The document provides information about estate planning for new parents. It discusses why new parents need estate planning given risks like unexpected death. The key components of an estate plan for new parents are identified as wills, guardianship arrangements, trusts, and life insurance. Real life examples are also presented that illustrate why estate planning can benefit families with young children.

1. September 2015
14
CONTESTING A WILL AND
INHERITANCE DISPUTES IN
NSW
2
PREVENTION IS BETTER THAN
CURE: 10 TIPS TO HELP YOUR
BUSINESS AVOID LITIGATION
NEW PARENTS MUST NOT PUT
OFF ESTATE PLANNING
64 9page pagepage page
FUN FACTS ABOUT DEATH AND TAXES
page 8
PRE-PURCHASE: LEGAL BASICS
ISSUE
LEGAL - WEALTH PROTECTION - INVESTMENT - BUSINESS - LIFESTYLE - SYDNEY

2. PAGE 2 OWEN HODGE LAWYERS
Estate Planning
New Parents Must Not Put Off
Let’s find out why.
With a new baby in the house, new parents have a lot to think about other than estate
planning. And to be frank, estate planning has something of a musty, dreary reputation
that seems completely inappropriate to the moment.
So think of it as life planning for that little ball of energy who now seems to occupy most
of your conscious waking thoughts. But do not put it off. Whether estate or life planning,
it need not be as difficult as you may think.

3. OVER 60 YEARS OF TRUSTED EXPERIENCES PAGE 3
among distant relatives, the parents’ wills kept their three
Why New Parents Need Estate Planning
Life can change in an instant, utterly without warning.
According to the Australian Bureau of Statistics, in 2012, more
than 4,000 people who died in Australia were between the
ages of 30 and 44, at precisely the age to leave minor
children behind.
As new parents, you now are responsible for a small person’s
welfare. It is true that when parents die without an estate plan,
the courts eventually will distribute assets and otherwise
make provisions for children, but it is a slow process and
the decisions made, including the all-important choice of a
guardian, may not be the choice you would have made.
Many people have informal conversations with loved ones
about the care of their children, but unless these intentions
are formalized legally, they have no binding effect.
The Key Components of Estate Planning for New
Parents
Estate plans can become a very elaborate affair and that
may be why many young families put off the basic work of
providing for their children’s future. At its simplest, an estate
plan probably really only needs four things: a will for each
parent, a guardianship arrangement for the children in the
event of the death or disability of both parents, a trust to
provide for the holding and distribution of assets for the
children’s benefit and life insurance for both parents.
Wills
A will is a simply written document that details how your
assets should be distributed after your death. Many parents
choose each other as primary beneficiary and their child as
secondary beneficiary in the event that both die at the same
time in a tragedy like a road accident or natural disaster.
A will also should designate an executor who will have the
authority and responsibility to carry out the will’s terms.
Parents of young children also should designate a guardian
for them and someone to manage the assets and property
you leave to them. The guardian and asset manager need
not be the same person.
Guardianship
In general, the legal guardianship of a child goes to the
surviving parent if the other dies. But if both parents die at
the same time, or if one dies and the other becomes
incapacitated, a guardian would need to step in.
The chosen guardian is often a friend or family member, and
it is essential to discuss this with that person in advance. A
good guardian should have the time, resources, interest and
good judgment to raise your children. You and your spouse
should agree on the same guardian to avoid legal battles.
Most couples choose the same guardian for each child to
keep the family together.
Trusts
The purpose of a trust is to hold and manage assets for your
children. The trustee chosen by the parents can manage the
assets and handle payouts to the children, paying taxes and
transferring the property to the child when he or she reaches
a certain age. A trustee should, above all, have sound financial
judgment and the ability to work well with the children’s
guardian.
Many trusts make assets available when the recipient turns 18
or 21, but parents may choose any age and a wide variety of
payout arrangements. Without a trust, assets are subject to
taxes and probate.
Life Insurance
Life insurance can help replace the income your family would
lose in the event of your death and cover funeral and burial
expenses. Parents who are young and healthy usually can
buy affordable term life insurance.
Life insurance policies must name beneficiaries, which can
create something of a conundrum with minor children. One
approach is creating a living trust as beneficiary of the life
insurance policy. That way, if both parents die at the same
time, the child will have access to the money through a
trustee.
What is Family Future
At Owen Hodge Lawyers, we try to make it easy for new parents
to provide for their children’s future. Family Future is our
approach to bundling the basic estate planning services all
young families should have, and at an affordable price.
It is also an excellent way to ensure all the pieces of an estate
plan – the will, trust, guardianship agreement and insurance -
work together as a coherent whole.
But it is not a one-size-fits-all approach. The skilled assessment
process is an opportunity for every family to evaluate particular
risks so the plan works for real needs.
Real Life Stories
Consider the situation of a mother of two who passed away
suddenly and unexpectedly. Her husband was left to care for
two children under the age of 5, which made full-time work
impracticable.
Fortunately, the couple had life insurance that paid a sufficient
sum, allowing the father to devote three years exclusively to
his children, enabling him to get them settled and into school,
before returning to full-time work.
In another situation, a tragic road accident killed one parent
and left the other severely injured. Instead of being parcelled
out among distant relatives, the parents’ wills kept their three
children together to be cared for by good friends of the couple.

