tag:blogger.com,1999:blog-20717117349918748292010-04-08T15:48:41.817-07:00Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.comBlogger55125tag:blogger.com,1999:blog-2071711734991874829.post-19391156988999119842010-04-08T15:42:00.000-07:002010-04-08T15:48:42.028-07:00

This is a great question that should be answered by everyone. The answer is a bit of a paradox. Anyone of legal age (18) who is above ground and taking oxygen should have a legal will. In fact, the correct answer raises another question. Who does not need a legal will in Australia? The correct answer is: everyone.Understood that nobody enjoys contemplating death. Exercising your right to

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-39007198070989177092010-03-21T17:27:00.000-07:002010-03-21T17:29:56.057-07:00

Australia is fortunate that the NSW Powers of Attorney Act of 2003 defines the various procedures and protection associated with various recognised Powers Of Attorney (POA). The reality of today's world is that everyone should have some sort of Power Of Attorney. Depending on your circumstances you mat elect to have several different POA's naming different persons to handle specific

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-1972351893108617072010-02-28T14:27:00.000-08:002010-02-28T14:33:01.264-08:00

If you care about the persons in your life, there are many things you will do during the course of your life to better their lives. As a person who provides, love, friendship, income, savings, housing, food, clothing and emotional and material assistance, your friends and family may rely upon you more than you think. What you do and how you handle your will reflects the care and planning that

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-72089041315247615042010-01-15T13:27:00.000-08:002010-01-15T13:27:00.326-08:00

A recent report from Canada indicates that as much as 45% of the population does not leave an acceptable will upon the death of the principal. The consequences of this neglect usually cause ill will among family members and significant others as well as costing the estate large sums of equity.In cases where there is no will, the court is mandated to intervene and distribute assets according to

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-73580057694734628652010-01-01T13:23:00.000-08:002010-01-05T13:28:49.194-08:00

We have all seen the unhappy results of seemingly harmonious families dealing with the death of a loved one and the subsequent chaos over the unstated distribution of the deceased's assets and personal possessions. The ensuing events can involve legal actions, unnecessary expenses and worse yet, irreparable rifts between family members. Some families never get past the damages caused by the

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-13314504581453751562009-12-01T12:55:00.000-08:002009-12-01T13:02:57.726-08:00

Wills, living wills and living trusts are essential documents that provide peace of mind and resolution to your overall estate planning. While each document serves a different and specific legal purpose, everyone should be familiar with these instruments. You have worked hard to protect your loved ones. The proper use of these three legal instruments will make sure that your loved ones are

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-26398907681824991762009-10-27T15:28:00.000-07:002009-10-27T15:30:48.283-07:00

It may sound trite but the recent wave of unexpected superstar fatalities, including Michael Jackson’s untimely death, point to the need for a legal will. Regardless of age, marital status or size of the estate, drawing a will makes a lot of sense and can simplify the estate issues in the event of a surprise fatality.The turmoil surrounding Michael Jackson’s $1 billion estate and the protracted

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-54422690381772191492009-10-19T20:13:00.000-07:002009-10-19T20:13:00.474-07:00

As we plan for retirement, we should consider creating an Enduring Power of Attorney. Unlike a general Power of Attorney, an Enduring Power of Attorney continues to have effect after the Principal loses the ability to make responsible financial, personal or health decisions.Usually when the Principal begins estate planning, an Enduring (or Protected) Power of Attorney is assigned. This decision

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-61983413358483528862009-10-17T20:02:00.000-07:002009-10-17T20:02:00.339-07:00

When managing our financial, personal and health affairs, there are many reasons we might wish to empower a representative to act on our behalf. Assignment of a power of attorney (POA) occurs when a legal document is drafted and executed and appoints an entity (the attorney) to act on the behalf of an individual (the principal) in all activity involving the property or financial matters of that

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-77990522712630177792009-10-15T19:59:00.000-07:002009-10-15T19:59:00.378-07:00

An Enduring Power of Attorney is a more comprehensive assignment with more diverse authority than a General Power of Attorney. Unlike a general power of attorney, the authority of an Enduring Power of Attorney continues in the event the principal loses the ability to make decisions for themselves. An Enduring Power of Attorney allows the representative to assign the authority to make financial,

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-79865724190982705582009-10-05T19:55:00.000-07:002009-10-05T19:55:00.169-07:00

A general power of attorney is a legal document that allows a principal to nominate one or more attorneys to act on their behalf. The acting attorney's authority ceases when the principal loses the ability to manage his or hers own affairs. Typically, a general power of attorney is used in commercial transactions to give the appointed representative specific authority in financial matters.

