- Many people delay estate planning and do not appoint guardians for their children if they die. They also do not plan for what happens if no one claims their property after death.
- When creating a will and estate plan, it is important to consider all family relationships and dependents to ensure fair treatment. One should disclose all important relationships to their lawyer.
- Estate planning now also involves virtual assets like passwords, emails and online accounts. One needs to decide how these will be handled after death and ensure executors can access them.
A presentation explaining the importance of preparing an estate plan sooner rather than later. A brief explanation of the component parts of an estate plan is included.
From the Oklahoma law firm Cazes Roberts, PC:
A concise yet practical review of what Oklahoma estate planning is, why some would want to do Oklahoma Estate Planning and the tools used in Oklahoma Estate Planning.
Do you have a written estate plan? If you do not have a written estate plan, including a will, power of attorney, and a healthcare surrogate designation/living will directive, now is the time to create one. If you have a written plan, perhaps it’s time for a review. By Jim Dressman, DBL Law
A presentation explaining the importance of preparing an estate plan sooner rather than later. A brief explanation of the component parts of an estate plan is included.
From the Oklahoma law firm Cazes Roberts, PC:
A concise yet practical review of what Oklahoma estate planning is, why some would want to do Oklahoma Estate Planning and the tools used in Oklahoma Estate Planning.
Do you have a written estate plan? If you do not have a written estate plan, including a will, power of attorney, and a healthcare surrogate designation/living will directive, now is the time to create one. If you have a written plan, perhaps it’s time for a review. By Jim Dressman, DBL Law
See why indexed universal life is the best investment to put your money without being affected by market volatility and economic uncertainty. Visit http://www.gofinancials.com for more eye opening informations / videos.
Step by step process to buying a home. Everything you need to know from making the offer, to getting the proper inspections, the paperwork, and closing process.
Mike Hall
Http://www.myohiohouse.com
614-937-4162
Who will have access to your digital legacy when you become incapacitated or upon your death? Looks at the emerging field of estate planning for digital assets.
Depending on the exact estate in question various different types of legal devices could be utilized. In this presentation we are going to look at the core components of a basic estate plan.
See why indexed universal life is the best investment to put your money without being affected by market volatility and economic uncertainty. Visit http://www.gofinancials.com for more eye opening informations / videos.
Step by step process to buying a home. Everything you need to know from making the offer, to getting the proper inspections, the paperwork, and closing process.
Mike Hall
Http://www.myohiohouse.com
614-937-4162
Who will have access to your digital legacy when you become incapacitated or upon your death? Looks at the emerging field of estate planning for digital assets.
Depending on the exact estate in question various different types of legal devices could be utilized. In this presentation we are going to look at the core components of a basic estate plan.
What Is Estate Planning: Commonly Asked Questions and AnswersJennifer Vermillion
Estate planning is the process through which you make choices about what you want to happen to you and your property should you die or become incapacitated. Learn more about estate planning in this presentation.
Unfortunately, researchers tell us that most Americans have not executed all of the appropriate estate planning documents. Many people don't act because they DON’T KNOW where to begin. This presentation explains the basics, and it may inspire you to finally take action for the benefit of your family if you are currently unprepared.
Parents with Minor Children Estate PlanningRobert Nash
If you have minor children, or children of any age with special needs, estate planning takes on a heightened importance. Learn more about estate planning for parents with minor children in this presentation.
Before sitting down to work on your plan, you should give some thought to what your priorities are and what goals and objectives you want to focus on in your plan. Learn more about Missouri estate planning in this presentation.
The importance of an estate plan:
Estate planning is the only viable way to protect your assets, reduce tax obligations, avoid probate and provide financial security and peace of mind to your family. We prepared this eBook for educational purposes only. It should not be construed as legal advice or a legal opinion as to any specific facts or circumstances. Contact www.Drizinlaw.com
Estate Planning Basics For Families With Young Children HayesLaw
Problems often arise when a parent with minor children passes away with no estate plan in place, leaving behind potential hardship on the emotional and financial future of their minor children.
Women, in Estate Planning, You Are the Last ResortDolf Dunn
Because women usually outlive their male counterparts by an average of almost 5 years, making sure both you and your husband's estate documents are completed is crucial. I truly believe if you love someone, you will deal with your own mortality and get your estate documents completed! It is not about you, it is about the people you love most.