4. PAGE 4 OWEN HODGE LAWYERS
Prevention Is Better Than Cure
10 Tips to Help Your Business Avoid Litigation
,
Find out more.
An ounce of prevention, as they say, really is just sound business practice.
Litigation can be ruinously expensive, and even “win” can devour the time and energy
you need to actually run your business. It also has a nasty way of damaging your most
important intangible asset, your business reputation.

5. OVER 60 YEARS OF TRUSTED EXPERIENCE PAGE 5
1/ Structure your business to protect important
assets.
Most businesspeople understand that the peril of doing
business as a sole proprietor is that personal assets can
be reached by business creditors. There are few, if any,
situations in which that is a reasonable risk. It is important,
however, to go a step farther, perhaps structuring your
business into several entities in order to shield important
assets.
2/ Business relationships should be covered by
written contracts, which should be reviewed by
a lawyer.
That is the place to spend your legal budget, rather than
on litigation. Without laboring the obvious, make sure that
you read and understand all contracts to which you are a
unsure or which may require further negotiation.
3/ Apropos of which, make sure that your insur-
ance coverage is appropriate to your business
risks.
It is not just a question of amount, but of the kind of
coverage that your business carries.
4/ Keep good records.
Many disputes can be avoided by being able to quickly
produce the relevant documents. These should include
contractual agreements as well as correspondence and
notes taken contemporaneously to record the substance
of conversations and telephone calls. This may be a good
time to review your records retention policy and to ensure
that important documents exist in both electronic form
and hard copy.
Do annual or more frequent reviews and be prepared to
terminate the employment of any individual whose conduct
could subject the business to a law suit. Make sure that you
have systems and procedures in place to help you identify
dishonest conduct.
6/ Be proactive in managing disputes before they
escalate into litigation.
situation with an unhappy customer or business partner. If
the shoe is on the other foot and the dispute is about a
nonpaying buyer or client, negotiating a payment schedule
7/ Choose who you do business with.
Especially for new businesses, the temptation can be to take
any client or embrace any potential partner who walks
through the door. Taking the time to know a little more
about those you depend on, whether it is a big client, an
important vendor or a co-venturer is usually worthwhile.
Disentangling an unwise business relationship can be very
troublesome.
8/ Analyze past business disputes.
A periodic retrospective review of disputes – who they
involved on both sides and what kind of transactions gave
rise to them – may help your business identify areas for
improvement. For example, you may be able to identify
problems with the terms of standard contracts, poor
internal communication or a failure to properly handle
complaints.
9/ Nothing personal; it’s just business.
from the start to separate the personal from the commercial.
objective.
10/ Don’t be a jerk.
This is really a corollary of the previous two rules. Be honest
in evaluating your own actions because no one has the
luxury of being right all the time. Try to understand the
dispute from the other side and made adjustments or
amends as necessary.
If you are dealing with a genuinely impossible individual,
business with and in some cases, the better choice may be
to politely decline from additional orders or jobs.
If you have questions about ways to avoid litigation or how to resolve business disputes, please contact us at Owen
Hodge Lawyers to schedule a consultation by calling 1800 770 780.
of becoming needlessly embroiled in litigation.
lawyers

6. Contesting a Will and Inheritance Disputes
in NSW
PAGE 6 OWEN HODGE LAWYERS
Will contests and inheritance disputes are among the most distressing of situations.
On top of feeling the loss of a loved one, now you also may feel confused or shocked
by the provisions of a will that seem unfair.
Can an inheritance dispute cause friction in a family?
It is very nearly guaranteed.

