by Natasha Wood | Apr 16, 2016 | Wills & Estates
For a Will to be valid the person making it, the testator, needs to have the requisite capacity…sound mind, memory and understanding.
This means:
- they must be able to understand what a Will is (the nature of the document) and what it does (the effect of the document);
- they must be able to comprehend the extent of their property (what assets they have and how they are held) and how they wish to dispose of their property (who they want to inherit it);
- they must be able to comprehend and appreciate any potential claims that could be made against their estate (eg family provision claim by an adult child excluded from the Will); and
- they must not be suffering from any disorder of the mind that would prevent the exercise of their natural faculties thus influencing their Will.
… Read More
by Lesley McDonnell | Apr 9, 2016 | Wills & Estates
Increasingly a significant proportion of an individual’s personal wealth can be found in their superannuation. This can be particularly evident when a person dies because the amount invested in their superannuation and receivable by way of death benefit may well exceed the amount of funds in the estate. A recent Queensland case serves as a timely warning for executors and administrators of estates seeking to deal with superannuation.
In 2013 James died without leaving a Will but he was survived by his parents Elizabeth and John. The net assets of James’ estate amounted to $80,000 but the superannuation death benefits exceeded $450,000.… Read More
by George Hoddle | Apr 2, 2016 | Wills & Estates
The starting position in respect of a person’s last Will is that the Will Maker is entitled to dispose of his or her property entirely as he or she thinks fit.
Australia has various state legislations which erode the principle of complete testamentary freedom and permits Courts to redistribute a deceased estate under Family Provision Laws which can be contrary to a person’s Will.
An application must be brought within 12 months of the date of death, unless sufficient cause is shown to satisfy the Court then an application can be brought outside of time.
In NSW an application must be made by someone as defined under the Succession Act.… Read More
by Keiran Breckenridge | Mar 26, 2016 | Business
Businesses that charge excessive payment surcharges are now on notice from the Federal Government to clean up their act or face hefty penalties.
The Competition and Consumer Amendment (Payment Surcharges) Act 2016 has passed Parliament and now “a corporation must not, in trade or commerce, charge a payment surcharge that is excessive”. A “payment surcharge” is an additional amount charged for processing payment for goods or services or for using one payment method over another. A payment surcharge will be “excessive” if it breaches standards to be set by the Reserve Bank of Australia (RBA), which has indicated that surcharges must not be greater than the actual costs of accepting payment by those methods.… Read More
by Terry Robinson | Mar 19, 2016 | Property
Legislators are hoping that property buyers in New South Wales will face less frustration with the new agents underquoting laws which came into effect on the 1 January 2016.
Under changes to the legislation, real estate agents must quote price ranges within 10% of the lowest estimated price (i.e. $500,000.00 – $550,000.00).
The new laws mean real estate agents who underquote, potentially face losing their commission and fines up to $22,000.00.
For Buyers it means a more accurate price estimate so that buyers will not be misled into believing that they can afford a property, spending money on building and pest reports and other costs when they are not in that price bracket.… Read More
by Clint Coles | Mar 12, 2016 | Business
In February the High Court gave its decision in CGU Insurance v Blakely.
The plaintiffs were liquidators. In winding up a company they suspected the directors had caused the company to trade while insolvent. The liquidators sued the directors for the insolvent trading. The directors were insured for this type of claim by CGU, but when the directors passed the claim onto CGU, CGU denied liability.
The directors would normally start their own proceedings against CGU so they aren’t left out of pocket. However, in this case they didn’t because they were staring down the barrel of bankruptcy themselves and had no interest in the outcome of any proceedings.… Read More
by Natasha Wood | Mar 5, 2016 | Criminal
In NSW it is an offence to drive a motor vehicle on any road without being licensed for that purpose.
NEVER LICENSED
If you drive a motor vehicle on a road without having held a licence of any kind in Australia for the previous 5 years, you have committed the offence of driving while never licensed.
For a first offence the maximum penalty is a fine of $2,200. For a second or subsequent offence the maximum penalty is a fine of $3,300 or imprisonment for a period of 18 months or both.
DRIVE WHILE SUSPENDED OR DISQUALIFIED
Your licence can be suspended by the Roads and Maritime Service (RMS) for example for speeding or accumulation of demerit points whereas licence disqualification is a penalty imposed by the court for a traffic related offence.… Read More
by Sophie Newham | Feb 27, 2016 | Family
When spouses separate it is important that assets, liabilities and all financial matters are dealt with in order for parties to move forward.
Property settlements occur between married couples and de-facto partners and are governed by the Family Law Act.
When the assets, liabilities and financial resources of parties are determined, the Court examines the contributions made by the parties to the acquisition, conservation and improvement of the assets. It also takes into consideration factors such as the health and age of the parties and their earning capacity.
When assessing contributions there is no presumption of an equal 50:50 entitlement between the parties, as each case will be decided differently based on its own facts and circumstances.… Read More
by Keiran Breckenridge | Feb 20, 2016 | Wills & Estates
Before Charles Dickens was a successful writer he worked in a legal office as a clerk so it’s not surprising that Lawyers have prominent roles in many of his books.
One of his most famous books is “Bleak House”. A major plot point in the book is a legal case that went for so long that all the money in dispute was spent in legal fees. Dickens usually did not portray lawyers in a favourable light. In this book he described the lawyer character as “always looking at the client, as if making a lingering meal of him with his eyes”.… Read More
by Keiran Breckenridge | Feb 13, 2016 | Business
The Building and Construction Industry Security of Payment Act 1999 (NSW) (“Act”) can be a powerful tool for subcontractors to use when seeking payment for work performed and materials supplied from non-paying or late paying builders.
When work has been performed or materials supplied entitling a subcontractor to make a claim for a progress payment under a subcontract, the subcontractor can serve a “payment claim” (a complying invoice) on the builder. Under the Act, the builder then has 10 business days to issue a “payment schedule” to the subcontractor setting out the amount of the payment claim it intends to pay. … Read More
