30 09, 2021

Grieving partner faces risky claim

2021-09-30T11:18:30+10:00September 30th, 2021|

Hypothetical by Manny Wood published in the Coffs Coast News Of The Area on 1 October 2021. George and Lily dated for about 9 months before George moved into Lily’s house. Lily’s parents had given her $100,000 to assist her with the purchase of the house. George and Lily had talked about travelling overseas once COVID was ‘under control’ and then planned to begin a family together. Unfortunately, after one year of living together, Lily died in a car accident. Lily did not have a will. George seeks legal advice about the distribution of her estate and George’s solicitor asks him about his relationship with Lily. He [...]

30 09, 2021

Did You Know: That Court approval is required to release your rights to contest a Will?

2021-09-30T09:28:14+10:00September 30th, 2021|

Is a contract or deed whereby each party agrees not to contest each other’s will enforceable? Examples of why these situations may arise include: a child is paid their share of inheritance in advance, family members become estranged, partners separate, stepchildren may be involved. Assume the best-case scenario, whereby each party has independent legal advice and the deed clearly states that each party, although eligible, will not pursue a claim on the other’s estate, thereby releasing their eligibility to contest. Even with a well-drafted deed, without the Court’s approval, it is not binding. It is important to note that the Court takes the following 4 key [...]

30 09, 2021

Did You Know: That Title Deeds will not be issued after 11 October 2021?

2021-09-30T09:05:31+10:00September 30th, 2021|

In the past, if you purchased real estate, without obtaining a mortgage, you would receive a physical Title Deed (Certificate of Title) which we would normally store in safe custody. After 11 October 2021, NSW Land Registry Services will no longer issue physical Title Deeds. If you wish to sell your property, we will need to take “reasonable steps” to verify your “right to deal” with the property. We will conduct a Title Search, which needs to be attached to the contract of sale, but if you do not have a physical title deed, you will also need to provide us with original documents such as [...]

30 09, 2021

Did You Know: That Revenue NSW can impose additional taxes and duties on trusts?

2021-09-30T08:32:09+10:00September 30th, 2021|

Family trusts and other discretionary trusts (including those established under a will) can be liable to pay surcharge land tax, which is currently an additional 2% of the unimproved value of the land, if the trust document does not expressly state; no potential beneficiary of the trust can be foreign persons; and the terms of the trust must not be capable of amendment in a manner that would result in a foreign person being a potential beneficiary. Land tax is levied on 31 December each year, so we suggest that it is a good time to check your trust deeds so that they can be updated [...]

24 09, 2021

Family Court asked to Bust the Trust

2021-09-24T16:28:26+10:00September 24th, 2021|

Hypothetical by Manny Wood published in the Coffs Coast News Of The Area on 24 September 2021. After 30 years of marriage, Daniel and Rachel separate and divorce. They cannot agree on the division of their assets and Daniel commences property settlement proceedings in the Family Court. The Court hears that Rachel has an interest in a testamentary trust by way of an inheritance from her father. The assets of the trust are valued in excess of $3 million and Rachel and her sister are the trustees of the trust and the “primary beneficiaries”. Daniel argues that Rachel is entitled to half of the assets of [...]

17 09, 2021

Did You Know: TBL is coming to Sawtell?

2021-09-17T11:42:46+10:00September 17th, 2021|

TBL are proud to announce that we are now in partnership with the Sawtell Success Hub. As many of our valued clients reside in the Sawtell and Toormina region, this partnership enables us to provide our clients with a more convenient option, closer to home. Whilst we will continue to be based in our Coffs Harbour office, we are now offering client consultations in Sawtell, by appointment. We will continue to offer home visits, however, if you have limited mobility, as an alternative, we recommend scheduling your appointment at the Success Hub. To arrange your next appointment in Coffs or Sawtell, contact our friendly staff on [...]

16 09, 2021

Modification of Forfeiture Rule in fatal road accident

2021-09-16T14:46:36+10:00September 16th, 2021|

Hypothetical by Manny Wood published in the Coffs Coast News Of The Area on 17 September 2021. Michael and Wendy are involved in a motor vehicle accident. Wendy sustains serious injuries and unfortunately passes-away. They have a 10-year-old son. Michael is charged with dangerous driving occasioning death and enters a plea of guilty. Michael is sentenced to a term of imprisonment of three years. Wendy died without leaving a will and therefore, Michael is entitled to the whole of her estate based on the “rules of intestacy”. However, the “forfeiture rule” prevents a person who has unlawfully killed another person from receiving a benefit. When released from [...]

2 09, 2021

Claim on missing person’s estate

2021-09-02T11:20:15+10:00September 2nd, 2021|

Hypothetical by Manny Wood published in the Coffs Coast News Of The Area on 3 September 2021. Wendy marries Harry. She has a daughter to a previous relationship, Penny who lives with her father overseas. Six months after the marriage, Wendy and Harry purchase a home together as joint tenants. Wendy frequently writes to Penny and sends her gifts. Wendy also makes arrangements for Penny to migrate to Australia. Six months later, Wendy withdraws $1000 from her bank account and asks her neighbour to drop her off at the bus stop with a suitcase. All communication with Penny stops. A further six months pass and Harry contacts [...]

26 08, 2021

Provision for multiple wives

2021-08-26T10:56:37+10:00August 26th, 2021|

Hypothetical by Manny Wood published in the Coffs Coast News Of The Area on 27 August 2021. Jake belongs to a religious group that practices polygamy. He meets and falls in love with Amy, another member of the group and they are eventually married. A few years into their marriage, Jake has taken two more wives. A religious wedding ceremony is held for each subsequent marriage. Although the law does not recognize polygamy and only Jake and Amy are legally married, in the eyes of their congregation, all three women are his wives. They all share a home together and are, for the most part, financially dependent [...]

19 08, 2021

Demystifying executorial responsibilities

2021-08-19T12:37:39+10:00August 19th, 2021|

Hypothetical by Manny Wood published in the Coffs Coast News Of The Area on 20 August 2021. John is named as executor in his late father’s will. He seeks legal advice regarding his role and is advised that an executor has the right to make the funeral arrangements. The funeral account can be paid from his father’s savings account and after the payment is made, the account will be frozen. The power of attorney that John held prior to his father’s death is invalid after the date of death. If there is a substantial amount remaining in the savings account, the bank may require a grant of [...]

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