|
|
|
Our Clients
LFS predominantly acts for:
- Financial Services Licensees
- Financial Planners
- Superannuation Funds
- Venture Capitalists
- Stockbrokers
- Insurance Brokers
- Property Developers
- Accountants
- Charitable Institutions
- Investors
- Franchisors
- Registered Training Organisations
- From this, we are then referred other clients - mums and dads needing quality advice
Our commitment to finding practical, commercial and cost-effective solutions to real-life situations has earnt us the confidence and trust of our clients.
As a boutique firm we have more opportunities, more control and more flexibility to manoeuvre through the market.
Our focus is lateral thinking and not simply understanding the transaction, but also the human factor behind the transaction.
Our People
James Xenidis
Director / Lawyer
James gained his experience from Mills Oakley, Macquarie Bank, ANZ, ASIC and operating multiple businesses locally and abroad in the legal, banking, financial services and funds management sectors.
James is the Managing Director of LFS.
He worked at ASIC for a period of time, where James often provided expert evidence and led major investigations. It is from this experience, as much as within industry, that James has provided leading edge compliance services and established Inspector Compliance Pty Ltd. Then by educating industry as to what is expected of them and so James developed TrainTrak Pty Ltd. Then later by assisting the industry to provide the services consumers want. Through LFS!
Having had over 20 years experience in the financial services industry, and through his consultative process, he understands what motivates the industry regulators, why it should motivate you to comply and how to comply whilst minimizing the impact to your business.
From this James decided to engage in proactive development in assisting participants rather than the reactive regulatory approach. LFS was developed.
James practises in the areas of:
- Financial Services Law
- Commercial Law
- Corporate Advisory
- Family Law in relation to asset protection, division or restructure
- General & Commercial Litigation
- Contracts
- Estates
Tel: (+612) 9046 8390 (+613) 9607 6390
Michael Coleman
Special Counsel
Michael gained his experience at Mallesons, then as a General Counsel for Telstra and as a partner of Mills Oakley
Michael has been in the legal industry since 1994 and his practice areas include:
Contact: mick@lfslawyers.au
Tel: (+613) 9607 6395
Nicole Williamson
Senior Associate
Nicole joined LFS in 2016 having been working in Financial Services in Australia and Dubai
Nicole Williamson practices predominantly in the areas of:
- Property Law including Conveyancing & Off the Plan Developments in the Eastern States;
- Commercial law including Business Sales and Acquisitions;
- Owners Corporations;
- Commercial, retail and residential leases;
- Intellectual Property and
- Litigation including property, debt recovery & enforcement and breach of contract.
- Family matters including negotiating, mediating, communicating and if necessary, Applications for financial settlements.
Tel: (+612) 9046 8393 (+613) 9607 6393
Alex Tees
Consultant Lawyer
Alex has been an employee for various firms and operated his own private practice.
Alex joined LFS in Sydney in 2020
Alex has significant experience in litigation and family law.
-
Alex's practice areas include:
- Commercial law;
- Commercial Litigation
- Personal Injuries and
- Family Law
Tel: (+612) 9046 8399
About Us
LFS is a boutique law firm
Our approach is practical, strategic and commercially focused. .
We aim to be our clients' trusted advisers and provide them with stability, experience and confidence.
The quality of our technical advice and service delivery is without compromise. We can achieve this because we are not big and impersonal. We pride ourselves on being a boutique law firm that focuses on specialist areas of the law.
We have offices in Victoria and New South Wales and are geared towards providing services to our clients on a national basis.
Our Approach
LFS was established on 6 October 2000 as Legal Financial Services Pty Ltd. Our core was Financial Services however we grew. We recognised the need to change our name to LFS.
We pride ourselves on assisting our clients with a dynamic, innovative approach to meeting their legal requirements and desired outcome.
Practical commercial advice and exceptional client service are important to our clients and a core value of our practice.
Throughout the firm we adopt a disciplined approach being prompt, economical and straightforward. Our commitment to learning about our clients’ businesses and the industries in which they operate and to understanding their corporate goals is the foundation for presenting sound advice.
With a collaborative approach to our clients we develop strong and enduring business and professional relationships. We are committed to working together with our clients.
While the firm is structured into specialist groups, our services integrate easily. There is a constant cross-flow of activity, co-ordinated to ensure each client receives streamlined and effective service. In the case of mixed or complex assignments, we form multi-disciplinary project teams to provide our clients with maximum expertise. State-of-the-art legal and business technologies and a professional management team back our legal teams.
