IF in your own name, or that of a Company or Trust, you hold with other parties an interest in a business or jointly held asset AND on the death, trauma to or disability of one of the people with whom you are in business or hold the asset you need to provide: a structured … Read more
There is some debate within the legal and accounting professions about whether or not a change of trustee needs to be done by a registered deed. In Retravision (NSW) Limited v Copeland, Justice Young of the New South Wales Supreme Court indicated that, unless the trust deed expressly excludes or contains provisions inconsistent with Section … Read more
As an executor under a will, you will be responsible for the administration of the estate of the deceased and for the distribution of their assets to the beneficiaries under their Will. The duties of an executor can be quite demanding with duties including: Attending to funeral arrangements Identifying the assets and liabilities of the … Read more
If you lose your capacity and you have not appointed someone as your guardian, subject to the operation of the Guardianship Act, there is at that point no one who has the legal capacity to make lifestyle and welfare decisions for you. Not even your spouse or partner or in the case of a child … Read more
A good lease is one that works for both you and the landlord. Here is a guide outlining how to get one. Negotiating terms with the landlord As most commercial lease terms and conditions are negotiable, particularly in a competitive market, the tenant should discuss the following points with the landlord at the earliest possible time. … Read more
Each party that holds an interest in a business or jointly held asset will: take out a life, trauma and/or disability insurance policy in respect of the person who represents that party in the ownership of the business or asset; and grant to the other an option on death, trauma and/or disability to be able … Read more
Finance, if required, for your purchase should be approved before exchange of contracts. Your loan will not normally be available for expenses that you need to pay before you complete the purchase, such as: reports you require (for example building and pest, survey and building certificate, strata record inspection) the deposit (normally 10%) which is … Read more
Before you start marketing the property, if it is a residential property, you must have a contract for sale prepared to give to potential buyers. Even if it isn’t residential property, it is best to get a draft contract prepared at the earliest opportunity. This can pick up on any potential problems that may not … Read more
A partnership agreement is an agreement between partners in a business that regulates the conduct of the business and of the partners. Each State has its own Partnership Act that sets out the law that applies to the partnership. Provided you understand how the Act works and are happy with it, you may not need … Read more
Before a person’s assets can be distributed after their death, the executor may need to apply to the Supreme Court for a grant of Probate. A grant of Probate is the court’s approval of a person’s will as their last will. Once it has been obtained, the deceased’s assets can be distributed in accordance with … Read more