Szabo & Associates News & Updates

It can be difficult to put matters into perspective when someone asks “do I really need an Enduring Power of Attorney?”  It can be considered akin to insurance. Without an Enduring Power of Attorney in place the risk is that you never become ill suddenly, suffer a stroke, or heart attack, or not realise before it is too late that you are losing the mental capacity to self-manage.

Background

The Sydney Morning Herald recently reported (Heritage win as court blocks harbourside ‘trophy’ home development: 16^th February 2020) that a development proposal had been rejected, for a second time, by the NSW Land and Environment Court.

Estate planning is the process of arranging your affairs in a way that suits your needs now, protects you if ever mental capacity is lost, and ensures that assets are passed to your intended beneficiaries.

Financial contributions are part of the infrastructure development process. When infrastructure changes are identified, the State or Local Government prepares plans of the contributions expected towards the costs of the infrastructure. The amount of the contribution forms part of the conditions of approval for a development. Their purpose is to ensure that developers and businesses are paying a share towards the infrastructure needed to support, for example, for new homes. The contributions system operates under the Environmental Planning and Assessment Act 1979.

The intention when making a Will is obviously to make a valid Will expressing the intentions as to how a deceased's estate is to be dealt with. To be valid, certain legal formalities must be followed.