By admin | March 26, 2009

Paul (30) and his partner Julie (28) live in Victoria. They have four young

children and have updated their Wills to account for the youngest child. Paul

and Julie separate and Paul marries Sarah. Paul’s new wife, Sarah, is 21 and

pregnant when they marry. Paul remains close to Julie and the four children

from his first relationship.

Two years later both Paul and Sarah are killed in a car accident. Sarah thought she was too young to have a Will and Paul never bothered to update his Will after he separated from Julie. As marriage revokes an earlier Will both Paul and Sarah have died intestate.

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Protect your assets with a Testamentary Trust

By admin | March 24, 2009

If you are concerned about protecting your assets after your death then you need to seek professional estate planning advice to set up a testamentary trust. This asset protection method will reduce estate taxes in several ways; children can inherit up to $6,000 tax free and the part of the estate can be distributed annually to all recipients thereby sharing the burden in a more effective manner.

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Out of date Wills

By admin | March 23, 2009

If your Will is out of date then one of the two scenarios will arise:

1.  a gift may that no longer exists, but it is still in the will;
2. when the person meant to receive a gift has died before you.

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Prob ate

By admin | March 23, 2009

The tasks that need to be carried out before probate can be granted include:

• locating the Will of the testator/testatrix; for this reason a Will should be kept in a safe place which will be easily accessible to the executor
• advertising their intention to apply for probate in a major newspaper in the city where the deceased lived, and
• lodging the application for probate which includes a summons, an affidavit, the original death certificate, the original Will and the notice of intended application.

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Unspeakable things happen …

By admin | March 21, 2009

Imagine

The emergency sirens wail and the lights flash and a life is suddenly taken in a traumatic accident…

A grim-faced, but caring doctor explains that there was nothing more they could do as a disease claims another sufferer…

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