Binding Financial Agreements to protect family assets
We have talked previously about how the “Bank of Mum and Dad” is an increasing necessity in Australia for parents to enable their children to enter the property market. There is a risk however when parents advance a large amount of their family wealth to their...
Problems with the “Bank of Mum and Dad”
We have written before about the “Bank of Mum and Dad” which is a colloquial expression referring to parents (or grandparents) providing financial support to adult children, often to help them to make a start to get on to the property ladder. Such support can come in...
What’s New in Succession Law in South Australia?
Often people making wills ask if they can leave particular people out? Those queries regularly relate to former spouses and step-children. The law currently provides for certain eligible persons to make a claim for provision, or further provision, from a deceased...
Choosing the right executor for your Will
Choosing the right executor for your will is a crucial decision that can significantly impact the smooth administration of your estate and the well-being of your loved ones. The administration of a deceased estate is usually a complex and emotionally charged process....
Power of Attorney and Superannuation death benefits
In South Australia, a Power of Attorney (POA) grants someone the authority to make decisions on your behalf regarding financial and legal matters while you are alive. It can come into affect immediately or it can be deferred in its operation to a later time or trigger...
Family Trust vs. Testamentary Trust: Understanding the Differences
Trusts are powerful tools in estate planning, allowing individuals to safeguard assets and control their distribution even after their death. Among the various types of trusts, two common structures are family trusts and testamentary trusts. While both serve similar...
Family law and the family home – your options after separating
If you have separated from your spouse or de facto partner, deciding what to do about the family home can raise a whirlwind of emotions. Many memories are attached to the family home – good and maybe bad – and while some may want to hold onto the home and all the...
Business Structures: Sole Trader
When commencing a business venture, it is necessary to consider the most appropriate type of business structure to put in place. Different business structures have different benefits and disadvantages. This article looks at the sole trader business structure - how to...
Understanding drag along/tag along rights in shareholder agreements
A shareholder agreement is a private contract between the shareholders of a private company and the company itself, and between each of the shareholders of the company to each other. The agreement governs the shareholders’ respective rights, responsibilities,...
Do you know when to update your Will?
Most people are aware that a valid will determines how their assets are dealt with after they are gone. Wills generally provide for the appointment of a trusted executor or executors and for gifts to chosen beneficiaries. They may also appoint testamentary guardians...