Choosing An Executor For Your Will: How To Choose The Right Person
Choosing an executor for your will is one of the most important decisions in estate planning. The executor is responsible for administering your estate, applying for probate, paying debts, and distributing assets in accordance with your wishes. It’s important to consider your appointment carefully, which starts with understanding the executor’s role in detail. What Is […]
What is a Shareholders Agreement?
A shareholders’ agreement is a legally binding contract between the shareholders of a company. It governs ownership, control, funding, decision-making, and exit rights, and operates alongside the company constitution and the Corporations Act 2001 (Cth). A carefully drafted shareholders’ agreement, prepared by an experienced business and contracts lawyer, provides certainty and structure. It regulates key […]
What is a Partnership Agreement?
A partnership agreement is a legally binding contract between individuals carrying on business together without a company. It governs profit sharing, decision-making, liability, and exit rights. Partnership Agreement vs Shareholders Agreement If your business is run through a company, read our guide to Shareholders Agreements in WA. If you operate without a company, a partnership […]
Power of Attorney vs Enduring Power of Attorney: Understanding the Difference
A Power of Attorney or POA allows someone else to make financial and legal decisions on your behalf. You might be familiar with the concept, although many people do not realise there are different types of Powers of Attorney in Western Australia. Each has different legal implications and limitations. In particular, it’s important to know […]
Common Mistakes to Avoid When Making a Will
A will is one of the most important legal documents you will ever prepare. A well-drafted will protects your intentions and reduces the risk of misunderstandings at an already difficult time. And yet up to 60% of Australians do not have a will, according to a 2022 survey. We talked about the four main reasons […]
Estate Planning – Do it for your children
In Western Australia, Estate Planning and creating a will is not just about planning for your assets; it’s a crucial step in protecting your young children in case the unexpected happens. Having a Will protects your children and can provide peace of mind and security for your family’s future. Here is how it works:
Four Reasons Why You Need a Will
Creating a will is an essential aspect of financial planning, often overlooked but crucial for various reasons. In this post, we will explore four vital reasons why having a will is essential: it allows you to leave a lasting impact on your loved ones, it saves money by avoiding certain intestacy costs, ensures your children’s future, and […]
Intestate: What does it mean and what should I do?
When someone passes away without leaving a valid will or if their will is deemed invalid, the estate is considered “intestate.” In such cases, the distribution of the deceased person’s assets and property will be determined by the intestacy laws of the state or territory in which they resided. The intestacy process varies from one jurisdiction to […]
Dealing with the Loss of a Loved One: A Guide on What to Do Next
Losing a loved one is an incredibly difficult and emotional experience. Amidst the grief, it is important to address the practical matters that follow a death. Whether the deceased had a will, trusts, or passed away intestate (without a will), handling their affairs properly can ease the burden on the family and ensure their wishes are respected. […]
What to expect when applying for probate?
The process of a probate application in Western Australia, is a legal procedure for obtaining a Grant of Probate, which is an official court document that confirms the validity of a deceased person’s will and authorizes the executor(s) named in the will to administer the estate. Here’s a general overview of the steps involved in […]