Hidden Risks and Mistakes to Avoid in Estate and Long-Term Care PlanningMelinda Merk
Co-presented with Buckley Kuhn Fricker on 11/4/17. Discusses the importance of pre-planning vs. crisis planning, and focuses on 3 key goals of estate and long-term care planning, which lead to Peace Of Mind, Protecting and Preserving Wealth, and Family Harmony: 1) maintaining control and protecting assets during life, including incapacity; 2) efficient and orderly wealth transfer at death; and 3) protecting beneficiaries from others and themselves.
It is imperative that you understand what each fiduciary role encompasses and what should be considered when making a decision about whom to appoint. Learn more about estate planning in this whitepaper.
In a seminar titled, “Get Your Ducks In A Row,” Fraser Trebilcock attorney Marlaine C. Teahan shared her legal experience with families on topics that included: differences between wills and trusts and how to choose between them, the best planning ideas for minor and special needs children, and more.
Similar to Estate planning 13 questions to ask yourself (20)
The OHL Wire ISSUE #18: The Laws To Watch in 2016- Uber, GPS tracking and moreChristine Hui Jun Zhong
Welcome to another edition of The OHL Wire! The New Year will see amended and new legislation implemented in Australia. This new legislation will affect Australians, just like yourself, on a daily basis. In Issue 18 of The OHL Wire will observe, explore and explain a number of these new laws to help you grasp and understand the magnitude of them. Furthermore, we will also explain the steps that must be taken straight after a car accident to reduce your liability. Secondly, we provide you with tips on how to avoid inheritance disputes and finally, discuss the impact of Uber being legalised in NSW. We will also give you a round-up of family events and things to do in Sydney this month.
The OHL Wire ISSUE 17: Off the Plan Purchase - NSW changes in response to sun...Christine Hui Jun Zhong
In Issue 17 of The OHL Wire, we look at some of the NSW changes in response to sunset date concerns in off the plan purchases and the employment law issues that need to be on your radar in 2016. We discuss whether a video message from the grave can be considered as evidence for a valid will. We also look at your rights as a beneficiary of a will and tips for reducing the time of a property settlement during Christmas and New Year Season in Australia. We also check out upcoming events in Sydney and provide you with the top 5 business trends for 2016.
In Issue 16 of The OHL Wire, we look at some legal tips for Christmas party behaviour at work and what defines the capacity to make a valid will in Australia. We also look at everything you need to know about the deadline for Christmas holiday child disputes and estate planning for the Christmas holiday. We discuss whether a claim can be made when a family member leaves their entire estate to charity. We check out upcoming events in Sydney and provide you the ultimate checklist for this year's Christmas.
One raid of 20 stores in September 2014 revealed that payroll may have been doctored and workers were being underpaid at the majority of 7-Eleven stores. It is said that as many as 60 percent of the stores investigated in the September raid were suspected of violating Fair Work Laws. That raid was just one of three investigations over a period of six years that allegedly identified more than 80 stores that were not paying their staff enough.
Franchisees and all owners and operators of business organizations need to understand what their obligations are under both immigration and fair work laws. Just paying above minimum award rates is not enough to avoid the potential for action, including an investigation by the Fair Work Ombudsman. Owen Hodge Lawyers can provide assistance to employers in following immigration rules, documenting employee hours and benefits, fulfilling payment and record-keeping obligations, and complying with all award rules. Call us on 1800 770 780 to schedule a consultation with one of our experienced lawyers.
In Issue 14 of The OHL Wire, we look at the importance of estate planning for new parents in Australia. We also look at the 10 legal tips to help your business avoid litigation and everything you need to know about contesting a will in NSW. We discuss the legal basics to know in the pre-purchase phase of a property settlement and the fun facts about death and taxes when planning ahead for your future or when inheriting money or property. We check out upcoming events in Sydney and invite you to attend a unique and inspirational activity, Sydney Architectural Festival.
If you have been physically or psychologically injured as a result of your defence service (including reservists and cadets), you may be able to claim for compensation. If you were a prisioner of war, you may be able to claim even if you were/are a civilian. In this presentation, we provide a broad overview of some of the types of compensation available for service-related injury or disease. This presentation does not cover compensation for dependents of people who have been in service.
