Szabo & Associates News & Updates

Background

Before passing away, has a deceased family member transferred property to others leaving insufficient assets to meet a claim from yourself?

Background

Most people will know that a Will is a declaration made by a person during their lifetime expressing their intentions for the disposal of their property after death. The basis of modern law (the law of succession) is the historical British statute the Wills Act 1837. As for capacity to make a Will (testamentary capacity) section 7 states any person of full age and sound mind may make a valid Will provided it is made in the proper form.

The Duke in Shakespeare’s Measure for Measure famously remarked ‘What’s mine is yours, and what is yours is mine’. Perhaps not in law! Maybe you are currently living with a partner without the formality of a marriage certificate but does this necessarily mean that ‘what is yours is indeed yours’?

Background

The old English proverb claims ‘where there’s a will there’s a way’. Unfortunately, the way may be difficult if there is no Will! Research shows that almost half of Australians do not have a Will and for those who do many are not up to date (meaning perhaps as little as 35% of adults have a current Will) exposing their family to complications and possible financial difficulties on their death. By making a Will you ensure that your wishes for your estate are respected after your death.

The Australian Bureau of Statistics recently published the results of the 2016 Census, and the figures have given an interesting insight into the status of relationships in Australia.