Legal

Lawyers warn of the growing risks to retirees caused by loans to their children and disputes with family members about who gets what from a will.

A fight over renowned painter Mimi Milka Berger’s $24 million estate highlights the importance of having an estate plan that accurately reflects the deceased’s final wishes.

Dispute over ownership of shares worth more than $500,000 that entitle use of water from the Murray River reinforces why testators need to make their final wishes crystal clear.

The failure to document how an estate should be legally divided up almost inevitably leads to costly legal battles where lawyers are the only sure winners. Yet about 60 per cent of eligible Australians don’t have a will.

This ruling, when coupled with the growing incidence of blended families, COVID-19 promises and the Baby Boomer wealth transfer, will accelerate the growth of legal challenges over inheritances.

Many fund members who breach the super laws just want to sweep it under the carpet. It’s a poor option, with the taxman typically being far more lenient with those who voluntarily disclose any breaches of the SIS legislation.

In the past few months, shareholders have been receiving more attention from fraudsters who have been impersonating individuals via identity theft to steal their shares. Tragically, self-funded retirees are often vulnerable with many still reliant on snail mail.

If it becomes law, the Scam Code Act will require social media companies, mobile networks and banks to be far more vigilant in preventing fraudulent behaviour. Failure to do could see them liable for fines of up to $50 million.

A landmark report by the Australian Human Rights Commission has uncovered a frightening lack of understanding about a financial enduring power of attorney. Now it wants federal, state and territory governments to usher in complementary legislation – urgently.

The Law Society of NSW breaks new ground by recognising that an ageing population has distinct legal issues that require solicitors to have a different skill set.

Parents are increasingly digging deep to get their children and grandchildren into the property market. So, it’s imperative that any financial support is documented, and all parties fully understand what’s involved.

Dealing with your spouse’s death is a daunting experience. What can ease the burden is being well prepared for all the legal, financial and administrative issues that accompany this tragic event.