There are many different types of compensation available to people who have been injured or incapacitated in Australia's defense forces. Similarly, the family members may be able to claim compensation for the death of a current or former members of the defense forces. If you believe that you should be able to claim compensation, then your first point of call will be to look at the information on the DVA's website. You are also welcome to call Owen Hodge Lawyers for an obligation free discussion of your situation. Call us today at 1800 770 780 or contact us via ohl@owenhodge.com.au to schedule a consultation with one of our experienced lawyers.
In Issue 12 of The OHL Wire, we look at how the rise in minimum wage affects you and what are the hidden costs of retirement villages in NSW. We also look at everything you need to know about estate administration. We discuss whether now is the right time to legalise same-sex marriage in Australia. We check out upcoming events in Sydney and invite you to attend a unique and entertaining activity, Mozart’s classic comedic opera - The Marriage of Figaro.
In Issue 11 of The OHL Wire, we look at what will change on 1 July 2015 and how does divorce affect your tax and super fund. We also look at everything you need to know about taxation and deceased estates in Australia. We discuss the rules and requirements for buying property through a self-managed super fund (SMSF) in NSW. We check out upcoming events in Sydney and provide you a few ideas on how to spend your tax refund as the tax year is coming to an end.
Under the National Employment Standard, many workers are entitled to receive redundancy pay if let go from an organization. Businesses must understand the rules for redundancy pay in order to ensure they comply with Section 119 of the Fair Work Act 2009. The presentation discusses all you need to know about redundancy pay in Australia.
Owen Hodge Lawyers can help employers and employees to determine when a genuine redundancy occurs, when payments are required, and what entitlements an employee should receive after a termination. We also advises clients on all issues related to the Fair Work Act, including severance and redundancy pay. Call us today on 1800 770 780 or contact us via ohl@owenhodge.com.au to speak with an employment lawyer who can provide assistance with issues arising from employee termination.
Are you considering buying or acquiring an existing business. This presentation discusses 8 basic steps for you to consider when buying or acquiring a business in Australia so that you are highlighted to pertinent issues that can impact on the success of your purchase.
Whether you are a first time entrepreneur or an experienced buyer, each target business comes with its own unique circumstances and risks. At Owen Hodge Lawyers, we are able to provide you with insightful legal tips and guide you at every step so that you can make an informed decision about your purchase. Call us today at 1 800 770 780 or contact us via email at ohl@owenhodge.com.au to schedule a free consultation with our team of estate planning lawyers. We look forward to assisting you.
Do you know every year around 750 Australian teens between the ages of 13 and 17 commit suicide because of cyber bullying? It’s a statistic sure to concern any parent. The best way to address cyberbullying is to stop it before it starts. This presentation provides valuable legal tips on how to stop cyberbullying.
At Owen Hodge Lawyers we understand that experiences relating to cyberbullying are extremely traumatic. The personal information shared and the hateful content and rumours spread often leaves people in untter despair and hopelessness. We are here to help! If you have any questions in relation to cyberbullying, please feel free to contact our team at Owen Hodge Lawyers on 1800 770 780.
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
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Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
2. 1. What is estate planning?
2. Who will be the guardian of your children
in case of your death?
3. What will happen to your property in case
no one is left to claim?
4. Check and Cross Check: Have you
provided for everyone?
5. Have you told your lawyer about all the
important relationships in your life?
6. What happens to your virtual identity,
passwords and related material?
7. Have you preserved your sperm, eggs or
fertilised embryos for your future use?
8. Have you ever changed your identity?
9. Have you ever gifted large sums of money or
assets to others?
10. Have you ever entered in to a prenuptial
agreement or any other Binding Financial
Agreement (“BFA”)?
11. You love your pets but have you thought about
what will happen to them after your death?
12. Do I need to provide for a Power of Attorney or
a living will?
13. Do you suffer from any serious or chronic
health issues?
WHAT WE’LL COVER
3. 1. WHAT IS ESTATE PLANNING?
“Estate planning is not just about making a will”
Estate planning involves
carefully considered
decisions regarding your
estate and property, your
future and also the future
of your children.
Instruments of a estate plan include:
• Will
• Superannuation death nominations
• Testamentary Trust
• Power of attorney
• Power of guardianship
• Anticipatory direction
Generally, people tend to
delay their decisions
regarding estate planning
until they are on the verge
of retirement or believe that
they will be incapacitated
soon. Estate planning
should not just be a
retirement related decision.
