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Hypothetical by Manny Wood published in the Coffs Coast News Of The Area on 25 February 2022. Peter and Michelle separate after a 20 year relationship. 12 months later, a divorce order is granted. Peter puts an offer to Michelle regarding the division of their property. They both seek legal advice. The parties ultimately settle on a 60/40 split in favour of Michelle. Consent orders under the Family Law Act are drafted to finalise the arrangement. Peter takes the opportunity to discuss his estate planning with a specialist. The solicitor advises him, that despite the finalisation of the property settlement under Commonwealth legislation, Michelle is still able [...]

Hypothetical by Manny Wood published in the Coffs Coast News Of The Area on 18 February 2022. Paul and Amy purchased a vacant block of land and are ready to build their new home. They settle on Slick Homes as their builder. During the negotiations with Slick Homes, Amy was adamant that the house had to be ready for Christmas the following year. This timeframe gave Slick Homes 15 months to build the house. The parties agreed to and signed a standard building contract. The terms of the contract included a 200-day handover date, however additional time was allowed for a 3 week break over New Year, and other [...]

Hypothetical by Manny Wood published in the Coffs Coast News Of The Area on 11 February 2022. Robert sells his home for $1 million. A deposit of $100,000 is paid on the exchange of contracts and settlement is scheduled to occur 42 days later. Unfortunately, Robert unexpectedly passes-away three weeks after contracts are exchanged. The contract contains the standard conditions, which do not allow the purchaser to “rescind” or cancel the contract in the event of the vendor’s death. The contract does however include the usual provision that if the vendor is unable to proceed to settlement, the purchaser can issue a 14 day notice, after such [...]

Hypothetical by Manny Wood published in the Coffs Coast News Of The Area on 28 January 2022. David and Jenny wish to purchase their first home. They talk to their bank about obtaining finance and are informed that they will need to source additional funds to proceed. Jenny talks to her parents, who agree to advance her $200,000 to assist with the purchase. At settlement, David and Jenny are registered on title as joint tenants on the advice of their conveyancer. Jenny makes a will, stating that her parents are to be paid a legacy of $200,000 from her estate. Tragically, David and Jenny are involved in [...]

Hypothetical by Manny Wood published in the Coffs Coast News Of The Area on 21 January 2022. Wendy, aged 88, makes a will leaving her whole estate to her niece, Alice. At the age of 95, Wendy, with the assistance of her other niece Jane, puts her house on the market, with a view to moving into a nursing home. Wendy retains a new solicitor for the purposes of the sale at the recommendation of her real estate agent. Wendy’s house is sold for $2 million and she moves into a nursing home. After a short stay in hospital, Wendy makes a new will, with her new [...]

Hypothetical by Manny Wood published in the Coffs Coast News Of The Area on 16 December 2021. Johnny, child of Nancy and Donald Carpenter, was a much loved and very spoilt only child. During the year Johnny turned 19, his parents had been encouraged by his strong academic results and told him that if he kept it up, he would definitely be on Santa’s good list. It was the night before Christmas, and Nancy and Donald gave Johnny a very special Christmas card that said, “Johnny, you have been such a good boy and worked so hard at university, we are giving you this special gift.” Inside [...]

Hypothetical by Manny Wood published in the Coffs Coast News Of The Area on 10 December 2021. Brian was a wealthy man who owned real estate, shares, cash and an extensive classic car collection. At the time of his death, Brian was married to Julie and had 3 children to his first wife who had died in a car accident 25 years ago. Brian’s will left his real estate and ‘personal effects’ to Julie. His children were left his family heirlooms, photographs, personal papers and the “residue” of Brian’s estate. Brian’s children were appointed as the executors of his will and after obtaining a grant of probate, [...]

Hypothetical by Manny Wood published in the Coffs Coast News Of The Area on 3 December 2021. Robert’s mother passes away and he is appointed as the executor. Robert asks a conveyancer to draw-up a contract for the sale of his late mother’s home. The contract includes a clause to the effect that settlement is to occur either 30 days after the exchange of contracts or 14 days after Robert obtains a grant of probate and becomes the registered proprietor for the purposes of the sale, whichever occurs later. Michael wishes to purchase the property and after obtaining pest and building reports, pays a 10% deposit of [...]