With offices in Melbourne and Sydney, we can manage matters that have broad geographical boundaries, as many of our clients have national operations. Our advanced technologies and broad range of services ensure that we remain in constant contact with our clients, wherever they are.
Enquiry
Advice
Financial Services Law is our core practice area. We have considerable experience in acting for Financial Services Licensees, Financial Planners, Superannuation Funds, Insurance Brokers, Accountants, Mortgage Brokers, Property Developers and Charitable Institutions. Since well before the introduction of the Financial Services Reform Act 2001, our skilled team have been working with clients to ensure they are entirely aware of their rights and obligations under the legislation. We understand how our clients are affected by the changes and we are able to provide advice and support by helping clients to comply with the always changing financial services laws and regulations. We provide advice to clients who are dealing, advising and issuing products, mindful of the constantly changing nature of the Financial Services Industry. We pride ourselves on keeping our knowledge up to date with the issues affecting both industry participants and consumers. LFS provide current, relevant and client focused legal advice at all times. We are able to advise participants whether and what type of Australian Financial Services Licence they require for their business. We bring a combination of hands-on industry experience, understanding of and regulatory exposure to ASIC, APRA, the Reserve Bank, the ASX, IFSA, AFMA and other self-regulatory bodies. We are intimately versed on all aspects of the FSRA, Regulations, ASIC policies and other regulatory bodies and mechanisms. We are able to provide advice in relation to:
- Managed investments
- Superannuation
- General insurance
- Banking products
- Securities
- Derivatives
- ASIC surveillance, investigations and enforceable undertakings
- External Dispute Resolution Schemes
- Litigation
Property Law
Commercial & Retail Leasing
We act for both landlords and tenants in the preparation and negotiation of leases and agreements for leases, sub-leases, assignments of lease and other related lease documents. Our leasing practice covers leasing of retail, industrial and commercial buildings.
Whether you intend to lease a property for commercial or retail use or you wish to find tenants to occupy your commercial space, there are certain things about commercial or retail leases you will need to know before you enter one. Below are some issues you should consider:
Special Clauses
Commercial and retail leases typically contain special clauses stating what activities can go on, who is permitted on the site, safety and security concerns, privacy rights and landlord access rights, as well as other business-specific clauses. These clauses may restrict the type of work and activity that may be undertaken at the premises.
Option for renewal
The landlord may grant the tenant an option to renew the lease. Generally, an option gives the tenant the right to renew the lease for a set period of time as set out in the lease. In such cases, the landlord is bound to accept any renewal for the option period, provided the tenant complies with the terms of the lease to exercise that option.
The tenant is not bound to exercise the option and whether or not the lease is renewed is completely up to the tenants' discretion. It is particularly useful where the tenant wants to have the security of a long-term lease, but not necessary commit to one.
Security
Tenants entering into a commercial or retail lease typically have to provide some form of surety to the landlord to cover the risk of their defaulting on the lease or the landlord having to 'make good' the premises when the tenant leaves the premises. This is usually in the form of a Bank Guarantee or Deposit Bond, equivalent to a certain number of months' rent.
Commercial Sales & Purchases
We have proven expertise in the preparation, negotiation and completion of contracts for sale. We act for developers, property owners, purchasers and property trusts. Contracts of sale often involve complex issues and we have experience in advising clients in all relevant areas. We adopt a consistent commercial approach to assist our clients to achieve their desired outcomes.
If you wish to occupy or demolish the building/premises prior to settlement date, we can negotiate with the Vendor to have a clause giving right to early possession of the property inserted into the Contract of Sale. This will allow you to start working on your commercial projects without having to wait until settlement date.
Residential Sales & Purchases
In addition to our work for developers and companies, we also act for individuals in their domestic residential sales and purchases. We prepare, negotiate and complete residential contracts as well as advising on subdivisions and owners corporations.
Whether you are the vendor or the purchaser, some things to consider when entering into a Contract of Sale are:
Cooling Off Period - Victoria
In Victoria a purchaser who signs a Contract of Sale of real estate can terminate the contract within 3 clear business days from the day the purchaser signed it.
The sale must be for land other than land used primarily for commercial or industrial purposes, and land larger than 20 hectares used primarily for farming.
