Superannuation
Mark Sullivan is a Director at Mullane & Lindsay in Newcastle and specialises in Family, Relationship and Matrimonial Law
In APRA’s recently released December 2011 Quarterly Superannuation Performance publication it reported that the total estimated superannuation assets of Australians increased by $15.8 billion (1.2%) to $1.31 trillion over the 12 months to 31 December 2011. These are big numbers and difficult to comprehend, but they clearly underline the importance of superannuation in our society today. Read the rest of this entry »
Power of Attorney – Should it be registered?
Robert Lindsay is a Director at Mullane & Lindsay in Newcastle and leads our Commercial & Property Law team.
A correctly prepared and executed Power of Attorney confers on the Attorney the authority to do on behalf of the grantor (i.e. the person giving the Power of Attorney) anything that the grantor may lawfully authorise an Attorney to do (subject to compliance with any conditions or limitations specified in the Power of Attorney). In respect of an Enduring Power of Attorney, authority to act as the Attorney of the grantor is not conferred until the Attorney accepts the appointment by signing the Power of Attorney. Read the rest of this entry »
Power of Attorney – Two or More Attorneys
Robert Lindsay is a Director at Mullane & Lindsay in Newcastle and leads our Commercial & Property Law team.
Often, a person creating a Power of Attorney (“the grantor”) decides to appoint two or more people to be his or her Attorneys. If so, the grantor must decide whether the Attorneys will be appointed jointly, jointly and severally or severally. Read the rest of this entry »
Enduring Power of Attorney
Robert Lindsay is a Director at Mullane & Lindsay in Newcastle and leads our Commercial & Property Law team.
A common reason why a person appoints another person to be his or her Attorney is the fear by the grantor (i.e. the person making the Power of Attorney) that he or she may be unable to manage his or her affairs due to illness causing lack of mental capacity (such as dementia). If that is the reason for the creation of the Power of Attorney then it is important the Power of Attorney is an Enduring Power of Attorney. Section 19 of the Powers of Attorney Act 2003 provides that an Enduring Power of Attorney is created if: Read the rest of this entry »
Power of Attorney – Who Can Benefit?
Robert Lindsay is a Director at Mullane & Lindsay in Newcastle and leads our Commercial & Property Law team.
Section 12(1) of the Powers of Attorney Act 2003 provides that an Attorney appointed pursuant to a Power of Attorney cannot confer a benefit on himself or herself unless the Power of Attorney expressly allows the Attorney to do so. Read the rest of this entry »
Still Breed them Local after 30 Years
Newcastle law firm introduces newly appointed Associate Directors
Mullane & Lindsay has announced the appointment of two new associate directors, both by internal appointment.
Michael McGrath practices in property and commercial law, with a particular emphasis on commercial leasing and on the tax implications of various transactions. Michael has been with the firm for 10 years.
Kristy Nunn works primarily in the area of civil litigation, and has particular expertise in professional indemnity and insurance claims generally. Read the rest of this entry »
Ademption of Wills – What is it?
Tony Cavanagh is a Director at Mullane & Lindsay in Newcastle and is one of LawCover’s panel solicitors.
Let’s take a simple Will, in which I leave my house at1 Smith St,Smithtown, to my daughter, and the balance of my estate (which includes, say, a holiday house, some bank accounts, shares and the like) to my grandchildren.
The gift of my residence is a specific bequest or a ‘specific gift’. It only operates after I die. However if I sell my residence before I die, but don’t change my Will, the general legal rule is that the specific gift fails – the specific asset I intend to leave no longer exists, so my daughter would get nothing. This is what is meant by ‘ademption’. It often doesn’t matter that I may have sold my house at Smith St, to buy another one in Jones St. Read the rest of this entry »
Unsigned Wills – Would you take the chance?
Tony Cavanagh is a Director at Mullane & Lindsay in Newcastle and is one of LawCover’s panel solicitors.
The NSW Supreme Court recently considered whether an unsigned Will of a deceased person should be acted on, as representing his final testamentary wishes.
Under the Succession Act 2006 the Supreme Court has specific power to consider whether an unsigned document (or a document that may be partially signed, but without the degree of formality usually required of a Will) should be admitted to probate and implemented as the last wishes of a deceased person. Read the rest of this entry »
SUPERANNUATION – Binding Death Nomination
By Robert Lindsay
Robert Lindsay is a Director at Mullane & Lindsay in Newcastle and leads our Commercial & Property Law team.
It is prudent for a member of a Superannuation Fund to file a binding death benefit nomination if at all possible. This ensures that his or her Superannuation benefits are paid in accordance with the wishes of the member after death. Before doing so, a member should check with his or her fund to ensure that there is provision in the rules of the Superannuation Fund for the filing of a nomination. The nomination removes the discretion of the trustees, as the trustee must pay the Superannuation in accordance with the nomination. To be effective, the binding death benefit must: Read the rest of this entry »
SUPERANNUATION – Who Gets It?
By Robert Lindsay
Robert Lindsay is a Director at Mullane & Lindsay in Newcastle and leads our Commercial & Property Law team.
A person’s Superannuation is often substantial and sometimes even a person’s largest asset. However, many people are under the misunderstanding that when they die, their Superannuation will pass under the terms of their Will. This is not correct.
Each Superannuation Fund has a trustee and the trustee of the Fund determines who receives the Superannuation after the owner of the Superannuation dies. The trustee is bound to take into consideration, the terms of the Superannuation Trust Deed and the relevant legislation. However, the trustee is not bound to take notice of the deceased’s Will. You may well ask the question “How do I ensure my Superannuation goes to the person (or persons) of my choosing?”. Read the rest of this entry »