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MIRROR WILLS & MUTUAL WILLS - WHAT IS THE DIFFERENCE?

MIRROR WILLS & MUTUAL WILLS - WHAT IS THE DIFFERENCE? Thu, 25 Jul 19
Many people are proactive when it comes to their estate planning matters, and make sure that they have a current and valid will which documents their intentions upon their passing. Couples who are in a relationship and who have children often choose to have their wills drafted to leave everything to each other, and if they do not survive each other, then to their children. This is generally termed a mirror will. Essentially what this means is that the survivor of them receives everything if one person dies, and then when the second person dies the children will share equally whatever is left of the parent’s estate.

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THE IMPORTANCE OF A CURRENT WILL

THE IMPORTANCE OF A CURRENT WILL Thu, 20 Jun 19
A recent decision of the Supreme Court of Queensland has highlighted the importance of firstly, having a valid will, and secondly, understanding the correct way to have your will updated if you change your mind about the contents of your will, including changes to any beneficiaries.

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INTERNATIONAL WILLS

INTERNATIONAL WILLS Mon, 13 May 19
As we become an increasingly globalised society, it is becoming more common for Estates to include foreign assets. If you have assets located overseas, whether it be real property (like a house or land) or personal property (such as bank accounts, vehicles, boats and household items), advice should be sought and careful consideration given to your foreign assets during the estate planning process in order to avoid unforeseen issues arising.

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WHAT IS A TESTAMENTARY TRUST?

WHAT IS A TESTAMENTARY TRUST? Mon, 1 Apr 19
Considered and strategic estate planning is a crucial part of any successful wealth protection strategy, and Affinity Lawyers have an experienced and professional wills and estate team in place to provide you with legal advice tailored to your individual circumstances. Our Wills & Estate lawyers, based on the Gold Coast, can prepare a premium Affinity Lawyer Will or an Affinity Lawyers Wealth Protection Will (a testamentary Trust Will) for you, depending on your needs.

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FAMILY PROVISION APPLICATIONS - WHO IS A 'CHILD'?

FAMILY PROVISION APPLICATIONS - WHO IS A 'CHILD'? Fri, 8 Feb 19
Following on from our previous articles highlighting the importance of having a current Will and up-to-date estate planning in place, a query that can crop up when providing clients with advice in relation to making a Will is how they can reduce the possibility of a claim being made on an estate after they have passed. The typical nuclear family (dad, mum and two kids) is no longer the most common family structure in Australia, and instead we have a diverse range of family combinations including couples with no children, couples with only one child, same-sex couples with no children, same-sex couples with one or more children who are the natural or adopted child of one of the couple, adopted children, step-children, grandparent-led families, blended families and the list goes on. It goes without saying that the general form and content of Wills have also needed to be changed to keep up with these changing family ideals and a deeper and more thorough contemplation of estate planning outcomes needs to be considered by both client and lawyer.

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NEW YEAR, A FRESH START FOR YOUR ESTATE PLANNING

NEW YEAR, A FRESH START FOR YOUR ESTATE PLANNING Fri, 11 Jan 19
At Affinity Lawyers, we like to take the start of a fresh new year to remind you that its a great time to take stock of your circumstances, and get some of those pesky tasks that you never seem to have time to do – done. For many tasks, including getting an up-to-date will drafted, completing it at the start of the new year allows you to easily remember the date it was completed, and serves as a perfect way for you to remember to review it as it was done on an easily remembered date/occasion.

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IT'S BEGINNING TO LOOK A LOT LIKE CHRISTMAS

IT'S BEGINNING TO LOOK A LOT LIKE CHRISTMAS Tue, 11 Dec 18
It is that time of the year again when people are starting to relax, and are getting ready to enjoy the Christmas/New Year break after the busy working year and start looking forward to 2019. Therefore, we would like to extend to you some carefully drafted Christmas wishes, with an abundance of lawyer humour: Please accept with no obligation, implied or implicit, our best wishes for an environmentally conscious, socially responsible, low stress, non-addictive, gender neutral, celebration of the winter solstice holiday, practiced within the most enjoyable traditions of the religious persuasion of your choice, or secular practices of your choice, with respect for the religious/secular persuasions and/or traditions of others, or their choice not to practice religious or secular traditions at all . . . and a fiscally successful, personally fulfilling, and medically uncomplicated recognition of the onset of the generally accepted calendar year 2019, and without regard to the race, creed, colour, age, physical ability, religious faith, choice of computer platform, or sexual preference of the wishee. (www.urbandictionary.com)

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CRYPTOCURRENCY AND YOUR WILL

CRYPTOCURRENCY AND YOUR WILL Fri, 9 Nov 18
Although acquiring digital currency is increasingly common in this day and age, it is also an area which, due to its relatively recent surge in popularity, is often overlooked when people are having a new Will drafted. Cryptocurrency or digital currency (such as Bitcoins) is big business, with a very large (and unquantifiable) number of investors worldwide, and it doesn’t seem to be slowing down anytime soon.

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DO YOU NEED A TESTAMENTARY TRUST?

DO YOU NEED A TESTAMENTARY TRUST? Thu, 27 Sep 18
A Testamentary Trust is a trust created under a Will that comes into effect following the death of the testator. A Testamentary Trust may offer a higher degree of protection for your beneficiaries over your assets and superannuation against claims being made by estranged spouses/relatives and creditors than a usual Will. The drafting of a Testamentary Trust is one of our preferred estate planning methods, as it essentially doubles as a trust deed. This allows for a separate trust to be established for each primary beneficiary, and further, allows the document to specify the power that the beneficiaries and trustees under the Will can exercise, as well as enabling the disbursement of the testators estate into each of the nominated trusts.

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WHAT HAPPENS TO MY PET AFTER I DIE?

WHAT HAPPENS TO MY PET AFTER I DIE? Wed, 30 May 18
Although it is not something we want to contemplate, the truth is it is better to be prepared for our passing than to bury our heads in the sand and hope it all works out when the time comes. Apart from making your families life easier during a difficult time, having a comprehensive and well thought out Will can also protect your furry friends in the event of your passing. Whilst many pet owners don’t like to consider their pets ‘property’, in the eyes of the law they are treated as chattels, and therefore can be passed to your beneficiaries.

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