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News Archive

 2003/11   2003/10 

Recent News

Is there such thing as a free Will?
Many trustee companies offer to prepare Wills without charge provided that the company is appointed executor. Although the Will is free, the cost to the estate can be significant as these companies are typically able to charge commissions of the value of the estate and the income of the estate.* For example, an estate consisting of a house worth $150,000.00 and a bank account worth $12,000.00 may attract a commission of up to $8,100.00 at 5% plus legal and other costs associated with proving and administering the Will. This would be the case even if the estate was simple to administer and there were few beneficiaries.

The Simple Format Will prepared by Cann Legal provides an economical provision of a Will without significant costs to your estate and ensuring that the bulk of your estate will pass to your intended beneficiaries. In our experience most family based executors are well equipped to carry out the role of the executor with the back up professional support.

* In Tasmania the Trustee Companies Act 1953 authorises a commission on capital and income of 5% or such higher amount authorised in the Will.
* In Victoria the Trustee Companies Act 1984 allows commission of 5.5%.

Posted by: Roger Cann, Fri, 7th November 2003

Enduring Powers of Attorney are limited in scope to property and financial matters. Victoria and Tasmanian legislation now allows the appointment of a Guardian who has the authority to make decisions concerning the welfare of a person in the event that he or she should become incapacitated. A Guardian has power to make the kind of decisions that a parent is empowered to make for a child.

In the absence of a Guardianship Appointment, an application for a guardianship order may need to be sought. A properly considered guardianship appointment can remove the need for such an application. It can also head off potential family disputes in cases where there is no clear appointment of a person to be authorised to make decisions regarding the care of aging parents or relatives.

You will soon be able to prepare Guardianship Appointments on line at the Cann Legal website for use in either Victoria or Tasmania

Posted by: Roger Cann, Fri, 7th November 2003

On-Line Legal Services
Traditionally many law firms have been reluctant to offer services on-line. Cann Legal is seeking to offer an increasing number of services on-line for the benefit of individuals and those in provision of financial services. In the near future Cann Legal will be providing shelf companies, unit and family trusts. If you wish to receive updates concerning the services provided by Cann Legal on-line please do not hesitate to email us to request your inclusion on our email list.

If you have any queries, suggestions or comments please do not hesitate to contact us by email, mail or telephone.

Posted by: Roger Cann, Fri, 7th November 2003

Electronic Conveyancing
A trial for electronic conveyancing is anticipated to be conducted in Victoria in late 2004. Legal practitioners will be able to handle discharges of mortgages, transfers and mortgages on line offering cost and time efficiencies in the settlement process. At present, there are no moves towards electronic conveyancing in Tasmania.

Posted by: Roger Cann, Tue, 7th October 2003

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