Estate Planning – Recent Legislative And Case Law Developments

Some of you may be aware that a lot has changed this year in relation to the legislation concerning estate planning.

We have previously updated you on an important case law development which affected superannuation funds and in particular the preparation of Binding Death Benefit Nominations.

Powers of Attorney have also changed quite dramatically as of 1 September 2015.

The law relating to Powers of Attorney in Victoria has for some time been complex and outdated, and for this reason and others, a new Act came into force this year – the Powers of Attorney Act 2014 which seeks to consolidate the legislation and provide clarification and guidance on the roles and responsibilities of Attorneys acting as Attorney.

This has also come about due to growing concerns relating to Elder Abuse – that is abuse of vulnerable individuals through Power of Attorney.

This office has run some cases on Elder Abuse and has experience in this regard, therefore if potential abuse of a loved one is of concern to you or someone you know then you should seek advice as soon as possible.

The new Powers of Attorney forms have been used from 1 September 2015 and if you have not updated your Powers of Attorney, now is a good time to do so given the improvements in the legislation.

Finally a quick teaser about an interesting case that this office is also following – that of the challenge to the estate of the late Richie Benaud. The former Australian cricket captain died earlier this year in April at the age of 84 years.   He has been married to his second wife, Daphne for nearly 50 years up to his death. His first wife Marcia and their adult son Gregory are now taking legal action over the deceased cricketer’s will.

The laws in relation to claims against deceased estates are State based, therefore this will be a NSW matter, however earlier this year the legislation in Victoria pertaining to claims against deceased estates was also updated and bought more in line with interstate legislation therefore we are watching this case develop with interest.   It is anticipated that the matter will go to mediation, possibly in December … watch this space for further updates.