish to ensure that their super is properly addressed. Their super does not form part of their estate and cannot automatically be dealt with under the terms of their wills. In order to ensure that their super ultimately goes to their intended recipients, Peter and Jane must execute a binding death benefit nomination in addition to executing their wills. […]
Jack and Jill currently live in Sydney. They have adult children and grandkids living in Coffs Harbour. They are looking to move to the mid north coast to be closer to their family and to enjoy one of the best climates in the world. Jack and Jill have found a block of land in the Coffs Harbour area. The block is part of a subdivision although the plan of subdivision is yet to be registered. They are able to exchange contracts, securing the block, with settlement to occur 14 days after the plan is registered. […]
This week’s column highlights the effect of marriage on your will. Jack and Jill each have two adult children to previous relationships. After seeing each other for a year, Jill moves into Jack’s home and they decide to make new wills. Both wills leave “everything to my spouse” and then alternatively state: “If my spouse predeceases me, I give the whole of my estate to the four children…(who are named)”. Jack and Jill get married one year later. They are happy with their wills and see no need for them to be updated. […]
This week’s column highlights the importance of understanding whether your assets can be dealt with under your Will. Jack and Jill, in their early 60’s, have been in a de facto relationship for a few years. They each have two children to a previous relationship. They discuss their Wills and agree that their children are to be the primary beneficiaries of each other’s estates. […]
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