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Real Estate in Estate Planning

How is Real Estate dealt with in Estate Planning and Estate Administration?

Real estate, or Real Property is land (with or without improvements) owned by one or more persons and is an asset that must be considered when dealing with a deceased estate. There are three types of real estate ownership: sole ownership, joint tenants, or tenants in common.

Each type of ownership has a different impact on how a deceased estate must be handled and requires different estate planning approaches to ensure that your interest in the property is transferred in the manner you wish.

Sole Ownership
Sole ownership over a parcel of property is exactly how it sounds: a single person owns the entirety of a property. If you wish to gift the property to someone in your will, it is important that estate planning measures are taken to ensure that interest in the property is transferred to the preferred. If the transfer of interest is not specified in your Will, your property may be sold by the Executor and the proceeds form part of your estate. This could cause hardship to your relatives and loved ones if they are depending on receiving the property. READ MORE

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New Health Orders and police powers for Apartment Buildings

COVID-19 Laws – New Health Orders and police powers for Apartment Buildings

On 6 September 2021, the Minister for Health and Medical Research introduced a new COVID-19 Health Order. The revised Order includes additional provisions to facilitate government lockdowns of specific apartments.
In short, the Order offers the Minister the power to declare a building as a “high COVID-19 risk premises”. This declaration can be made if at least one dwelling in the building is considered a COVID-19 risk premises and there is a risk of transmission of COVID-19 between the residents. The declarations will be made on the NSW Health website.
Unless the Minister revokes the declaration, a building will remain a high COVID-19 risk premises for 14 days. During this time residents must not leave their residence unless they are instructed to do so by an authorised medical practitioner or the police, or in the case of an emergency. READ MORE

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Short-term letting restrictions and how they impact you

Short-term letting restrictions – PART 2

Short-term letting restrictions and how they impact you

We have previously written an article about the short term letting issues affecting property and strata participants back on 6 March 2021 (You can read it here). In short, it dealt with Part 1 of the legislative framework to regulate the short term letting situation. It involves the NSW Fair Trading’s mandatory code of conduct (which regulates the conduct of short term letting, presuming it is permissible) and the Strata Legislation (which allows the strata schemes to ban short term letting in lots that are not a principal place of residence of the owner or occupier). READ MORE

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Can a non-family member initiate a Will dispute?

Not everyone can initiate a will dispute. A person intending to bring an action for a will dispute must meet the requirement of standing.

A person is considered to have standing where he or she has an interest in the estate of the deceased. A person who may satisfy the requirement of standing might include a person who was entitled to share in the estate under the valid will preceding the disputed will.

However, even where a person may be unable to dispute a will due to their lack of standing, they may be able to contest a will. READ MORE

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Strata Legal Advice Made Easy

Those of you that own a strata investment property or who live in a strata community will know that strata legal advice for the most simplest of matters like drafting by-laws or resolving disputes can be extraordinarily expensive. That has now changed.

Matthews Folbigg Lawyers, based at Parramatta has a strong Property and Strata Law practice area that offers cost effective and practical advice.

Our strata lawyers will either work with your Strata Manager or if Owners prefer, will work directly with Strata Committees. Our strata clients have direct access to their lawyer ensuring work always receives experienced and dedicated strata law attention. Matthews Folbigg Lawyers is committed to ensuring; READ MORE

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I don’t have a Will: what are the consequences?

Without creating a Will or contacting an Estate Planning Lawyer to assist in creating a Will, your estate may be inherited by people you may not wish to benefit from your death. According to the Succession Act (2006) The hierarchy for relatives receiving the estate is as follows:

  • Spouse
  • Children of the deceased
  • Parents
  • Brothers and Sisters
  • Grandparents
  • Aunts and Uncles
  • First Cousins

This list is exhaustive and the estate will be provided and divided to the next available relative category. For example, if you don’t have a spouse or children, your estate will be divided amongst your parents, and if no surviving parents, your brothers and sisters equally, and so on. READ MORE

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A marriage lawyer explains time limitation for proceedings

Approaching any marriage lawyer when filing an application for a divorce order can be daunting and overshadowed by emotion. The breakdown of any relationship brings uncertainty and stress. It is important to consider any legal requirements that may apply when finalizing the arrangements for children and/or distributing assets. A marriage lawyer will consider the Family Law Act 1975 which provides time limitations for the bringing of property claims.

In the recent decision of Welland & Hawthorn [2021] FedFamC1A, the Full Court heard an appeal from the dismissal of an application for leave which sought to bring property settlement proceedings out of time. In determining the duration of the parties’ de facto relationship, the Court found that separation had occurred in February 2016. Since the de facto wife filed her application in November 2019, it was 20 months out of time. The de facto wife had two children who lived with her when the de facto husband was incarcerated. It was claimed that the de facto wife had relied on assurances from the de facto husband in 2017 and 2018 in the form of financial provisions. Although the applicant spouse engaged multiple marriage lawyers between 2017 and 2019 no proceedings were actually brought. READ MORE

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How to Choose the Right Executor

One of the most significant aspects of effective estate planning is choosing the right Executor. Your Executor is the party responsible for managing the administration of your estate and the distribution of your assets to the beneficiaries in accordance with your Will. As the obligations of your Executor will vary depending on your Will, it is important to discuss with an estate planning lawyer the precise scope of what your Executor will be required to do.

A number of different factors will influence your decision when choosing an Executor and it is important that this decision should be regularly reviewed. Generally, this is something you should reconsider each time your Will is updated. READ MORE