Legal Resources
Read Phillips & Wilkins’ updates and latest information
What Is A Life Interest? And How To Create One In Your Will
Life interests are popular now that second marriages and de-facto relationships are commonplace in society. Life interests enable you to provide for someone by giving them the ability to use your property after your death. A life interest provides many of the benefits...
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Interfamily Loans- When is it a gift and when is it a loan?
As a result of the Royal Commission into banking a few years ago, the banks tightened their lending to customers. Since this time, we have seen a rise in the number of parents lending money to their children to assist their children with the purchase of real estate...
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Shareholder Agreements – Do I need one?
Shareholder Agreements - do I need one? You may be starting a new business or have already commenced operations and wish to formalise the relationship between the respective business owners. If you use or intend to use a company structure to own and operate your...
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Capacity To Make A Will: What You Need To Know
Whether you have ‘capacity’ to make a decision may significantly impact your ability to conduct your own affairs. Capacity is a particularly important legal concept when making a new will or a power of attorney. Understanding what constitutes capacity will assist you...
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The Six Month Myth – De Facto Relationships in Australia
When lockdown was recently lifted, at a small gathering between friends, I was asked: “Is it true that after 6 months of being together, my partner can take half of my assets?” The answer to that question can be broken down in two parts; 1. 6 Months of Being Together...
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Understanding Terms and Conditions: What You’ve Always Wanted To Know
If you are engaged in business, it is essential that you have properly drafted terms and conditions to protect your interests. Why are terms and conditions important? We are regularly contacted by clients who have either not received payment for goods or...
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Want to Know What Happens To Your Assets After Death?
One of the most important decisions to make when considering making a Will is who gets your assets. Many clients are surprised to find that their Will only deals with assets in their own name at the date of death which could only be a bank account of $10,000, although...
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Negotiating Child Support? Should You Enter Into A Private Agreement?
Have you separated from your significant other? The time has now been divided up between you 50/50 to look after the children. But who is going to pay for school fees? Saturday sport fees? Medical Expenses? And what is the amount that is being deducted by the Child...
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COVID-19 – Commercial Leasing Code of Conduct
Commercial Leasing Code of Conduct During the COVID-19 Pandemic The Prime Minister has recently announced an obligatory code which landlords and tenants must follow when negotiating amendments to leases due to the COVID-19 pandemic. The guiding principle is that any...
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Know Your Obligations When It Comes To Your Will and Your Family
1. Drafting your Will Writing a will is crucial as it provides you with reassurance about who will attend to your affairs upon your death and gives you the opportunity to decide the manner in which your assets will be distributed. Most of us understand that we have...
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Recent Tax Changes You Need To Consider When Selling A Residential Property
We have seen a spike in interest in people looking to purchase property at auctions in the past month or so. With the market trending upwards, it is important that people looking to sell their property to understand their obligations when selling. Foreign...
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Power Of Attorney – What Is It And Do I Need One?
A Power of Attorney is a legal document that allows you to appoint someone to make important lifestyle, medical or financial decisions on your behalf. Any decision made by an attorney will have the same legally binding effect as if you had made that decision yourself....
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The Importance Of Tying Up All Loose Ends After Separation
There are two important legal steps when married couples separate: Separation and a property settlement Divorce All married couples should know that until a divorce is finalised, the law presumes that your married spouse is your next of kin. If all loose ends are not...
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5 Important Things to Consider When Purchasing a Property
With the federal election result decided, we have seen an increase in the interest in people looking to list their property for sale and people looking to buy property. For the people looking to buy, there are 5 things that all purchasers should consider when...
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5 Tips For Preparing Your Business For Sale
If you are thinking about selling your business after many years of hard work, it is important that you put it in the best position to achieve a good sale price. We look after many business transactions and see some issues pop up regularly. We have listed a few tips...
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‘Binding’ Financial Agreements – Why They Might Not Be So Binding
In recent times, we have seen more couples inquire about entering into pre-nuptial agreements before they take the big leap into marriage. These pre-nuptial agreements are colloquially known as “Binding Financial Agreements” or “BFAs” for short. DID YOU KNOW? BFA’s...
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Making A Will? Who Should Be Your Executor?
A will is a legal document that states who will attend to your affairs upon your death, and in what manner your assets will be distributed. When drafting a will it is important to carefully consider who you select as your executor. Role of an Executor An...
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Get These 4 Leasing Concepts Right and Secure Your Investment
As a landlord it is critical that the terms of your lease accurately reflect the entire agreement with your tenant. There are four fundamental issues that must be dealt with and must be agreed upon before you enter into a lease with your tenant and must be recorded...
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Are You An Owner Builder? Know Your Obligations
Vendor Statement Disclosure: Owner Builders In recent years, the influx of renovation shows like the Block and House Rules has meant that property owners have got the DIY bug. But did you know, by doing such things as replacing bathroom tiles or fixing a hole in a...
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Retail Leases Act: Laws and Obligations Of Tenant
This article describes a few matters that tenants of retail leases should be aware of. It is hoped that the information contained is useful for tenants when dealing with rental property and landlords. Retail Leases Act Obligations The Retail Leases Act (“the...
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Dying Without A Will: Changes to Intestacy Laws
Intestacy law provides a formula for the division of an estate when a person has died without leaving a valid Will. On 1st November 2017, the Administration and Probate and Other Acts Amendment (Succession and Related Matters) Act 2017 came into effect and have made...
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Land Tax Victoria Update: New Tax on Vacant Residential Properties
Recent changes to Land Tax law may cause you to pay a penalty of at least 1% of land value $10,000 on a million dollar block. Make sure that any house owned by you for investment purposes is not vacant for longer than 6 months. If your investment property is in an...
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Embrace e-conveyancing now, it’ll be mandatory January 2019
The law surrounding property transactions continues to evolve. One recent change is mandatory electronic transactions as of 1 January 2019. Whilst the legal industry is generally resistant to change, Phillips & Wilkins is always exploring the endless possibilities...
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Why you ought to insure your new house, even prior to settlement
Every now and again in this busy and profitable property market we have experienced, a vendor or purchaser or both may be tempted to save money by not renewing insurance in the case of a vendor, or not taking out insurance in the case of a purchaser. The problem is...
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Find out where you should and should not be keeping your will
In recent years, we have noticed an increase in the number of Wills that are hard to locate when the willmaker dies. This might be because :- the willmaker has made his own Will and left it at home in an apparently safe place he has made a Will with a Solicitor and...
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