1) A will is a written declaration of one's wishes to distribute assets to loved ones after passing away.
2) If there is no will, the law decides how assets are distributed according to priority rules like giving a spouse 1/3 and children 2/3.
3) Having a will ensures your assets are distributed as you intend by appointing an executor and avoiding delays of up to 2 years for those without a will.
One of the great misunderstandings is how assets in trusts are dealt with in the Family Court. Are they excluded or are they in?
Asset pools in these cases can be significant, so before you suggest a particular asset-holding structure for a client, it’s important to know what the answer is.
In this webinar for Accountants we look at some case examples and cover the important questions, such as:
- How is property settlement determined?
- What is “property” and what is a “financial resource”?
- What power does the Family Court have to deal with Trusts?
- What, if anything, can be done to remove a Trust from the Court’s reach?
Note: prices shown in the video might not be reflective of our current prices. Please, refer to the website https://www.michaellynchfamilylawyers.com.au for updated information. Thank you.
Did you know that you can get “a temporary divorce" without actually filing a Petition for Divorce? You probably did, but the process of filing for temporary separation has probably left you with more questions than answers. That is because Utah has its own legal process to separate from your spouse without actually divorcing. This process is called legal separation. Salt Lake City Divorce attorney from Emy A Cordano who explains how two lawfully married spouses can file for a temporary separation order in Utah and how it is different from filing for a divorce.
The correct legal status of a relationship is important, it has serious consequences. For a de facto it can determine if someone has a financial entitlement or if they don’t.
On the 10th anniversary of the introduction of the law for de facto property settlements, we ask the question “What is a de facto relationship?”.
The reality is that it is not straight forward and most people don’t know if they are in a de facto relationship. It is important for an Accountant to be informed in this area, so your clients are “alert but not alarmed”.
Our team of friendly and experienced Divorce Lawyer of South Australia will provide you the legal advice and offer comprehensive advice. If you have any queries regarding our services, call us now!
The Law Offices of Thaddeus M. Bond, Jr. & Associates, P.C. explains why you need a will and other estate planning documents and why you need them now.
Land Law Educational Webinar hosted by Jamie Quirke BBL LLM for LawSwot Easter Webinar Series.
This slide covers wills, property issues, partnership breakdowns and conflicts.
For more details visit our webinar section on http://lawswot.com/
One of the great misunderstandings is how assets in trusts are dealt with in the Family Court. Are they excluded or are they in?
Asset pools in these cases can be significant, so before you suggest a particular asset-holding structure for a client, it’s important to know what the answer is.
In this webinar for Accountants we look at some case examples and cover the important questions, such as:
- How is property settlement determined?
- What is “property” and what is a “financial resource”?
- What power does the Family Court have to deal with Trusts?
- What, if anything, can be done to remove a Trust from the Court’s reach?
Note: prices shown in the video might not be reflective of our current prices. Please, refer to the website https://www.michaellynchfamilylawyers.com.au for updated information. Thank you.
Did you know that you can get “a temporary divorce" without actually filing a Petition for Divorce? You probably did, but the process of filing for temporary separation has probably left you with more questions than answers. That is because Utah has its own legal process to separate from your spouse without actually divorcing. This process is called legal separation. Salt Lake City Divorce attorney from Emy A Cordano who explains how two lawfully married spouses can file for a temporary separation order in Utah and how it is different from filing for a divorce.
The correct legal status of a relationship is important, it has serious consequences. For a de facto it can determine if someone has a financial entitlement or if they don’t.
On the 10th anniversary of the introduction of the law for de facto property settlements, we ask the question “What is a de facto relationship?”.
The reality is that it is not straight forward and most people don’t know if they are in a de facto relationship. It is important for an Accountant to be informed in this area, so your clients are “alert but not alarmed”.
Our team of friendly and experienced Divorce Lawyer of South Australia will provide you the legal advice and offer comprehensive advice. If you have any queries regarding our services, call us now!
The Law Offices of Thaddeus M. Bond, Jr. & Associates, P.C. explains why you need a will and other estate planning documents and why you need them now.
Land Law Educational Webinar hosted by Jamie Quirke BBL LLM for LawSwot Easter Webinar Series.
This slide covers wills, property issues, partnership breakdowns and conflicts.
For more details visit our webinar section on http://lawswot.com/
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.
How Long Will It Take To Actually Receive Your Inheritance?Charlie Amen
Because of the numerous factors that can impact the time it takes for estate assets to be distributed after the death of a decedent it is impossible to provide any type of “universal” timeframe; however, a better understanding of the probate process in general as well as the factors that can impact the process may be beneficial in helping you determine when your inheritance is likely to be released to you.
Passing Your Wealth On - Module 10 of Family Financial Freedom Floyd Saunders
The seminars are available to anyone including financial planners, and other professionals in the financial services industry who would like a set of the materials, participant's workbooks or the Family Financial Freedom book (discounts for volume purchases). You can now view the presentation here, order the Family Financial Freedom book from any of the ebook sites for iPhone, iPad, Kindle, Nook, Kobo reader etc. contact me at floyd.saunders@yahoo.com for a copy of the presentation or more information on how to get seminar materials.
