CK Lawyer

23/09/2024

When should I update my will? Here are some key life events:

1. Marriage or entering into a de facto relationship.
2. Divorce or separating from a de facto partner.
3. Having additional children or step-children.
4. You change your mind regarding your executor or beneficiaries.
5. Your executor passes away or is no longer suitable to act due to age or health.
6. A beneficiary passes away.
7. The nature of a specific gift no longer exists.
8. Drastic changes in your financial situation ie inheriting a substantial amount of money.

If you think it is time to update your Will or if your circumstances have changed call us to arrange an appointment on 0468 999 053.

07/07/2023

When is it a good idea to have a mutual Will?

When a Will maker does not want to rely on the goodwill of their partner to look after their children in their Will if they die first.

For example, Jack and Deb have two children each from a previous marriage. They have mirror Wills leaving everything to each other. On the death of the second of them, everything is divided four ways between their respective children.

Jack and Deb assure each other they will not change their Will if the other one dies first.

Deb dies first. Jack receives the whole of her estate including the house Deb received in her divorce settlement from her first husband, her children’s father, and her children’s childhood home.

After Deb’s death, Jack does not see as much of Deb’s children as he used to while Deb was alive.

Jack in discussion with his own children decides to change his Will to exclude Deb’s children.

Deb’s children will now not receive any inheritance from their mother’s estate.

Deb’s children have no right to contest Jack’s Will to seek a share of his estate, as they are not eligible. As a stepchild, they need to have lived in Jack’s household and been dependent on Jack during their lifetime. Deb’s children were adults when Jack and Deb started a relationship and are not therefore eligible.

If Jack and Deb had signed mutual Wills providing for Jack to first receive Deb’s estate but on his death, the estate is divided four ways, Jack would have been prevented from changing his Will and Deb’s children would not have missed out.

18/06/2023

I’ve been left out of a will – what can I do?

When a close family member or dependent has been left out of a will, there may still be a way for them to claim fair provision from the deceased estate. Certain categories of relatives and dependents are entitled to make a legal claim against an estate if they have been left out of the will. For example, the New South Wales Succession Act 2006 allows a child or spouse of the deceased, as well as a financial dependent, to bring a Family Provision Application to the Supreme Court of NSW. Other states and territories have similar provisions.

The person making a Family Provision claim will have to show that they were entitled to inherit, that they were wrongfully left out of the will and that they have current and future financial needs that mean that they should receive provision from the estate. The court will consider the claim on its own merits, but it will also consider the impact that making provision would have on the beneficiaries and other claimants. The court’s decision will ultimately depend on what a reasonable testator would have done in the same circumstances.

Telephone CK Lawyer to discuss your options.

09/06/2023

07/03/2023

Deceased Estates, Family Provision Act Claims, Property Law including Conveyancing, Family Law, Wills, Powers of Attorney and Enduring Guardian.

20/12/2022

Merry Christmas from CK Lawyer.

Our office will be closed from 5.00 p.m. on 23rd December, 2022 and will reopen at 8.30 a.m. on 2nd January, 2023.

12/11/2022

First Home Buyer Choice commencing 12th November, 2022.

The NSW Government now provides first home buyers purchasing properties for up to $1.5 million the ability to choose to pay an annual property tax instead of stamp duty. The property tax will only be payable by first home buyers who choose it, and will not apply to subsequent purchasers of a property.

This initiative will lower the up-front costs of home purchases and help to boost the rate of home ownership in NSW. With rising home prices, home ownership has declined from around 70 per cent in the 1990s to around 64 per cent today. The decline in home ownership has been particularly evident among younger and lower income groups.

The savings required to meet the up-front costs of a home purchase are an important barrier for many would-be purchasers. Removing the obligation to pay stamp duty will lower these up-front costs and cut up to two years off the time needed by many first home buyers to save for a home.

Existing stamp duty concessions for first home buyers are available for purchases of up to $800,000, and these concessions will continue. The property tax option will be available for properties for up to $1.5 million, helping a broader group to become first home buyers. In total, these measures will offer support to about 97 per cent of all first home buyers, or about 57,000 people per year.

Eligible first home buyers can access the scheme from Saturday 12th November, 2022. These buyers will be required to pay stamp duty on purchases made until 15th January, 2023, but then will be able to apply for a refund of their stamp duty if they choose to opt into the annual fee.

You can use the First Home Buyer Choice calculator to help you compare the estimated property tax (for the first year) and stamp duty.

12/11/2022

04/11/2022

Binding Death Nominations

Superannuation is not an estate asset. On your passing, it doesn’t automatically form part of your estate. The trustee of the super fund will generally pay a death benefit in accordance with the governing rules of the fund and relevant law. A binding death nomination is a way to override the trustee’s discretion.

Having an up-to-date binding death nomination in place, will give you peace of mind. With a binding death nomination, you can nominate with reasonable certainty who you wish to receive your death benefit or, if being paid to more than one beneficiary, who receives what proportion.

Another benefit of a binding death nomination is the ease and speed with which a death benefit can be paid.