Aug 2022
PREPARING YOUR BUSINESS FOR SALE Selling a business can be one of the biggest decisions you make. However, once you have decided to sell, there are several important things that you should consider before listing the business on the open market to ensure that your business sells at optimal value. Business Financials The most important thing in preparing a business for sale is getting the financials of the business in
An Executor is the designated person appointed by the Will-maker to carry out the Will-maker’s directions and wishes. 1. Duties of Executors The Executor is responsible for ensuring that the most recent current last Will and Testament of the deceased is located, a Grant of Probate is obtained if the circumstances require such a step to be taken, all assets are accounted for and are secured, all debts and liabilities
Estate planning can be complex in certain circumstances such as when the Will-maker has remarried and there is a blended family dynamic, there is perhaps some family disharmony, or one of the beneficiaries suffers from a disability. Professional estate planning can help to reduce costs to the estate after the death of the Will-maker. Failure to obtain proper advice can result in issues surrounding the construction of the Will, or
May 2020
The definition of a ‘spouse’ differs according to each superannuation fund’s trust deed. The trust deed is the document which governs the exercise of the superannuation trustees’ discretion. Some trust deeds confirm that ‘spouse’ has the meaning given to it in section 10 of the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act), but others do not. Section 10 of the SIS Act defines the “spouse” of a person as:
Mar 2020
As the Coronavirus (COVID-19) continues to spread across Australia its impact on commercial arrangements is a serious concern for landlords and tenants alike. The mandatory closure of licensed premises and various quarantining measures have resulted in landlords and tenants discovering that their commercial and retail lease agreements do not deal with unprecedented events like COVID-19. Force majeure clauses in leases are rare to find and rent abatement clauses are generally
A legal practitioner must follow a client’s lawful, proper and competent instructions. When drafting documents, significant care must be taken by solicitors to ensure the documents prepared for their clients accurately reflect their client’s instructions and wishes. What happens if, under a Will, the instructions given by the Will maker are found on his or her death, not to have reflected the instructions provided to the solicitor? Section 50 of
Nov 2019
The highly anticipated amendments to the Liquor Control Act finally came into force on 2 November 2019. The latest amendments impact on applications seeking the sale of packaged liquor, in particular liquor stores, as well as unrestricted hotel and tavern licences and some special facility licences. There is now a prohibition on granting, removing, altering or redefining packaged liquor premises where: packaged liquor premises are situated less than the prescribed
Aug 2019
As a matter of law an entitlement under a superannuation fund (for example, death benefits or life insurance) does not form part of a deceased estate. However, superannuation trustees may exercise their discretion to pay a deceased’s superannuation death benefits to an estate. Recent Supreme Court decisions in WA have clarified in what circumstances and, perhaps more importantly, at what time an applicant in WA may apply personally for payment
Aug 2019
Superannuation Death Benefits: Making a Claim Superannuation is a system where money is placed in a fund to provide for a person’s retirement. What is a Death Payment and Who can make a Claim? A death payment can consist of the deceased member’s superannuation balance (less any charges and taxes) plus any death cover that they may have had. The Superannuation Industry Supervision Act 1993 (Cth) (SIS Act) provides that
Aug 2019
CHANGING CIRCUMSTANCES – WILLS What happens if, under a Will, a Will maker “gifts” his or her “principal place of residence” at death to someone but then, before the Will maker dies, the Will maker moves into a nursing home and doesn’t change the Will to reflect the new living arrangements? Does the gift still stand? These are the questions the Supreme Court had to consider, on appeal, in the