Wills, Trusts and Estates Assignment
Added on 2020-06-06
8 Pages2246 Words81 Views
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WILLS AND ESTATES
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1ISSUES............................................................................................................................................1RELEVANT LAWS........................................................................................................................1APPLICATION...............................................................................................................................21. Distribution of Residuary estate.........................................................................................22. Describing the various types of Legacies Contained in clause 2 and 3..............................23. Explaining the types of grants............................................................................................34..............................................................................................................................................3CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5
INTRODUCTIONIn the present assessment there will be discussion based on the wills and estate preparedby individuals. Thus, after the death of them there property and the funds which are collected bythem will be distributed among their loved once. Hence, in this report Alvin Tan has prepared awill on behalf of his godson and god-daughter which in context with benefiting them after hisdeath as well as transferring of funds and estates to them.ISSUESAlvin Tan had made will relate to distribution of his estates and revenue to his brotherand god son and god-daughter at the age of 18.He has mentioned his two friends as the executor of such will namely Matthew and Ravibut they died before Alvin.He decided transfer rest of the funds to his brother Elvis who also last year.RELEVANT LAWSIn accordance with Australian laws relevant to transfer of wills and estate there has beenvarious conditions which are need to be filled by the persons who are involved in such wills. Asper the case scenario Alvin has mentioned his two friends in the will Matthew and Ravi who hasright to be the executor after the death of Alvin. He has decided to distributed his income to bothof his friends for 5000 each. Hence, there has been various powers and duties of the executorswhich are awarded by the Australian government in context with giving theme the rights toreferent the funds in accordance with the wishes of diseased person. LPR1 has facilitates that, thetrustee and the person who is being denoted as the executor of the diseased person's will can beable to utilise the services of agents with legality (Duties of executors, 2017). Thus, it can be saidthat, Matthew and Ravi has the legal rights to make the further transactions of his will after hisdeath. Thus, here in this case both of his friends has died before the death of Alvin.However, apart from various banks accounts and fund transfer Alvin has House as aproperty which will be transfer to the relatives in accordance with Inheritance taxes levied overproperty (Wilson & et.al., 2016). Hence, standard tax rate for inheritance is 40% which will becharged over the current value of property. On the other side he has made clauses in his wills1Legal Personal Representative1
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