In addition to these restrictions, there is no cooling off right if:
- The sale is at or within 3 clear business days before or after a publicly advertised auction;
- The parties have previously entered into a contract for the same property in similar circumstances; and
- The purchaser is an estate agent or a corporate body (e.g. a company).
Cooling Off Period - New South Wales
In NSW a purchaser who signs a Contract of Sale of real estate can terminate the contract within 5 clear business days from the day of exchange.
There is no cooling off period in relation to a contract for the sale of residential property if:
- at or before the time the contract is made, the purchaser gives to the vendor a section 66W certificate; or
- the property is sold by public auction, or
- the contract is made on the same day as the property was offered for sale by public auction but passed in, or
- the contract is made in consequence of the exercise of an option to purchase the property.
Early release of deposit - Victoria
Generally the real estate agent will hold onto the deposit from the sale of a property in their trust account pending settlement. However in Victoria, the vendor may have a Section 27 Statement prepared, effectively giving the vendor access to the deposit funds prior to settlement, upon certain requirements being met.
In practice, the vendor has to provide the purchaser with details of any mortgage or caveats affecting the property in the form of a Section 27 Statement. The purchaser must be satisfied that the amount owing against the property is low enough to be covered by the balance of purchase funds payable at settlement , all conditions of the Contract have been fulfilled, and the purchaser has signed and returned the Section 27 Statement to the vendor as confirmation that release has been approved.
Rescission
In general terms, rescission refers to the cancellation of a contract. Where one party has breached the contract, a Rescission Notice may be served on the other party. It is a formal document which states the nature of breach, and declares that the offending party has 14 days within which to remedy the breach, failing which the aggrieved party may enforce the contract, or cancel the contract and keep the deposit, which is forfeited due to the breach.
'Off the plan' contracts
Many developments are sold 'off the plan'. This means that the contract for the purchase of the lot (whether land or a unit in a building) is entered into before the title to the lot is created and a building is constructed. Importantly, buying 'off the plan' is considered a commercial investment and has risks and benefits attached that are not normally attached to buying established property. Legal advice is strongly recommended when buying property 'off the plan'. LFS has acted for many vendors and purchasers of 'off the plan' contracts so feel free to contact our office to discuss any queries.
Property Certificates
These are certificates from statutory bodies that provide certain information that must be disclosed to the purchaser prior to the sale. Whether you are the vendor or the purchaser, it is necessary for LFS to order property certificates on your behalf. The vendor has an obligation to include up-to-date property certificates in the Vendor's Statement. If not, the purchaser may be able to rescind the Contract.
The purchaser also requires property certificate to provide certain details about the title and property that ensure there is nothing unexpected at a later stage.
Contract Negotiation
Representative Agreements
Every financial planner has executed either a Representative Agreement to cement their rights and responsibilities as required by their Licensee.
LFS provides customised contracts that cover all legislative and compliance requirements.
Commercial Agreements
We pride ourselves on our expertise in negotiating and documenting complex commercial agreements, including:
- Joint Ventures
- Heads of Agreement
- Partnership Agreements
- Distribution and Supply Agreements
- Acquisition and Sale of Business Agreements
- Employment and Workplace Agreements
- Franchise Agreements
- Confidentiality Agreements
- Licence Agreements
- Business Succession Deeds
- Consultancy Agreements
- Referral Agreements
Corporate & Commercial Law
Commercial Law
Our skilled team of commercial lawyers are able to provide high level accessibility and responsive services to clients.
Our goal is to protect your commercial interests whilst achieving the optimum result for your business in negotiations. .
We strive to provide our clients transparency and control over their legal needs.
Company Incorporation
LFS can attend to the registration of your company with ASIC With our specialist knowledge of laws governing company incorporation.
You can be sure to get accurate advice and superior service.
Contact LFS if you need to consider structures available to you at enquiries@lfslawyers.au
Trusts
Carrying on business isn’t as simple as it once was.
Structures may be required for a variety of reasons. Whether its asset protection, bloodline structures or family law considerations – LFS can assist in determining your needs.
Contact LFS if you need to consider structures available to you at enquiries@lfslawyers.au
Fundraising & Venture Capital
We have experience in acting for public companies in their raising funds through the issuance of securities.
We understand the commercial and legal sides of transactions involving public issues of securities, particularly in relation to medium sized companies.
Our securities advice experience also includes fundraising through managed investment schemes.
