Quite often during marriage, separation and/or divorce, estate planning is the last thing on your mind. There can however, be a number of serious repercussions for your wealth, when getting married or splitting up.
It is important to know that getting married revokes a person’s existing Will. Therefore if you die after getting married, you may die without the benefit of a Will and your assets may pass to beneficiaries who you would not otherwise have chosen. This is particularly relevant in second and third marriages.
People should immediately update their Will as soon as possible after marriage or alternatively execute a Will prior to their marriage which is made in contemplation of their marriage to a certain person.… Read More
Despite common belief, your superannuation fund does not form part of your Estate and is therefore not subject to the terms of your Will. Most superannuation funds allow you to elect to make a binding death benefit nomination which binds the Trustee of your superfund to pay your death benefit to your nominated beneficiaries. If you do not have a binding nomination in place at the time of your death, the Trustee of your fund has the discretion to decide who is to benefit from your super. The Trustee is not bound to follow the directions of your Will, as superannuation is not an asset of the Estate.… Read More
In order for residential property in NSW to be advertised for sale, a Contract for the Sale of Land is required to be prepared. Whether you decide to sell your property through a real estate agent or privately, you are still required by law to have a Contract prepared. It is therefore important that vendors understand their obligations, especially in situations where vendors have privately listed their property for sale via an online platform.
Briefly speaking, a Contract consists of terms and conditions together with mandatory prescribed documents.
There are numerous terms and conditions contained in the Contract which are standard form, however, can appear quite daunting. … Read More
Injured workers receiving weekly entitlements are exposed, throughout the life of their claim, to a potential work capacity decision made by the insurance company at any time. Work capacity decisions relate to whether you can work, the type of work you can do, and for how long. The scope of a work capacity decision is governed by section 43 of the Workers Compensation Act 1987.
Examples of typical disputes include:
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- You disagree with the insurer on your current ability to return to work;
- You disagree with the insurer as to what is suitable employment for you during your recovery period;
- You disagree with the monetary amount you are able to earn in suitable employment;
- You disagree with the amount that has been assessed by the insurer for your preinjury average weekly earnings or current weekly earnings;
- You disagree with the insurer that you are able to engage in employment without causing further substantial risk of injury based on your injury.
Business relationships are like marriages. Some stand the test of time, others do not.
A company in which two or more unrelated parties are directors and shareholders is a very common structure. The parties involved usually know each other well and learn to accommodate each other’s idiosyncrasies for the good of the ongoing business. That frequently changes when business operators age or die bringing new people into the business.
The recent case of Advanced Fuels Technology v Blythe arose in that factual situation.
The company Advanced Fuel Technology (AFT) had operated for many years under the equal control and management of Mr Blythe and Mr Thompson.… Read More
Everingham Solomons are still accepting applications from Tamworth, Quirindi, Gunnedah or Manilla students for the Sir Adrian Solomons Memorial Law Bursary.
The Sir Adrian Solomons Memorial Law Bursary has long provided financial assistance for the successful applicant during their first year of university as well as an opportunity to gain valuable paid work experience in our offices periodically throughout the duration of their studies.
This year, for the first time Everingham Solomons will also be making a cash donation to the school of the successful applicant to assist in maintaining the excellent educational standards that our region can offer.
All Principals of local High Schools have been contacted and advised of the details.… Read More
Recently the Fair Work Commission during its four-yearly review of Modern Awards has ruled on Domestic Violence Leave.
In response to the submissions of Unions and the demands of the general public on the issue, the Fair Work Commission has sought to protect workers, noting “family and domestic violence is a community issue and requires a community response.”
The Fair Work Commission has released the final domestic violence leave model which will be inserted into all modern awards which will see Domestic Violence Leave being made available to workers from 1 August 2018.
The key elements of the incoming domestic violence leave are as follows;
- The Leave will be unpaid;
- The entitlement is up to 5 days leave annually;
- It will apply to all employees including full time casuals and part-time employees;
- The leave will not accumulate from year to year but will be available in full at beginning of each 12 month period;
The new provision will protect employees from any adverse action an employer may take against an employee for taking time off in accordance with the Domestic Violence Leave regime.… Read More
The deceased died in 2016 without leaving a Will. The deceased was survived by his estranged second wife, his ex-wife, and his two children, Thomas and William aged 19 and 16 respectively. The value of the deceased’s distributable estate was just over $430,000. At the time of his death, the deceased and his second wife had been separated for several years with the Court noting “There can be little doubt…the marriage had irretrievably broken down”. As the deceased died intestate (without leaving a Will) the deceased’s estate was distributed “not according to the wishes of the deceased as expressed in a Will, but according to a regime established by statute”.… Read More
The importance of having a legally drafted farm succession plan is paramount in these difficult times as forward planning becomes a crucial factor in the survival of rural farms and rural small businesses.
Under the NSW Government’s Farm Household Allowance, an Activity Supplement payment of up to $3,000.00, payable to both you and your partner ($6,000.00), can be used to obtain professional legal advice on succession planning that will help improve you and your family’s future business sustainability and secure your financial position.
In a study published in 2005, it was reported that over a quarter of Australian farms were being run by owners who are over 65 years of age, making succession planning an issue of dire importance.… Read More
Under NSW workers compensation law medical expenses are stopped after certain periods depending on the severity of the injury. For all accepted injuries there is a minimum of two years from the date of the injury or the date of the last weekly payment that reasonably necessary medical expenses will be covered by the workers compensation insurer. If the worker is assessed between 11% and 20% whole person impairment the worker’s medical expenses are then covered for five years from the date of injury or from the date of the last weekly payment. If the worker is assessed at greater than 20% whole person impairment the worker’s medical expenses are covered for life.… Read More