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-41551128150138699622009-10-04T19:53:00.000-07:002009-10-04T19:53:00.349-07:00

We live longer. Because we do, our responsibilities live longer, right alongside us. Even if we are able to manage our responsibilities, there comes a time when it makes sense for someone else to step in and help. When we are no longer able to administer to our important responsibilities, an enduring Power of Attorney gives us the assurance that we will not disappoint ourselves or those around

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-52961120227948656352009-10-01T19:47:00.000-07:002009-10-01T19:53:06.503-07:00

Literally, a testamentary trust is a trust in a will. A testamentary trust is also referred to as a will trust and is a trust that arises upon the death of the testator, who is specified in the will. A will may contain more than one testamentary trust and may address all or any portion of the testator’s estate.Testamentary trusts are distinguished from inter vivos trusts, the revocable trusts

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-34233733180342542802009-09-19T15:56:00.000-07:002009-09-19T15:56:00.253-07:00

Keep your will in a safe place. If the will is misplaced, it may be presumed to be null and void. Solicitors often hold wills on behalf of clients. Usually there is no fee for this service. You should keep a copy of your will and note on the copy where the original is stored.If you are creating your own will by using an online service, or kit, we recommend using a professional legal document

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-64745467331604344062009-09-18T15:53:00.000-07:002009-09-18T15:53:00.319-07:00

If you created a will before you married, it will automatically be revoked when you marry, unless it was made with a particular marriage in mind, or stated in general terms that it was made in contemplation of marriage. To avoid any confusion, it is advisable to make a new will when personal circumstances change.Any gift or appointment (e.g. as an executor or guardian) in favour of a former

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-35730168424152396872009-09-17T15:53:00.000-07:002009-09-17T15:53:00.235-07:00

Yes. You may alter your will at any time. If circumstances change, you can and should alter your will. However, you cannot simply make an alteration. All alterations or modifications must be documented legally.If the alterations are minor, you can make a codicil (a separate document in which you change a provision in your will). However, it is usually safer to make an entirely new will.

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-83528254036896563462009-09-16T15:52:00.000-07:002009-09-16T15:52:00.203-07:00

Without a will, the legal procedures are more complicated and time-consuming and may cause additional expense, worry and hardship to your family and loved ones.The law provides a formula which sets out who is entitled to the property of a deceased person who has not left a will. The formula may not distribute your assets according to your wishes.If there is no will, the Government does not take a

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-60832022414057697472009-09-14T15:51:00.000-07:002009-09-14T15:51:00.395-07:00

Each valid will should appoint an executor or a person designated to administer your estate after you die. More than one person can be named as executors. You can choose anyone to be your executor including your spouse, relative, friend or your Solicitor. You should first ask individuals if they are prepared to take on the administrative responsibilities. Being an executor is a responsible

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-52506392817121757612009-09-10T15:49:00.000-07:002009-09-10T15:49:00.139-07:00

If you wish, you can draw your own will. Printed forms for wills are available from stationers. There is no requirement that a solicitor must draft a will.However, it is not in your best interests to draft your own will. There have been many cases where personally drafted wills were either unclear, not properly drawn or caused an unwanted tax liability. Many of these cases end up in court and

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-27357154688387981952009-09-03T15:47:00.000-07:002009-09-03T15:47:00.269-07:00

A valid will is one that has been accepted by a court and put into effect by a grant of probate. To be valid, your will must be:In writing – handwritten, typed or printed.Signed – ideally your signature should be at the end of the will. Witnessed – two witnesses must be attest or acknowledge your signature on the will. These witnesses must also sign the will in your presence. These witnesses do

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-79630598613883208502009-09-02T15:46:00.000-07:002009-09-02T15:46:00.125-07:00

A will is a legal document that names the persons to receive your property and personal possessions at the time of death. These persons are called beneficiaries.Your property and possessions include all your tangible and intellectual assets and personal property. Your real estate holdings and interests, automobiles, cash in bank accounts, insurance policies, equity shares, jewellery, pictures,

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-38127135670584107692009-09-01T16:04:00.000-07:002009-09-01T16:12:02.693-07:00

Having a solicitor check your will is in your best interest because the solicitor will: Assure the validity of the will and that it is properly drawn, signed and witnessed. Clarify that your wishes are precisely expressed in the will. Advise you regarding adequate provision for your spouse and children, or for any former spouse or any dependants. Advise you as to any possible

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-62885596333681437452009-09-01T15:45:00.000-07:002009-09-01T15:46:16.482-07:00

Yes, you should have a will. You have spent a lifetime building your portfolio. If you are concerned about who will receive your assets and personal property, you can determine the rightful recipients by creating a will. A will protects your family and loved ones and assures that your assets are distributed according to your instructions.If you are married with dependents, a will is still

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-27291814537156837262009-08-20T17:09:00.000-07:002009-07-30T17:39:30.511-07:00

To be able to be put into effect and recognised by a court of law, the will-maker/testator must be mentally competent, and the will must be:1. In writing (ie on paper),2. Signed at the bottom by the testator (you), and3. Witnessed by at least two people. The testator and the witnesses must all be present when the will is signed.It is important to remember your witnesses cannot be beneficiaries of

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0tag:blogger.com,1999:blog-2071711734991874829.post-15381232797224712772009-08-09T17:11:00.000-07:002009-07-30T17:38:27.407-07:00

In this third part, we'll go through some of the things you should consider and other common terms you will come across.Legal Will - Marriage & DivorceMarriage revokes/ cancels a will. Thus, a new will should be arranged soon to include and provide for your spouse. On the other hand, revocation of wills due to divorce varies in different states. In some states, any previous will is automatically

Derrickhttp://www.blogger.com/profile/11630734056564533758noreply@blogger.com0