dividing business assets following divorce

Dividing Business Assets Following Divorce

dividing business assets following divorce

The life of a business owner involves long work hours, travel and utilising all resources (time, energy, money etc) to grow their business.

It is no wonder that the combination of these factors can cause a strain on relationships and in some cases, results in separation.

Separation is never easy, but it can be even more difficult for business owners.

This is because business owners have the added uncertainty of having their jobs (and often livelihoods) tied up in a business that is considered an asset of the relationship.

naming a child-guardian in a will

Naming a Child-Guardian in a Will

naming a child-guardian in a will

You may already know that marriage automatically revokes all prior Wills (with a few special exceptions) in every state and territory in Australia.

But did you know that divorce does not necessarily have the same effect? Depending on where you live, your ex-spouse might still be entitled to inherit under your Will.

Further, your powers-of-attorney and advance directives are not affected by divorce at all.

family feud or happy days

Family Feud or Happy Days

family feud or happy days

If you overlook the need to get your affairs in order in an organised manner, it creates quite a mess for your family when you die or if you become incapacitated.

So here’s a few tips to help your family say “thank you”, rather than leave them a mess:

Keep your stuff in order

This is the number one estate-planning rule – one simple but crucial bit of wisdom that often gets overlooked.

know somebody who is losing control of their own affairs

Know somebody who is losing control of their own affairs?

know somebody who is losing control of their own affairs

You’re not alone. Every Australian family will be affected by dementia. As we get older, we need to have in place some important legal documents to protect ourselves, our family and our assets. If you wait too long, it could be too late.

In 2021 dementia affects almost 50 million people worldwide, which is predicted to increase to 131.5 million people by 2050.

Every three seconds another person somewhere in the world develops dementia.

separation divorce and estate planning

Separation, Divorce And Estate Planning

separation divorce and estate planning

The end of a relationship is tough. The loss of dreams and expectations can be heartbreaking.

When separating, every conversation becomes all about looking after the kids and dividing up your property.

However, now that you are no longer a couple, you also need to give some urgent attention to your estate planning.

Failing to update your estate planning documents can have serious consequences for you, your assets and your children.

7 signs that your family will fight over your estate after youre gone

7 Signs That Your Family Will Fight Over Your Estate After You’re Gone

7 signs that your family will fight over your estate after youre gone

After 34 years in legal practice, there isn’t much that still surprises Rod Genders.

He’s pretty much seen it all.

His law firm is the oldest in South Australia – established in 1848 – and like his father and his grandfather before him, Genders has spent his entire working life in the law, helping generations of Australian families to sort out a multitude of legal issues.

His areas of expertise are Wills and estates, and he describes witnessing a massive increase in litigation in these areas.

did you know youre a yoyo

Wills and Estate Planning Adelaide: Did You Know You’re A YOYO?

did you know youre a yoyo

YOYO stands for You’re On Your Own, and it has never been truer for Australian retirees.

In the 1980’s when Bob Hawke and Paul Keating changed government policy to encourage us all to save enough money for our eventual retirement, we did so with an expectation of mastering our own destiny to enjoy a wonderful and carefree retirement.

The idea was to reduce the dependence upon government funds for the old-age pension.

There has been a tremendous change in the social culture of Australia in the 40 years or so since superannuation commenced.

Genders and Partners

Wills and Estate Planning Adelaide: One More Hour … Baby Boomers, Pop Songs and Estate Planning

Genders and Partners I remember when I was young, the world had just begun, and I was happyi.

When I was younger, so much younger than todayii.

One more hour and my life will be throughiii.

Can you name the classic pop songs in which these timeless lyrics were sung? If so, then you’re probably at least as old as me, and you are a “Baby Boomer” (born between 1945 and 1965).

So what does this have to do with Estate Planning? Well quite a few things, really.

If we’re old enough to remember when these songs first made an impact on popular culture, then we’re at an age when we need to confront some harsh realities about our continued existence.

The 7 Deadly Sins of DIY Wills

The 7 Deadly Sins of DIY Wills

The 7 Deadly Sins of DIY Wills

Trying to DIY the most important legal document in your life is a bad idea. This is a specialised area of law, and when you don’t know what you’re doing, it is very easy to make critical errors trying to do this yourself. Any mistakes you make won’t become apparent until you die, and it’s too late for you to fix them, so it will be your family who has the stress and cost of dealing with it all.

Here are 7 of the most common errors people make with DIY Wills:

  1. No Advice. While DIY Will-kits and online services might provide you with a document that looks like a Will, appearances can be deceptive.       What you are paying a lawyer for is the advice they provide you along with the Will. It is illegal for anyone other than a licensed lawyer to provide legal advice for a fee, whether that means answering questions or making planning suggestions for how to accomplish goals. So the companies that offer DIY Wills or kits or online documents are always careful to tell you that they are not giving you legal advice, and they ALWAYS recommend that you consult a lawyer if you have questions.