Szabo & Associates News & Updates

It is well observed that for many Australians, their superannuation, especially if it contains life insurance, can represent a significant part of their assets. What may be less well known is that superannuation does not automatically form part of an estate and does not pass according to the Will or intestacy laws. Superannuation death benefits are dealt with under their own complex rules, and disputes are becoming increasingly common.

When determining a contested Will, a Court has to consider many competing factors. In Cowap v Cowap, the Court had to weigh the moral obligation of a deceased husband to his wife after a long marriage compared to the obligation to make provision for his disabled and destitute adult son. The case illustrates that there are no inflexible rules in family provision claims with each case turning on its own merits with the long arm of ‘notional estate’ potentially playing a role.

In NSW, the Succession Act provides that certain people, particularly close family, can contest a deceased’s Will if they have not been properly provided for. As such it is not possible to say that a person can legally prevent their Will from being contested by an ‘eligible’ person.

If you are thinking of buying a property with a friend or partner there is a choice of the type of ownership. There are essentially two choices which are as Tenants in Common or as Joint Tenancy. There are important differences between them and it is important to understand the legal and financial effects, including estate planning, of these two ownership types. For example, a bank financing the transaction will need to know should there be a default by a party.

When parents separate, one of the key issues that may arise is the residence and contact arrangements for any children. The family law system encourages parents to work out arrangements for their children without the need of Court intervention. However, this is not always possible and either parent can apply to the Court to have the matter resolved.