Contact LFS if you wish to undertake a capital raising at enquiries@lfslawyers.au
Financial Services Law
Advice
Financial Services Law is our core practice area. We haveXXXX considerable experience in acting for Financial Services Licensees & Representatives, Superannuation Funds, Insurance Brokers, Accountants, Mortgage Brokers, Property Developers and Charitable Institutions. Since well before the introduction of the Financial Services Reform Act 2001, our skilled team have been working with clients to ensure they are entirely aware of their rights and obligations under the legislation. We understand how our clients are affected by the changes and we are able to provide advice and support by helping clients to comply with the always changing financial services laws and regulations. We provide advice to clients who are dealing, advising and issuing products, mindful of the constantly changing nature of the Financial Services Industry. We pride ourselves on keeping our knowledge up to date with the issues affecting both industry participants and consumers. LFS provide current, relevant and client focused legal advice at all times. We are able to advise participants whether and what type of Australian Financial Services Licence they require for their business. We bring a combination of hands-on industry experience, understanding of and regulatory exposure . We are intimately versed on all aspects of financial services. We are able to provide advice in relation to:
- Managed investments
- Superannuation
- General insurance
- Banking products
- Securities
- Derivatives
- ASIC surveillance, investigations and enforceable undertakings
- External Dispute Resolution Schemes
- Litigation
Fundraising & Venture Capital
We have experience in acting for public companies in their raising funds through the issuing securities.
We also have experience in capital raising by smaller organisations whether through rights issue or equity or a variety of contractual arrangements.
We understand the commercial and legal sides of transactions involving public issues of securities, particularly in relation to medium sized companies.
Our securities advice experience also includes fundraising through managed investment schemes.
Buy / Sell Agreements
We have acted for both buyers and sellers of businesses.
Through our industry experience we are able to assist with particular issues such protecting and valuing commissions and recurring income.
Few realise the importance of restraint clauses and the change over of ownership in the client base.
Our contracts provide a clear outline of each party's obligations in relation to these issues.
Representative Agreements
LFS have experience in advising financial services participants at the Licensee and Authorised Representative in relation to preparing and executing Representative Agreements to cement their rights and responsibilities as required.
In addition LFS can assist in employment agreements with relevant restraint clauses to cement each parties rights and responsibilities as required.
LFS provides customised contracts that cover your legislative and compliance requirements.
Third Party Service Providers
A third party service provider can greatly assist a business operator. Typically business’s outsource various services to third parties for a referral fee. In return, the existing clients receive specialist advice and attention that the business may be unable to provide.
To ensure a strong relationship is developed between parties, a contract with sufficient provisions should be created and executed. LFS deals with such contracts on a regular basis and understands the needs of both parties involved.
Referral Sources
In certain circumstances, a Licensee may wish to set up a referral arrangement between themselves and a related company for services that the Licensee does not provide. To document your business arrangement it is prudent to have a referral agreement. At LFS we understand the impact of conditions and indemnity involved in such an agreement.
Summer & Winter Clerkships
We run summer and winter clerkship programs that provide law students with the opportunity to gain an insight into what being a lawyer is really like. The objective of our program is to give students the chance to put their knowledge into practice and gain hands-on experience in a number of different areas of law. We offer a collaborative and supportive working environment and give our clerks the chance to take part in diverse and challenging work in cutting edge areas of commercial law.
As a clerk you will be working with a solicitor who will act as your mentor and answer any questions that you may have throughout your time with the firm. You will also participate in rotations which will give you supervised experience in at least two practice areas within the firm. Training programs are varied and may consist of individual research tasks, drafting advice and sitting in at client conferences. As a member of our team your active participation in the activities of the firm will be encouraged and you will be invited to participate in professional development activities as well as the firm's social events.
The clerkship program is four weeks in duration and begins in early January / July each year. Applications are accepted from students who are completing their penultimate year of study.
Our graduate solicitors are recruited through our clerkship program and at the conclusion of the program you may also be given the opportunity to secure a graduate traineeship following completion of your studies.
How to apply
You can apply via email to clerkship@lfslawyers.au. Please include a copy of your resume, your academic transcript and a covering letter.
Estate Planning
Wills
A Will is a written document that sets out what you want to happen to your estate (essentially everything you own) after you die. It is possibly one of the most important decisions on your life. There is a range of wills that may be appropriate to your needs.
