When people make their Will, they typically concentrate on their personal assets, and they sometimes forget about their business assets & responsibilities.
If you are a director of an Australian company, then you need to know that you have responsibilities relating to that company, which can include:
Personal liability of directors for unpaid company taxes;
Personal liability of directors for unpaid company superannuation;
The Western Australian Supreme Court publicly stated in a 2014 judgment that “Homemade Wills are a curse,” and inevitably lead to protracted and expensive legal battles in family disputes involving substantial estates.
The Court said the legal issue around the proper determination of the deceased’s Will could have been avoided if he had “consulted a lawyer and signed off on a Will that reflected his wishes”.
Update Your Computer Operating Systems And Software Cybercriminals take advantage of vulnerabilities in out of date software to compromise computer systems.
Why make it easier for them?
Regularly updating your operating system is a fundamental cybersecurity measure.
As the end of the financial year approaches, it is crucial for adult Australians who have a family trust to take proactive steps to ensure the smooth distribution of their trust’s capital and income.
With the potential to significantly impact your family’s financial well-being, making informed decisions about your family trust is essential.
This article aims to provide practical advice and recommendations to empower you to take action.
In 2023 South Australian law regarding Wills and estates is about to undergo a massive change.
For a long time, people have complained that it is too easy for gold-diggers to challenge a Will – especially adult children who are not deserving.
Think: estranged adult child who never visited or supported their old mum in any way, only turning up to claim a share of mum’s estate after she died.
Mr B granted power of attorney to his daughter M.
B had significant medical issues and was highly vulnerable.
When B lost his capacity, and needed to move into a nursing home, M sold her father’s home under power of attorney.
However she did not use the money to pay the upfront capital cost of a Refundable Accommodation Bond.
Here we go again. Because our posts Weird Probate Issues and More Weird Probate Issues are so popular, we have decided to keep going with the series … can you believe we are up to Part 10!
The Wills of famous celebrities can teach us some valuable lessons about what NOT to do. It is common for the rich and famous to have estate plans, but celebrities make mistakes too and sometimes they can be costly.
When you are putting your affairs in order, put some time aside to make an Information Portfolio.
What is an Information Portfolio? It is a pouch, folder or binder where you keep important documentation and information about yourself, your family and your assets.
It is important to have one in case of an emergency, so you and the people you care about can find important information immediately
The term “social media” can be used to describe the content that makes up your social media presence ranging from images, photos, posts, blogs, comments, interaction, and any user-generated content with which you are associated (ie tagged).
When you die, your profile on platforms such as Instagram, Facebook, Twitter, and other social media sites remains part of your digital legacy, and often becomes a place where people go to memorialise their loved ones.
When it comes to securing your digital assets, we recommend that you follow our best practices to ensure that you and yours are better protected against potential brute force attacks.
We routinely recommend that everybody uses a Password Manager like LastPass to help secure your online and electronic files and accounts.
LastPass is the password manager we recommend. * disclosure – this is an affiliate link, which means that if you decide to purchase a LastPass subscription you’ll get the best price available.