Life can be uncertain; we never know what is just around the corner. No matter what age you are, you may lose your mental capacity through illness or in an accident and be unable to make decisions for yourself. In these circumstances, someone needs to step in to make important decisions for you. Enduring Powers of Attorney (EPA) are legal
The age of majority under a Will has been lowered from 20 to 18 years old. The age of majority is the default age at which a person can inherit under a Will, unless an older age is stated. WHAT IT MEANS TO BE AN EXECUTOR AND TRUSTEE IN A WILL Often when people are asked to be the Executor of a Will they accept the role without truly knowing
Effectively, the Bright-Line Test measures whether you’re required to pay tax on the increase in value in your property (capital gains). The first bright-line test was introduced in 2015 and has since been amended. The bright-line test applies to properties that are not your main home, such as rental properties or second homes such as baches.
This year has been tough for everyone so we wanted to create something of value we could give to our Horrocks and Hampton clients, for free. We’ve designed an ESTATE PLANNER BOOKLET available exclusively to our clients. The booklet provides one place for you to detail different information such as the names and contact details for next of kin
At the end of last year, the Government passed the Taxation (Income Tax Rate and Other Amendments) Bill which introduced a top tax rate for individuals of 39% on income earned over $180,000 per annum. The Act also introduced new disclosure requirements for Trusts. From April 1, 2021, all income-producing Trusts are required to report the
We are seeing more and more Property Sharing Agreements as more people choose to go in with friends or family to buy property in today’s hot real estate market. A Property Sharing Agreement is an Agreement between different parties that sets out their rights and obligations in relation to property (the property usually being a house or piece of
A Contracting Out Agreement is a document signed by a couple that sets out what property they own individually and jointly — it’s usually entered into during the early part of the relationship. Under the Property (Relationship) Act 1976 (“the Act”), property owned by a couple – which includes all assets and liabilities — is viewed as belonging
The new Trust Act 2019 is now in force. As such, Trustees must now advise ALL beneficiaries of the Trust that they are beneficiaries and let the beneficiaries know that they may ask the Trustees for information about the Trust. NEW IRD REPORTING REQUIREMENTS FOR TRUSTS At the end of last year, the Government passed the Taxation (Income Tax