Nobody likes to think about immortality, which is probably why a large number of Australians have not prepared their own will as yet. For those who have families or who have complicated estates, this is a very shortsighted decision, however. If you're unlucky enough to pass suddenly, your family and those who are left behind will have to deal not only with their grief, but with complicated settlement matters. If you haven't got a clue how to proceed but know that you have to, what are the key issues that you need to clarify?
Whenever somebody is appointed as an executor to a complicated and mature estate, they need to realise how important and challenging the task ahead really is. Any individual who agrees to perform such a task should request and even require that they are provided with full details so that they can do their job properly. In order to avoid problems down the road, what are some of the key points to remember when drawing up these important legal documents?
If you've lived a long and happy life and been relatively successful in your financial dealings, then there is a chance that you have a number of assets that are situated outside of Australia. If you're getting ready to create your will so that you can pass on all of your assets to your loved ones, can you be sure that all of these overseas assets will be covered properly? What do you need to look at if you want to head off any problems when your estate is executed?
Do you consider yourself to be a very careful driver? You may have an exceptional driving record and have never been involved in a car accident during your lifetime. However, suddenly you may find yourself in the middle (quite literally) of a "fender bender" and feel that you have to stand your ground to dispute the circumstances. How do complicated vehicle accidents like this get unraveled, to determine exactly who is at fault?
If you operate a small business, you may decide to offer credit to some of your customers as part of your trading relationship with them. The majority of customers are likely to pay their debts in a reasonable time-frame, but some may not. When this occurs, you may be tempted to avoid taking action. However, doing so could place you at a disadvantage. Below is a guide to the steps you need to take to recover the money owed to you.