Cody Dumas, an acting attorney at DumasNeel in Houston, has not been able to access his firm`s escrow account since Tuesday, when his BBVA bank accounts were converted to PNC Bank accounts following a takeover. However, there are many risks associated with this approach. These risks were clearly identified in the recent Decision of the Supreme Court of Western Australia in Rogers v Rogers Young [2016] WASC 208. In this case, the Testatrix (“will maker”) used a “will kit,” a type of homemade will that can be purchased at most post offices and news outlets. In his will, the author of the will gave the rest of his estate to his daughter (his only child) and explained that in case of premature birth of his daughter, the nieces and nephews of the will maker should inherit his estate. However, the will also provided that if, at the time of death, a beneficiary of the will was under the age of 18, that beneficiary`s share would be held in trust for the support, welfare and education of that beneficiary until the beneficiary reached the age of 25. It turned out that his daughter, who was to inherit his estate, was 16 years old (and therefore a minor) at the time of the death of the will. This meant that at first glance of the will, a trust had to be run in favor of the girl until she was 25 years old. However, as mentioned in this case, it has been established since the mid-19th century that if the beneficiary of a trust is over 18 years of age and has an absolute personal and inalienable interest in that trust, he or she may apply for the trust to be terminated and the trust`s assets transferred to him. It is not possible to transfer ownership of a non-estate asset through your will because it is not technically up to you to give it away. For example, the assets of the corporation belong to all shareholders of a corporation, the assets of the trust belong to all beneficiaries of that trust, and the superannuation is not automatically part of your estate. There are also a growing number of parenting issues where the parties have hired one or more other professionals to help them resolve their dispute. In particular, the use of family counselling for therapeutic intervention for the parties themselves (and with the children, if recommended as needed and agreed to by the parties) appears to be steadily increasing.
One of Western Australia`s most respected and innovative law firms, providing legal advice and solutions in a wide range of practice areas. In today`s economy, people want to save and avoid unnecessary costs and expenses. Some feel that one of these unnecessary expenses is hiring a lawyer to make your will. This suggestion may stem from the belief of some that we are all capable of writing our own wills (especially if our affairs are simple) without legal advice, or we can simply buy a cheap “will kit” at the post office or local news agency where all that needs to be done is fill in and sign the empty places. A continuing power of attorney gives you peace of mind that in times of crisis, your financial obligations will be fulfilled by someone you trust. A continuing power of attorney allows you to appoint someone you implicitly trust (usually a spouse or child) to have the authority to take care of your financial affairs. The Court also considers a party`s financial resources, such as the benefits a party may derive from a trust. In view of the legal uncertainty resulting from the will, the executor filed an application with the Supreme Court and sought instructions from the Court on the correct interpretation of the will under section 45 of the Administrative Act 1903 (WA) and section 92 of the Trustees Act 1962 (WA). Our customers often say that they are always surprised at how friendly and approachable we are. It`s a simple fact that people often reach us in their worst moments. Our goal is to do everything in our power to reduce the burden on our customers and create security.
At the same time, we want to provide simple advice and deter potential clients from legal options that may not be worth it. Honesty and integrity are important. The existence of the law underscores the importance of ensuring that your will is always valid and up-to-date to protect the rights of your beneficiaries. It also highlights the importance of seeking advice from an experienced estate planning lawyer to ensure that all steps are taken to protect your estate from potential attorneys` fees after your death – an ineffective will can be expensive for your estate! Bowen Buchbinder Vilensky is the first law firm in Perth and Australia to provide legal services based on fixed rates.