Leaving a bequest or a gift to a charity in your Will is a good way to continue support for a charity that is close to your heart, long after you’re gone. A charitable bequest can be made alongside distributions to children, family members and friends, or alternatively, your entire estate can be distributed to charities.
Along with the increase in superannuation savings comes the issue of disputes arising between family members as to superannuation funds and how decisions are made regarding superannuation monies and its distribution as part of a deceased estate, as Binay Prasad explains.
At any stage in your life, you may need a Will, regardless of your age. To ensure peace of mind and a greater level of certainty surrounding the division of your assets after your death, the making of a valid Will is something which is highly recommended.
Coping with the loss of a loved one is naturally a very emotional time, and often it can be difficult as the executor of a Will to know what to do and where to start. The following checklist is intended to assist executors through this difficult time, detailing what is required to be done to get the administration process underway.
Powers of Attorney convey a great deal of responsibility on those appointed as an Attorney. As your circumstances change, you may decide that there is someone more suitable or that your current attorney (or alternative attorney) is no longer a suitable person to make decisions on your behalf. In this situation, you may need to revoke your current Power of Attorney to ensure the right people are authorised to make decisions for you, when you can no longer do so. We provide a list of some of the most effective ways to revoke a Power of Attorney.
On 19 June 2019, the Voluntary Assisted Dying Act 2017 (Vic) came into force in Victoria. It allows Victorians who are suffering from a terminal illness, and who meet strict criteria, to request access to voluntary assisted dying.
In Victoria, if a person dies without a Will, they are said to have died intestate and their estate will be distributed in the manner set out in the Administration and Probate Act 1958 (Vic). In late 2017, significant changes were introduced to the intestacy provisions of the Act, with the aim of making intestacy laws fairer and more consistent with the practices of other States and Territories.
There are several types of Powers of Attorney available, which operate via several different documents. Each document is designed to deal with different situations and events.To help plan for your future as effectively as possible, we outline the situations where the different types of Powers of Attorney are commonly utilised.
A Death Benefit Nomination is a tool utilised to distribute superannuation savings to a beneficiary. The Australian legal system separates an individual's personal assets from their superannuation. Unlike a deceased's bank accounts or property, which form part of their estate and will be distributed in accordance with their Will, superannuation savings can be directed straight to a beneficiary and bypass their estate.
As of 12 March 2018, the Victorian Government has brought into effect a Medical Power of Attorney makeover, under the Medical Treatment Planning and Decisions Act 2016 (Vic). The key purpose of this Act is to provide for the making of medical treatment decisions on behalf of people who do not have decision-making capacity, through the provision of two key documents: a Legally Binding Advance Care Directive and an Appointment of Medical Treatment Decision Maker.
Powers of Attorney provide authority for another person to implement financial, personal and/or medical decisions on your behalf, during your lifetime. Powers of Attorney are particularly important to plan for who you want to make decisions on your behalf when you are no longer medically capable.Unfortunately, sometimes it is not possible, whether by reason of mental impairment or otherwise, to make Powers of Attorney. This raises the question: how can I legally make decisions for a family member or loved one who is incapable of making a Power of Attorney?
Charitable trusts are an effective tool for those who are passionate about a particular cause. Such trusts are established to distribute funds in a considered way in order to enable charitable organisations or groups to fulfil a charitable purpose in the long-term, well after your death. Rather than making a one-off lump sum payment, charitable trusts continue to donate money to charities on an ongoing basis, preserving your gift for many years to come.