When you are making your
estate plan, it is important to
be clear about your needs
and requirements before
you decide to go ahead and
record your decisions about
who you authorize to take
decisions on your behalf in
your old age or wish to
bequeath your property to.
As part of your estate
plan, a will can be
written and updated by
private trustees and
solicitors, who usually
charge a fee. In NSW,
the NSW Trustee &
Guardian authority
provides professional
and independent trustee
services for drafting and
execution of a Will.
4. • Many people delay their Estate Planning and do not give a thought about whom to
appoint as the guardian of their minor children in case of their death or any other
sudden medical emergency.
• The general perception that Estate Planning is only a tool for retirement planning does
not hold good in these scenarios. Before you make your Will, you should be conscious
about whom to appoint as the guardian of your children.
• In case you fail to appoint a guardian, the Court may appoint one and that might not be
the best possible alternative that you had in mind for the children.
2. WHO WILL BE THE GUARDIAN OF
YOUR CHILDREN IN CASE OF YOUR
DEATH?
5. • Planning is necessary, but there will always be a probability of something
unforeseeable. All the arrangements that you had in your mind regarding distribution
of your assets after your death, might fail, due to a sudden natural disaster or any
other unforeseeable scenario.
• You should always take into consideration the unforeseeable situations and make
provision for division of your estate in case no immediate family members or friend
are alive or present to inherit or lay a claim to your estate.
• For many Will makers it is a huge stumbling block to decide about how to provide for
such a clause since many are unable to fathom the consequences of such a
scenario.
3. WHAT WILL HAPPEN TO YOUR
PROPERTY IN CASE NO ONE IS LEFT
TO CLAIM?
6. 4. CHECK AND CROSS CHECK:
HAVE YOU PROVIDED
FOR EVERYONE?
• When you are making a Will, make sure fair
treatment is meted out to all your descendants and
beneficiaries.
• Be sure about whom do you want to provide for and
who is important in your life even if you do not share
a blood relationship with that person.
• In case you have an extended family or children from
a previous marriage or your spouse has children from
a previous relationship, be extra careful and cautious
about providing for them during your Estate Planning.
It is also important to provide clear instructions about
dealing with their claims later on, as it might result in
a legal mess later on.
7. 5. HAVE YOU TOLD YOUR LAWYER
ABOUT ALL THE IMPORTANT
RELATIONSHIPS IN YOUR LIFE?
• Estate Planning can have consequences for your surviving loved one. If you want to
provide against long drawn courtroom battles, be sure to disclose all the important
relationships in your life – including intimate love affairs, children born out of wedlock,
previous domestic partnerships or same sex relationships.
• During Estate Planning you need to understand the legal implications and discuss them in
detail with your Lawyer.
• Do not hesitate to share information with your Lawyer as he/she can provide you with
necessary solutions. It is something that you need to do for your loved ones and the ones
you want to provide for after your death and disclosure of full information will prevent
chances of your estate being entangled in a legal mess later on.
8. 6. WHAT HAPPEN TO YOUR VIRTUAL
IDENTITY, PASSWORDS AND
RELATED MATERIAL?
It is an equally accepted truth
in today’s world, that your
natural death does not put an
end to your virtual identity.
When you are discussing Estate
Planning ideas with your Lawyers,
do not forget to discuss what to do
with your passwords, your emails
or online photo storage accounts.
Some of the passwords may
give access important and
sensitive financial
information. You may also
need to pass on some of
these passwords to the
beneficiaries mentioned in
your Will so that they can
access the accounts later
on.
Technology is ever changing
and your Lawyer may provide
you alternatives about storing
information on any cloud
based software or passing on
information through the
traditional means of keeping
them safe in deposit box with
your Lawyer.
That means, you also need to
provide for the method of
passing on those passwords
and other sensitive information
and how they can be accessed
after your death.
The choice will be yours, but
make sure that you give
thought about transfer of
any digital property as a part
of the Estate Planning
process.
9. 7. HAVE YOU PRESERVED YOUR
SPERM, EGGS AND FERTILISED
EMBRYOS FOR YOUR FUTURE USE?
• Progress in the field of science and
technology has provided us with
options of preserving our genetic
material for future use.
• It has thus become important to
consider during Estate Planning
about how you want to provide for
any descendants conceived or born
after your death.
