Butlers News

All data and information provided on this site is for informational purposes only. The Butlers Blog makes no representations as to accuracy, completeness, currentness, suitability, or validity of any information on this site & will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis.

Protecting your present while securing your future

Canadian entrepreneur Gerald Cotton died in December 2018. With him died the ability to access $145 million worth of bitcoin. Cotton’s widow, Jennifer Robertson, says in her affidavit "I do not know the password or recovery key. Despite repeated and diligent searches, I have not been able to find them written down anywhere”. While $145 million may be slightly more than the average asset misplaced when administering an estate, it is not uncommon for executors to struggle to find information regarding a deceased’s assets. Especially for those who take security seriously.
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185 Hits

Should Accountants be Drafting Wills?

Accountants and Will drafting.

Should Accountants be Drafting Wills?

As an Accountant or Financial Planner what would you do if a client asked you to draft their Will?  Do you know the risks?

Whilst the temptation to be holistic in your services to a client is understandable, this blog will offer some guidance, and identify the pitfalls of engaging in a legal practice which could contravene the requirements under section 12 of the Legal Profession Act 2008 (“the Act”).

Lets start with "Only Legal Practitioners may engage in legal practice under the Act".

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PROPOSED CHANGES TO THE ADMINISTRATION ACT: What you need to know...

PROPOSED CHANGES TO THE ADMINISTRATION ACT:

WHAT YOU NEED TO KNOW

On 27 June 2018, the State Parliament heard the second reading of the Administration Amendment Bill 2018, which would increase the current amounts of the statutory legacies payable on Intestacy. The proposed changes will have a significant effect on what happens if a person dies without leaving a valid Will.

If you die without leaving a valid Will, your Estate will be distributed in accordance with the Administration Act 1903 (WA). This situation is called an “Intestacy”. The person who has died is then said to have died “Intestate”.

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548 Hits

Who will look after my children if I die? Why every parent needs a Will.

Have you ever thought about who would look after your children if you die?

If you have a properly drafted Will and one that nominates a testamentary guardian for your children there is no need to read much further, but please take some time to review your Will if it is more than 3 years old or your circumstances have changed since drafting it.

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2348 Hits

When a loved one dies...

When a loved one dies, there are a thousand questions running through everyone’s mind.

Did they have a Will? What funeral arrangements should be made? Who should we notify?

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2729 Hits

Choosing the Right Executor?

There is no single right or wrong, one-size-fits-all recommendation for everyone, but there are some useful questions you can ask yourself when thinking about who would be the right Executor for your Estate. Some of these questions are:

Whom do I trust?Who would be equipped to make sensible, rational and fair decisions after my death?Who would be willing and able to take on the job, and could stand up to any pressure from my beneficiaries?Where does this person live, and how difficult would it be for them to act in the role?How old is this person, and are they likely to survive me or to be fit enough to do whatever is required? Has this person ever been bankrupt, or do they have a criminal background?Does this person have a parent or spouse (or anyone else in their life) who could influence them to make decisions in a certain way in the course of administering my Estate? How “messy” or complicated is the administration of my Estate likely to be?Should I appoint more than one person? If I do this, what do I want to happen if these people don’t get along, or can’t agree on something?Should I nominate a professional person or trustee company, knowing that this might come at a cost to my Estate, and might be disempowering for the loved ones I leave behind? Should I nominate a substitute Executor in the event that my first choice is unable or unwilling to act as my Executor?

If you anticipate that there is the potential for a claim against your Estate by a disgruntled beneficiary, you might not want to nominate that particular person (or any other beneficiary named in your Will) as your Executor. For example, if you want to leave your entire Estate to charity, rather than to your children, you might think twice about appointing your child as your Executor.

Every person (and every Estate) is different, so of course this cannot be an exhaustive list of things to think about when choosing your Executor. We encourage you to turn your mind to what is important to you, and what you wish for your loved ones after you’re gone.

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3335 Hits

Life after Death?

But it was established to the satisfaction of the Court that the 2009 Will had been signed at a time when the testator had already lost testamentary capacity due to certain delusional beliefs which she held. Accordingly, the Court decided the 2009 Will had no effect. That meant that the revocation of the 2006 Will was also ineffective. So the 2006 Will was rescued from its dusty grave, and was duly admitted to Probate. The case also demonstrates that in deciding which Will is valid, the Court makes up its own mind based on the evidence before it and does not simply follow any agreement reached by the parties.

In Williams v Schwarzback the question of which Will was valid was initially hotly contested; at a mediation the parties agreed that the 2006 was the valid Will. But the Court only decided in favour of the 2006 Will when it was satisfied that the 2009 Will was invalid. It did not simply rubber stamp the agreement of the parties, who had to put the necessary evidence of the testator’s delusions before the Court. This is an illustration of the rule that in contested Probate disputes one cannot simply get judgment by consent, even if the parties ultimately settle their differences.

Finally, it is good practice for testators, when they sign a Will, to write ‘revoked by Will dated….’ across the earlier Will; this practice helps to minimise confusion as to the status of the earlier Will. If the later Will is found to be invalid, the revocation is also invalid and the earlier Will is available to be admitted to Probate. The earlier Will may also be relevant if Family Provision proceedings are brought, even if the later Will is valid. So, as you can appreciate, at least in Probate matters, there can be life after death.

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1757 Hits

Can you trust your Trust? Is your Trust a SHAM?

Can you trust your Trust? Is your Trust a SHAM?

Riddle me this:

  • Has your Trust been created to evade legal obligations?
  • Is there a disparity between actual transactions and your Trust Deed?
  • Are you trying to mislead others in respect of your rights and obligations under the Trust Deed?

If you answered yes to any of the above questions, then I am pointing my finger at you, and telling you that your Trust looks like a sham; and your ex could soon be having a bite of that tasty looking cherry of a Trust in the Family Court!

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4265 Hits