7. OVER 60 YEARS OF TRUSTED EXPERIENCE PAGE 7
contesting a will and challenging one. You may have a case
to challenge a will in New South Wales if you believe it does
not represent the true intent of the deceased because of the
mental capacity.
Challenging the Validity of a Will
Several circumstances may cause the will itself to be invalid
– not representing the true intention and last purpose of
the person who has passed away. These include:
* Forgery
* Fraud
* Lack of testamentary capacity.
person is in the care of an unscrupulous person or institu-
tion, often with no close family to monitor the situation.
The concept of “forgery” also may cover the “bad signature”
intentions, but was signed by someone else, even at the
deceased’s direction.
Fraud may occur under similar circumstances, where the
person who has died signed a document under the false
impression that it was not a will, but something else, such
as a power of attorney.
Another person, likely someone with something to gain
will by misrepresenting relevant facts or, in more extreme
cases, through threats or coercion.
demonstrate lack of testamentary capacity. Demonstrating
lack of capacity generally requires some medical evidence of
mental disability that existed at the time the will was made.
Contesting the Provisions of a Valid Will
Perhaps your position is not that the will was invalid, but
that its provisions are unfair. The law protects family
members, and it casts a very wide net to determine who is
“family.”
To cast the question in legal terms, it is helpful to consider
three questions:
* Are you an eligible person?
* Did the deceased have a moral obligation to provide for
your maintenance, education and advancement in life?
* What are your needs?
as:
* a spouse (including a de-facto partner),
* a former spouse, or
* a child or dependent grandchild of the deceased or a
child of someone who was in a domestic relationship with
the deceased.
grandchild (not biologically related to the deceased) of a
domestic partner with whom the deceased last lived with
15 years prior to death.
But even individuals within this expansive category must
then demonstrate the deceased had a moral obligation to
provide for their needs. If you are an adult son or daughter
but have been estranged from your parent for years, for
Finally, a court will evaluate what your needs are in light of
What can you do if you are not a family member?
All is not lost. Perhaps you nursed your dear neighbour
Nellie for a decade. She promised to provide for you in
her will in recognition of your care. However, Nellie had
made her will long before you began to look after her,
and she quickly became too sick to update it. In order to
do justice, courts sometimes will approach such situations
the money had been set aside in a trust for you to be paid
on Nellie’s death.
stepparents remarry. Suppose your mother married your
stepfather and, at the time, both of them made new wills
that were, essentially, mirror images of one another. Your
would go to your stepfather. If she were the second to die,
everything would be divided evenly between her children
and your stepfather’s children. Your stepfather agreed to
the same thing. They traded mutual promises.
and changed his will to leave all of your mother’s children
out. Courts can be imaginative in this situation, too, under
a contract theory. Promises traded for promises have
economic value.
Time Limits
The time for making a claim under the Succession Act is
12 months from the date of death. However, it is prudent
to seek advice from a solicitor about the will as soon as
possible as assets can be distributed quickly in the absence
of notice of a contested dispute and may be lost forever.
If you want to know more about contesting a will, please
call us today to schedule a consultation at 1800 770 780.

