Estates: Did you know…
Here is some useful information relating to the area of Estates law.
Did you know…
- A Will is one of the most important legal documents you can have and a properly prepared will (rather than an over-the-counter Will package) could save your estate unnecessary expense after you have passed away. Legal advice should be sought at the time you wish to make your Will to avoid any potential claims against your estate or costs for correcting errors in your Will.
- Under the Anti-Money Laundering and Counter Financing of Terrorism Act (“AML”) which came into force last year, an Estate is treated as “enhanced” and at the commencement of administration of an Estate, customer due diligence has to be completed. This means that the source of wealth and source of funds of a deceased person needs to be ascertained. Original documents in relation to your assets (eg. bank statements, life insurance policies and the like) would need to be verified so you should keep good records of your financial affairs.
- If you own multiple properties and you have beneficiaries under your Will who live overseas, at the time of administration your estate, there could be tax implications and your estate may be classed as an “offshore” person for tax purposes and tax may be payable.
- If an Executor of your estate resides overseas and you own residential property, the consent of the Overseas Investment Office is required prior to applying to the High Court for a Grant of Probate in order to administer the asset.