SMSF – Assessing Capacity to Make a Binding Death Benefit Nomination (BDBN)
In the realm of self-managed superannuation funds (SMSFs), the recent case of van Camp v Bellahealth Pty Ltd [2024] NSWSC 7 has shed light on the crucial aspect of evaluating an individual’s capacity to make Binding Death Benefit Nominations (BDBNs). This case, which involved a superannuation beneficiary nomination made in the hospital shortly before the […]
Family Business Succession: Tips for Navigating the Waters
In the emotional realms of family business succession, the stakes are high and the challenges for the head of the family are many. As legal advisors to many of Australian’s most exclusive family businesses, we shed light on the top 4 aspects of succession. Patiently understand the legal landscape: Family business succession requires an understanding […]
What do you need to know about Letters of Administration?
A Letter of Administration is a legal document issued by a Court that grants authority to a person to administer the estate of a deceased individual who died without a valid Will or left no executor. The Letters of Administration empowers the administrator to act as the legal representative of the deceased’s estate and carry […]
What do you need to know about Probate?
Probate is a legal process that validates and formalises the Will of a deceased person. It is the official recognition by a Court that a Will is authentic and legally binding. A Grant of Probate is required in situations where a deceased person has left a valid Will and appointed an executor to administer their […]
What do you need to know about Notional Estates?
A Notional estate allows a family provisions claim to include assets that have recently been distributed or not directly owned by the deceased before they passed away. The Court has the authority to issue a notional estate order for designated property if it is satisfied that the deceased engaged in a transaction under any of […]
What do you need to know about Testamentary Trusts?
A testamentary trust is an estate planning structure established in a Will to provide for beneficiaries while limiting their direct access to their inheritance. This trust comes into effect upon the testator’s death. Testamentary trusts can be discretionary and/or protective: In a discretionary trust, beneficiaries have the power to choose to receive their inheritance through […]
What is Intestate in NSW?
A person who dies without writing a Will is said to have died “intestate”. Dying intestate means that the preferences of the deceased are not respected in the distribution of the deceased estate, and the deceased has no option to make provision for those who will go unrecognised under succession law. A partially intestate estate […]
Can I apply to be the executor of an Estate?
The administration of a deceased estate can be carried out by one of the following individuals or entities: Executor: An executor is a person appointed by the deceased in their Will to administer their estate. The appointment of an executor is typically outlined in the Will itself. Administrator: If the deceased did not leave a […]
Can I request my entitlement from an deceased estate early?
An interim distribution in New South Wales refers to a partial distribution of the assets of an estate to the beneficiaries before the completion of the full administration process. It is a distribution made by the executor or administrator of the estate while the estate is still being administered. Essentially, it is a small payment […]
Things You Need to Know When Preparing and Executing a Will
A Will is a legal document that specifies a person’s directions for their estate when they die, formally known as a Last Will and Testament. Through a Will, a person can provide directions as to how any of their legal interests are transferred or held for the benefit of their intended beneficiary at the time […]