8. Pre-Purchase: Legal Basics
OWEN HODGE LAWYERSPAGE 8
The pre-purchase phase in a property settlement is one of the
most important times, because this phase ultimately determines
been signed for a real estate deal, you are committed, subject
only to conditions negotiated in the pre-purchase phase. This
means that protecting your investment requires understanding
your rights from early on in the process.
Legal Basics to Know in the Pre-Purchase Phase
Here are a few key things to consider during the pre-purchase
phase before a contract for a real estate deal is signed:
“Buyer beware” applies in real estate sales deals.
While sellers have some disclosure obligations to buyers, it is
up to those who are purchasing a property to do due diligence.
This means ensuring the property can be used for its intended
purpose and doing necessary research to determine a good
price. Buyers shouldn’t count on a seller to give them all the
details they need to know to decide whether to buy.
Agents aren’t always working for you.
Agents representing sellers are aiming to get a sale completed
and buyers always should remember they are working for the
sellers. In general, no matter who an agent is representing, it
also is essential to recognize that agents are not legally trained
and are not allowed to draft special conditions to real estate
contracts. When agents try adding conditions, they may be
lead to delays.
Contracts could be your only source of protection.
The terms of the contract are going to govern your real
estate transaction. If the contract does not provide
you to get out of the agreement if necessary, you could end
up in a situation where you either need to go through with a
transaction under unfavorable terms or you are out of a lot
of money.
decide the terms of the agreement are not favorable, this
period is limited in time and it may be too late to deal with
issues that arise. It is best to get the legal counsel you need
early in the process so you are informed while negotiating a
contract and before you sign.
1. “Buyer beware” applies in real estate sales deals.
2. Agents aren’t always working for you
3.Contracts could be your only source of protection.

9. OVER 60 YEARS OF TRUSTED EXPERIENCE PAGE 9
Fun Facts About
-
-
-
Death and Tax
“In this world, nothing can be said to be certain, except death
and taxes.” This famous quote from Benjamin Franklin remains
worldwide. However, what many people don’t realize is tax
obligations actually can persist beyond death. While it may not
seem like a very fun fact to think about, taxes are something
you need to know about and understand when planning ahead
for your future or when inheriting money or property.
Fun Facts About Death and Taxes
In Australia, a death used to trigger death duties or death taxes.
Now death duties have been abolished. However, this doesn’t
mean no tax payments ever are due when someone passes
taxes, including capital gains taxes, when real estate owned by
the deceased is transferred and then sold.
Inheritance taxes can be minimized, depending upon how
-
ciaries do when they inherit money and property. For example,
the death of the deceased won’t be liable for capital gains taxes.
capital gains taxes also may be avoided or reduced, even if the
house is later sold years after the initial move.
Taxes are not the only things you need to consider when
planning ahead for a death. You also need to know other laws
that apply to govern your estate. For example, marriage and
remarriage both can revoke a will, which could impact a child’s
inheritance and could result in assets being divided according
to state intestacy laws. Surviving members of a Self-Managed
Super Fund (SMSF) also could ignore even legally valid, binding
-
ries.
To understand how to protect your estate, leave funds to your
loved ones and limit your tax obligations if you inherit, you
need to talk to an experienced legal professional. Call Owen
Hodge Lawyers today to learn all about death and taxes.
1. In Australia, a death used to trigger death duties or
death taxes. Now death duties have been abolished.
2. Taxes are not the only things you need to consider
when planning ahead for a death.
3. Inheritance taxes can be minimized, depending
upon how assets are left to loved ones and depending
upon what beneficiaries do when they inherit money
and property.

10. The Ninth Sydney Architectural Festival Arrives
October Long Weekend
OWEN HODGE LAWYERSPAGE 10
The October Long Weekend is fast approaching and you
may be looking for fun, inspirational, and educational
activities to do. One of your best options for entertain-
ment may involve visiting the Sydney Architectural
Festival.
What is the Sydney Architectural Festival?
The Sydney Architectural Festival is in its ninth year, and
again will run for a full four-day span over the October
long weekend. The dates of this year’s festival are 2-5
October, with special events planned for each of the
days.
The festival, which is based in Sydney, will include talks
and tours as well as other exciting activities. Short films
and musical performances are part of the festival, all with
a focus on architecture and appreciating the beauty of
buildings and structures that shape our lives.
The festival’s flagship public event is called TheGoods
and it will take place on Saturday. TheGoods is going on
at the newly-opened Goods Line in Ultimo, which is the
newest social infrastructure in Sydney that has taken the
place of a previously-congested rail corridor. The Satur-
day event will include yoga on the green at The Goods,
an exploration of the new public promenade, outdoor
workshops, music, food and educational talks.
TheGoods is not the only big event taking place at this
four-day celebration of architecture. The festival’s
opening day on Friday, 2 October also will feature an
announcement of the winner of a competition in which
entrants were asked to re-imagine George Street in
Sydney for the year 2020. Friday, 2 October is dubbed
#DesignSecrets.
Sunday, 4 October and Monday, 5 October have their
own focus, with Sunday labeled NewCity and Monday
called GoGlobal. NewCity will allow a look into designs
of the future, with clients and designers both sharing
their visions. A kids’ workshop at Customs House also
gives the architects of tomorrow a chance to flex their
budding design muscles. GoGlobal is a glimpse into
what has helped make Sydney a global leader in design.
An after-dark shirt film festival and a zine fair also are
featured events taking place during the four day festival.
The Sydney Architectural Festival is organized and
operated by a collective of young design professionals
called Archival, who work together with JOC Consulting
to make the event happen. You can take advantage of
both free and ticketed events, so be sure to check out
the festival if you want to make the most of your
October Long Weekend.

