25 07, 2024

Friendship and Financial Ruin

2024-07-25T13:27:45+10:00July 25th, 2024|

Article by Manny Wood published in the Coffs Coast News Of The Area on 26 July 2024. Jessica and Elyse were the best of friends. Jessica recently triumphed over a life-threatening illness and decided to chase her long-held dream of opening a small business specialising in flowers and cakes. Jessica's dream began to take shape when she secured a $50,000 loan from the bank but despite this achievement, she still found herself $80,000 short and also in need of a guarantor for her lease. She turned to her trusted friend, Elyse. Elyse lent Jessica the additional money and signed on as the guarantor for the lease. Business [...]

18 07, 2024

Supreme Court warfare regarding alleged gift of medals

2024-07-18T11:57:25+10:00July 18th, 2024|

Article by Manny Wood published in the Coffs Coast News Of The Area on 19 July 2024. John served in the Navy between 1940 and 1945. He earned several war medals for his courageous service. When John died in 1975, his widow gave his war medals to their eldest son, Matthew. Matthew treasured the medals and kept them all his life. He was a keen attender of Anzac day ceremonies and proudly wore the medals during these occasions. When Matthew recently passed-away, his will left the whole of his estate to his only child, Wendy. Matthew’s will made no specific mention of the medals. Matthew’s brother, Gary [...]

11 07, 2024

Expected inheritance raised in property dispute

2024-07-11T16:29:47+10:00July 11th, 2024|

Article by Manny Wood published in the Coffs Coast News Of The Area on 12 July 2024. Harry and Wendy have been married for 20 years. When their relationship breaks-down, a dispute arises in relation to the division of their assets. The asset pool is assessed at $2 million. Harry seeks an overall division of their assets of 70/30 in his favour, stating that he made more significant contributions and that he has greater future needs. Wendy seeks a division of 55/45 in her favour, stating that during the course of their lengthy marriage, contributions should be assessed as equal and that she is entitled to a [...]

4 07, 2024

Lengthy trial produces insufficient evidence

2024-07-04T16:27:34+10:00July 4th, 2024|

Article by Manny Wood published in the Coffs Coast News Of The Area on 5 July 2024. Ruth, aged 85, transfers a piece of real estate to her son’s wife and another property to his daughter. Ruth tells the solicitor that “they have always done everything they can to look after me and in return I want to give them the properties”. The price was recorded as one dollar and substantial stamp duty was paid on the market value of the properties. Ruth is diagnosed with Alzheimer’s disease one year later. When Ruth passes-away four years later, her other son, Gary discovers the transfers of Ruth’s real [...]

27 06, 2024

Julie out foxes the fox

2024-06-27T12:13:09+10:00June 27th, 2024|

Article by Manny Wood published in the Coffs Coast News Of The Area on 28 June 2024. Brian and Julie married in the 1990s and enjoyed a strong marriage. Brian ran a successful business with the support of Julie and for several decades life was bliss. However, during COVID Brian and Julie spent considerably more time together, which led to tension between them and eventually they separated. Following their separation, both parties sought independent legal advice and ultimately executed a Binding Financial Agreement (BFA) to settle their property and financial matters. However, Brian had been foxy about his financial situation. During the period leading up to the [...]

26 06, 2024

Judge orders creation of Special Disability Trust

2024-06-26T15:45:42+10:00June 26th, 2024|

Article by Manny Wood published in the Coffs Coast News Of The Area on 21 June 2024. When Jack passes-away at the age of 60, he had been in a de facto relationship with Jill for 6 years. Jack had three children to a previous relationship, one of whom, David, suffers from a severe disability. Shortly before Jack’s death, he transferred two properties into joint names with Jill. They also held joint bank accounts. The bank accounts included a substantial sum, which Jack had cashed-in from his superannuation fund. Upon Jack’s death, the jointly held assets passed to Jill by way of survivorship. These assets totalled $3 [...]

26 06, 2024

Estranged son seeks claw-back from joint bank account

2024-06-26T11:43:01+10:00June 26th, 2024|

Article by Manny Wood published in the Coffs Coast News Of The Area on 14 June 2024. Scott’s parents divorce and when he is 3 years old, his father Tom, moves out. Tom re-marries 20 years later and spends the next 30 years, happily married to Wendy. Tom passes-away at the age of 75 and leaves the whole of his estate to Wendy. Tom owned the matrimonial home and an investment property as joint tenants with Wendy and had joint bank accounts with Wendy, totalling $1 million. Upon Tom’s death these assets pass to Wendy by way of “survivorship”. Scott makes a claim against Tom’s estate. The [...]

26 06, 2024

Nigel gets caught out

2024-06-26T11:34:33+10:00June 26th, 2024|

Article by Manny Wood published in the Coffs Coast News Of The Area on 7 June 2024. Gary died leaving his estate to his four children. He appointed his best mate, Nigel, as the executor of his will. Gary’s children anticipated the value of the estate, including his house was valued at around $2 million. However, Nigel’s handling of the estate led to significant frustration and suspicion among the beneficiaries. Nigel, who has a mate in the real estate business, obtained an appraisal of Gary's house. He then proceeded to sell the house to his son-in-law, for the value set-out in the appraisal. The sale raised eyebrows [...]

25 06, 2024

Bad blood between brothers

2024-06-25T16:15:29+10:00June 25th, 2024|

Article by Manny Wood published in the Coffs Coast News Of The Area on 31 May 2024. Barry and Michelle have two children, David and Peter. Sadly, Michelle passes-away after battling Alzheimer’s disease for many years. Barry talks to David about building a home at the rear of David’s property. Barry sells the family home and with the proceeds of sale, pays out David’s existing mortgage of $60,000 and constructs a new dwelling on David’s land. David and Barry talk to a lawyer about registering Barry as a co-owner of the property as to 50% as tenants in common. A Transfer form is filled-in but never witnessed, [...]

25 06, 2024

Community expectations: A stepfather’s duty

2024-06-25T16:08:02+10:00June 25th, 2024|

Article by Manny Wood published in the Coffs Coast News Of The Area on 24 May 2024. Mary divorced her first husband and has been living with her two sons, Peter and Paul as a single mother for the last couple of years. Mary meets David and after dating for several months, they decide to purchase a home and move-in together. Peter and Paul are aged 5 and 6 at the time. David assumes the role of a de facto father to Mary’s sons, until they move-out in their early adult years. Mary and David’s relationship spans 20 years before breaking-down following an argument in which Mary’s [...]

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