• Litigation involving children
conceived after the death of a legal
parent and ownership of genetic
material are relatively new and are a
sensitive area of litigation.
10. 8. HAVE YOU EVER
CHANGED YOUR
You may remain the same in your
own eyes, but in the eyes of law, your
identity changes with a change in
your name, legal status or if you
consider undergoing gender
transition.
You should always update your Social
Security Registration, driver’s license,
passport, security clearances, professional
licenses and any other forms of
identification you have. This will ensure
that after your death, you beneficiaries and
loved ones are not embroiled in any legal
battle just to prove your identity!
Make sure that all the legal identification documents that you have reflect the true person that you are.
11. 9. HAVE YOU EVER GIFTED LARGE SUMS
OF MONEY OR ASSETS TO OTHERS?
• We often tend to forget about the gifts that we made
to our near and dear ones when they might have
been undergoing financial hardships.
• While making Estate Planning arrangements, we
often forget about these gifts. However, some of
these gifts may incur huge tax liability and it is better
you think about any such gifts you had made
previously and disclose them to your lawyers.
12. 10. HAVE YOU EVER ENTERED INTO A
PRENUPTIAL AGREEMENT OR ANY OTHER
BINDING FINANCIAL AGREEMENT (“BFA”)?
• The problem with a pre-nuptial agreement or a BFA entered long back is that they can
be easily forgotten and may also be ignored as irrelevant.
• However, your legal obligations do not change and it is important to think and recollect
about them and disclose such information to your Estate Planning Lawyer.
• He can guide you about what will still be relevant and what can be legally terminated
before your go ahead with your Estate Planning measures considering your future
financial needs and priorities.
13. Your pets are extremely sensitive and
intelligent creatures who will miss you
the most after your death. You should
be clear about whom to entrust with
the responsibility of taking care of
your pets after your death.
If you have pets with long life
expectancies you may need to form a
pet trust or you can also appoint
someone you trust to care of them.
11. YOU LOVE YOUR PETS BUT HAVE YOU
THOUGHT ABOUT WHAT WILL HAPPEN TO
THEM AFTER YOUR DEATH?
Alternatively, you may also
approach an organisation to take
care of your pets after your death.
14. 12. DO I NEED TO PROVIDE
A POWER OF ATTORNEY OR A LIVING WILL?
• An effective Estate Planning mechanism will not only provide for situations after
your death, but it will also consider situations where you are permanently
incapacitated due to old age or poor health. You may provide for Power of
Attorneys or appoint Enduring Guardians who you entrust with taking decisions on
your behalf.
• A living Will constitutes the health care directives you want to be followed in case
you are permanently incapacitated. Many people do not wish to live a mere
vegetative existence or on life support for long. They also do not wish to put their
family through a scenario of long drawn anguish.
15. • If you have any specific wish, you can provide instructions about how to deal with
such scenarios. You may have a Power of Attorney in place entrusting your spouse
or any other trusted person to take a decision on your behalf. Also, if you have any
specific wishes to be fulfilled, make sure your Estate Planning process contains the
provision for a living Will.
12. DO I NEED TO PROVIDE
A POWER OF ATTORNEY OR A LIVING WILL?
16. 13. DO YOU SUFFER FROM ANY
SERIOUS OR CHRONIC HEALTH ISSUES?
• Estate Planning Lawyers and Attorneys follow the
same logic as your insurance agents when they ask
you about your health conditions and whether you
suffer from any chronic health issues.
• Estate Planning also involves sophisticated actuarial
calculations about your life expectancy. So if you
have any particular health concerns, your entire
Estate Planning can take into account any such
issues.
17. HOW CAN WE HELP YOU?
At Owen Hodge Lawyers we understand that Estate Planning involves
decision making covering your entire lifetime. More than the financial
costs, the emotional investment involved is substantial. A careful and
well thought out approach towards Estate Planning may require
disclosure of information of an extremely sensitive nature.
Our team of Lawyers know the sensitivities involved in the procedure.
We deal with our clients with the outmost compassion and sensitivity.
We have a team comprising of Lawyers who have worked with varied
Estate Planning situations and their vast experience in this field can
help you take appropriate decisions regarding your unique estate
planning needs.
18. If you have any questions about your estate plan,
please contact us on 1800 770 780 or 02 9570 7844.
OWEN HODGE LAWYERS
THANK YOU
http://www.owenhodge.com.au/