11. The Star Epsom Day - Randwick South
3rd October
Alison Road, Randwick South NSW 2031
info@australianturfclub.com.au
Listen Out - Centennial Park
3rd October
Centennial Park NSW 2021
www.listenout.com.au
EB Games Expo 2015
2nd October till 4th October
Sydney Olympic Park NSW 2127
www.ebexpo.com.au
What’s On In Sydney
OVER 60 YEARS OF TRUSTED EXPERIENCE PAGE 11
Sydney Craft Beer Week
17th October till 25th October
199 Cleveland Street, Redfern NSW 2016
www.sydneycraftbeerweek.com
9th October
North Shore, Milsons Point NSW 2061
www.lightthenight.org.au
The Russian National Ballet Theatre
5th October
30 Eton Street, Sutherland NSW 2232
suthentcent@ssc.nsw.gov.au
Cruelty Free Festival - Eveleigh
25th October
Australian Technology Park, Eveleigh NSW
Crueltyfreefestival.org.au
29th October till 30th October
Town Hall House, Sydney NSW 2000
psavant@freelancer.com
Stencil Art Prize Exhibition
17th October till 30th October
Level 3, Chippendale NSW 2008
www.stencilartprize.com
EB Expo is back in 2015 for its fourth year!
With an incredible show floor boasting
over 15,000 square metres of gaming
action, it is a chance for every gamer
Australia wide to get together celebrate
video games and pop culture!
Australia's national dance music event is
back for its third year! Listen Out will be
touring quality dance music acts around
Australia, with stops in Sydney, Perth,
Melbourne and Brisbane this September
and October.
The Star Epsom Day, celebrated over the
October long weekend, is one of biggest
events on this season's social and sporting
calendar. Racegoers can enjoy the Chandon
Pop Up Bar and live DJs.
Light the Night Sydney
Australia will unite at walks across the
country to brighten the lives of families
affected by leukaemia, lymphoma and
myeloma. Gather with family and friends
to light a special lantern; gold to think of
a loved one, white for your own journey,
or blue to show you care.
This October, the streets of Sydney will
be flowing with Craft Beer as Sydney
Beer Week (SCBW) returns bigger, better,
and tastier. Over 60 of Sydney's leading
venues will host the city's largest and
most exciting celebration of Craft Beer,
with more than 120 enticing events.
The largest stencil event in the world that
exists to recognise and reward stencil
artists.This year 92 stencil finalists from 21
countries will have artworks on display.
Key themes include cityscapes, momento
mori, portraiture, to surreal etc.
SydStart is Australia's largest start up and
growth conference. Two jam packed days
full of actionable insights, from the best
start up entrepreneurs, growth marketers
in the world. Network with Founders and
Entrepreneurs, Individual contributors,
SMBs and Investors etc.
With more than 50 ballet dancers, The
Russian National Ballet Theatre will
perform full classical performances of
Swan Lake. The glamour of the palace
ballroom is evocative of the Russian
Imperial world.
SydStart2015 - Sydney
The Cruelty Free Festival is a free community
event run by Animal Liberation NSW. It
gathers the best cruelty-free brands,
entertainers and workshops to highlight
the simple changes which can make a
massive impact on the lives of animals!

12. INDIVIDUAL AND COMMERCIAL LAW SPECIALISTS
Enhancing the lives of our clients by providing
acquisition of wealth, protection and management
of assets and the transfer of wealth throughout
generations.
CALL
1800 770 780
VIEW
www.owenhodge.com.au
VISIT
Level 3, 171 Clarence Street, Sydney NSW 2000
Level 2, 12-14 Ormonde Parade, Hurstville nsw 2220