Should my family lawyer finalise my Financial Agreement?

One of our customers contacted us this week, enquiring as to whether his long-term local lawyer, who had acted on behalf of himself and his wife for many years, could prepare and finalise his Financial Agreement.

The difficulty with appointing your family’s long-standing lawyer to finalise your agreement is that the same lawyer cannot act for both yourself and your partner. Both parties need to be represented by a separate and fully independent solicitor.

So naturally the question arises: will the lawyer who has acted for your family’s legal matters in the past, act for you or your partner in your property settlement proceedings? Read More

Estate Planning and Financial Agreements

Financial Agreements are an effective way for couples (married, defacto, separated or divorced) to determine the division of assets and/or liabilities in the unfortunate event of a breakdown in the relationship, however it does not take the place of a valid Will.

A Binding Financial Agreement or BFA will continue to operate despite the death of a party but it does not set out how a party wishes to have their assets distributed upon their death.

What if there is no Will?

If a Will is not in place, any assets and liabilities will be dealt with according to strict rules and procedures governed by the legislation of your particular State. This may result in a lengthy process which does not take into account your personal situation or your preferences of who is to receive your assets.

When should a Will be reviewed?

It is advisable to review your Will frequently to ensure it still reflects your wishes as your life changes. For example,  you should review your Will in the following situations – marriage (or de facto cohabitation), separation and divorce, birth of children, death of beneficiary, spouse, executor or trustee click here to read more

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