1. Making YourWishes Come True! ™
Importance Of WritingImportance Of Writing
Your WillYour Will
The Need For Will
Custody
2. WHAT IS A WILLWHAT IS A WILL
A Will is a written declaration of yourA Will is a written declaration of your
wish list to pass to your loved ones thewish list to pass to your loved ones the
assets that you wish them to enjoyassets that you wish them to enjoy
upon passingupon passing
3. When There Is No Will Written
(Intestacy)…
The law decides how your assets are
distributed
Distribution Act 1958Distribution Act 1958
(as amended in 1997)(as amended in 1997)
4. INTESTATE LEAVING SURVIVING ENTITLEMENT
Spouse only (no Issues and Parents) Spouse – whole estate
Spouse and Parents (no Issues) Spouse – 1/2
Parents – 1/2
Issue only (no Spouse and Parents) Issues – whole estate
Parents only (no Spouse and Issues) Parents – whole estate
Spouse and Issues (no Parents) Spouse – 1/3
Issues – 2/3
Parents and Issues (no Spouse) Parents – 1/3
Issues – 2/3
Spouse, Issues and Parents Issues – 1/2
Spouse – 1/4
Parents – 1/4
The following person(s) are entitled in accordance to priority when an intestate died without leaving a surviving spouse,
child or parent :-
(1) Brothers and sisters; (2) Grandparents; (3) Uncles and aunts; (4) Great grandparents; (5) Great uncles and aunts; and (6)
Government
Issue : Includes legitimate children and the descendants of children
Parent : Natural mother or father of a child or the lawful mother or father of a child under the Adoption Act 1952
DISTRIBUTION ACT 1958 (AMENDED IN 1997) – WEST MALAYSIA & SARAWAKDISTRIBUTION ACT 1958 (AMENDED IN 1997) – WEST MALAYSIA & SARAWAK
5. Other Problems with Intestacy
• Your hard-earned assets may be given to your brothers and
sisters or even nephews and nieces
• The law decides how to distribute for you
• Long delays in getting your assets passed to your loved ones
through Letters of Administration - maybe more than 2 years
• Family members argue as to who is suitable to be Administrator
to apply Letters of Administration as afraid of losing assets in the
estate
• Difficulty for the Administrator to get 2 Sureties for
administration bond to guarantee your the gross estate value
• Increase in unnecessary high legal cost paying the lawyers
7. Write your WillWrite your Will
Intestacy is not the way toIntestacy is not the way to
gogo
8. When There’s A Will…
You decide who is to benefit from your hard-earned assets not the
law
You decide how your assets are to be used by your children
Your distribution of assets is respected by the Courts
You decide who shall be Executor of your Will to apply for Probate
to distribute your assets following your Will
Faster legal process when applying for Probate – eliminate
unnecessary delays
Greater savings on legal fees due to faster legal process – eliminate
unnecessary high legal cost
Avoid the need for 2 Sureties when there is a Will
You can decide who should be Guardian of your young children
9. Without a Will, applicationWithout a Will, application
for Letter of Administrationfor Letter of Administration
may take a few years, BUTmay take a few years, BUT
With a Will, the Grant ofWith a Will, the Grant of
Probate can be obtainedProbate can be obtained
within a few monthswithin a few months
10. Comparison between Probate and Letters of Administration
Probate Letters of Administration
Obtain Death Certificate and
Will
Executor applies for Probate
with List of Assets in High
Court
Probate obtained within 6
months – 1 year
Executor distributes assets
according to the Will
Obtain Death Certificate
All lawful beneficiaries under intestacy
choose Administrator(s)
All lawful beneficiaries in writing waive right
to be Administrator(s)
Administrator(s) find 2 Sureties to guarantee
gross estate value for Administration Bond
Apply for Letters of Administration with List
of Assets in High Court
Letters of Administration obtained after 2
years or more
Administrator(s) distributes assets
according to Distribution Act 1958 (amended
in 1997)
13. When the Will is not keptWhen the Will is not kept
safelysafely
14. 1.1. Certain to be found when neededCertain to be found when needed
2.2. Free from accidental or deliberateFree from accidental or deliberate
destructiondestruction
3.3. Controlled accessControlled access
4.4. Prevent tampering, preservePrevent tampering, preserve
confidentialityconfidentiality
5.5. Safe from calamitiesSafe from calamities
Benefits of Professional WillBenefits of Professional Will
Custody at RockwillsCustody at Rockwills
15. 1.1. Personal Identification Cards (for you & yourPersonal Identification Cards (for you & your
executor)executor)
3. Centralized at Rockwills Centre
5. Free Personal Accident Insurance
4. Annual reminders of Will Custody
2. Personal Assets Inventory Booklet (to list your
assets to assist the executor
UNIQUEUNIQUE FEATURES OFFEATURES OF
ROCKWILLS PROFESSIONAL WILLROCKWILLS PROFESSIONAL WILL
CUSTODYCUSTODY
16. It is never too early to be Practical !!It is never too early to be Practical !!