Trusts are a vital aspect of the estate planning process. They allow you to protect the inheritance of beneficiaries who cannot manage their wealth. The extract below discusses the various considerations you should make when creating trusts.
When To Consider Trusts
Trusts are an ideal choice when you need a beneficiary to meet specific requirements before receiving their inheritance. For instance, you may want your kids to reach 18 years before they can inherit property.
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When your relationship with your partner ends, your relationship with your children can arguably become more complicated, at least from a legal viewpoint. Whether you have primary custody and just how often you get to see them will be determined by a parenting agreement, which can be a matter of some mediation before it's lodged with the Family Court and then approved. As horrifying as the thought might be, what happens if your ex refuses to comply with this agreement and denies you access to your children?
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Going through a divorce is never easy, but for many Australians, it is the right choice. Relationships can devolve to a place that is no longer healthy for anyone, and for those involved, it feels like a weight is pulling them down. But how do you even start such a procedure? Often, you are so consumed with the idea of getting a divorce that when the time finally comes you don't actually know what steps to take past this initial thought.
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If you are planning on filing a sole application for a divorce, you will need to serve legal documents to your spouse. In simple terms, you will need to have a couple of papers, such as the application for divorce, a copy of the legal brochure on separation and other documents from the court. Serving these papers involves delivering the materials to the other party. The service is crucial for informing the involved persons about the divorce proceedings.
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If you don't go through conveyancing when buying a home, land, building or any other property, you could be risking your money. Conveyancing is the legal process involved when transferring the title or property ownership from the seller to the buyer. However, the process can't start before the offer on the property has been accepted, and it can't end before all the contracts have been signed and money transferred to the seller's account.
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