The primary purpose of a Will is to ensure that your estate will pass to your intended beneficiaries. The directions in a Will are legally binding. What if you wanted to allow some flexibility for your executor or family to decide? Unlike your Will, a letter of wishes isn’t legally binding however, it does give […]
With reports that a large number of retirement villages are being built due to Australia’s growing ageing population; how do you determine which one bests caters your needs? Retirement facilities on offer can range from low to high care, from licensed to leasehold and from low cost to high cost. Accordingly, consideration to your needs and […]
The Supreme Court of New South Wales in the recent decision of Burke v Burke (2014) NSWSC 1015 demonstrated that not every financially strained child who challenges their parent’s Will because no provision was made for them in it will be successful. The estate had a net value of approximately $1.25 million. The deceased mother aged 93 […]
Testamentary trusts are fixed or non-fixed trusts that are: established by a Will funded by: o the assets of a deceased estate; or o by payments to the estate in consequence of death, e.g. superannuation death benefits or insurance proceeds paid to a deceased estate rather than directly to dependants or nominated beneficiaries; and to […]
Trusts are set up for a number of reasons including succession planning, asset protection and tax planning. Trusts can also arise from conduct of the parties involved or by operation of law. The basic element of a trust is someone (the trustee) holding assets on trust for the benefit of another (the beneficiary).There are many different forms […]
What is a Testamentary Trust?Testamentary Trusts are fixed or non-fixed trusts that are:established by a Will funded by:the assets of a deceased estate; or by payments to the estate in consequence of death, e.g. superannuation death benefits or insurance proceeds paid to a deceased estate rather than directly to dependents or nominated beneficiaries; and to be administered by […]
We have great experience and can help in many insolvency related matters including:Deeds of Company Arrangement;Administrations;Liquidations;Receiverships;Insolvency Actions for Trustees and Liquidators;Acting for creditors in defending preference payment claims by Trustees and Liquidators;Recovery of debts via insolvency and bankruptcy processes; andReconstruction and personal insolvency arrangements.Under Part IX of the Bankruptcy Act proposals can be made for […]
An Advanced Health Directive is a document by which you give instructions to certain people concerning your future health care. Having the directive in place will mean your doctors can follow your wishes and directions contained in the directive in circumstances where you don’t have the capacity to provide those instructions. Most people don’t tend to have […]
What is a power of attorney?There are two types of power of attorney—a general power of attorney and an enduring power of attorney. A general power of attorney is given to someone to make financial decisions on your behalf (e.g. if you are overseas and need someone else to sell your house, pay your bills […]
We have been helping clients produce their Wills for over 90 years. For those with straight-forward family structures and simple financial arrangements we can assist you to prepare your Will, often in conjunction with an Enduring Power of Attorney, for a quoted price. A properly drafted Will helps ensure your wishes are carried out and that […]
Whether you wish to make a new will or ensure that a deceased estate is administered properly, Ellison Moschella & Co focus on carrying out your instructions professionally and finding solutions with a minimum fuss.Proper estate planning includes considering the following:Do you have properly structured Wills?Do you need to consider asset protection issues for your […]
If you have an estate or trust which requires an independent administrator or trustee we have extensive experience acting in those positions.If there is a dispute between the beneficiaries and/or the trustees or where a trustee has a conflict of interest having an independent administrator will give you peace of mind knowing the estate or trust […]
Business Purchases and SalesThere are many pitfalls associated with setting up, changing or selling your business.Will you be liable for government duty? Do you have all of the required licences and approvals? Are you complying with all of the reporting and legal requirements? Are you exposed to unnecessary risk? What requirements are there to transfer […]
A Special Disability Trust (SDT) allows immediate family members and carers to provide for the future care and accommodation needs of a ‘severely disabled person’. The benefits of a SDT include: families being able to set up a fund to provide for a severely disabled person after the death of the primary carer or parent; and […]
In order to make a Will a person must be of sound mind, memory and understanding. This is usually referred to having ‘testamentary capacity‘. A typical challenge against a will is made by arguing the deceased didn’t have the necessary testamentary capacity to make their will. It is therefore important to understand how it is […]
Like many Queenslanders at one time or another you may embark on the journey of buying property with another person. This may be with a relative, friend, spouse or business partner. In any instance it is important you understand you rights and obligations to the co-ownership arrangement. At common law, an interest in land may be owned by […]
A Supreme Court of Queensland decision highlights the fluid nature of family relationships and the importance of documenting transactions between family members to avoid subsequent litigation. In Peterson -v- Hottes (2012) QSC, the plaintiff mother sued her adult daughter for the repayment of $71,000 (approximately) that she provided to the daughter to help her buy a […]
Not everyone realises a substantial part of “their assets” won’t automatically be included in their estate when they pass away. So what are these assets? Examples include: Superannuation; Trusts; Company assets; and life insurance policies. Superannuation Whether you have an employer, industry or self managed fund all superannuation funds have one things in common; the money is […]
There are two conflicting schools of thought in relation to challenging an estate or a Will: Someone should be able to leave their estate to whoever they wish – it was there money after all; or People should be morally bound to support their family and dependants. The position in Queensland is in favour of the second; […]