Standard Will
Our standard Will is the most common type of Will. It leaves your estate (essentially everything you own) to your spouse or partner, if that person is alive at your death.
If your spouse or partner is not alive at your death, then your estate will pass on to your children, when they turn at least 18 years old (or an age you specify).
If your children are not of age, the executor will hold your estate until they become of age. If a child of yours also passes away (whether before you or after you) leaving a child or children, then that child or children will receive your deceased child’s share of the estate.
Whilst the child is not of age, the executor has the ability to advance funds to the beneficiary for the purpose of education or advancement.
If you die before your spouse and have no children, then your siblings receive all of your estate, however if they predecease you, then your parents receive your estate.
Tailored Will
Our Tailored Will gives you the flexibility to choose who gets specific assets (i.e your antique brooch). You can even leave your assets, or particular assets to your preferred charity or charities.
Some people also want to make sure that their treasured possessions such as war medals are left in the right hands.
Again, it is typical to leave your estate to your spouse or partner and then your children and so on. This is your choice.
You should note, that you do not have to divide the estate equally between your children. You might want to leave one child more than the other, as consideration for care they will provide you in later years.
At the same time, you might want a particular person to receive a nominal part of your estate. You need to be careful not to leave anyone out of your Will, as they may be able to contest the Will (and hence why you ensure nominal accounts are left to those persons).
FAQ Will
Why have a Will?
By having a Will you can be assured that the person you would like to care for, are cared for. The assets are distributed by the person you nominate to look after your estate. The disadvantages of not having a Will are that:
- You have no control over the distribution of your estate;
- Partners, step-children, friends and your nominated charities may not receive a share;
- You will not have the opportunity of appointing a guardian for your children; and
- Your estate may be administered by someone you would not want to appoint.
What happens if I die without leaving a Will?
If you do not have a Will or do not have a VALID Will, you are considered as having died “intestate”. Refer to section on INTESTATE.
Am I eligible for a Will?
Any person over the age of 18 can have a Will, so long as they also have the mental capacity to know how they want to divide their current and future assets.
What is “my estate”?
Your estate is essentially everything you own. Your assets include your house, land, car, shares, insurance policies, superannuation entitlement, money and any other goods you might own at the time of your death.
When it comes to real estate you need to be careful, because jointly held real estate on your death automatically passes to the person you purchased the property with. This happens when you own property as Joint Tenants (these words are not normally printed on the back of the Certificate of Title but are implied).
Also, if you have superannuation, whilst it may form part of the estate, the trustees of the Superannuation Fund are not bound by your Will. Ask your Financial Planner on how to make a binding nomination.
What is an Executor and who should that be?
An Executor is the person who will ensure that your wishes are carried out according to your Will.
In a Standard Will, that person is your spouse or partner. In a Tailored Will, you may nominate any person you desire.
You should also have a second-younger person (however that person must be over 18 years of age) – nominated as your subsequent Executor. The reason is that our Wills are designed for multiple generations. This way you will not need to change your Will purely because the Executor has passed away.
What if I am in a defacto relationship or intend marrying?
There are legal reasons why you need to advise us of this. The Will needs to be made “in contemplation of this marriage or relationship” otherwise that person may be able to contest the Will at a later date.
What if my spouse or partner dies before I do?
Your will, whether a Tailored Will or a Standard Will, can cater for this. We recommend that any Will prepared takes your children and grandchildren into account as future beneficiaries.
So, you do not need to change your Will, only specify who else will get a share of your assets.
How old should my children be before they receive their inheritance?
Most people work hard for their money. To hand over an inheritance to a person of 18 years of age may see your life’s work whittled down rapidly. We suggest a more mature age of 25, however this is your choice. The age you decide the child should become entitled to his or her inheritance is your choice.
Remember, with our Wills, that does not mean that the child or children will not have access to your funds, they will. But they will have access to funds at the Executor’s discretion, normally if it is to help the child’s education or personal improvement.
What if one of my children dies before I do?
Your Will, whether a Tailored Will or a Standard Will, can cater for this.
Typically people decide that a deceased child’s share be divided equally amongst any children of that deceased child. If however there are no children of the deceased child, then the share is divided amongst your remaining living children.
What if I die without a spouse (or partner), children or grandchildren?
Your Will, whether a Tailored Will or a Standard Will, can cater for this. Typically your siblings and then your parents receive your estate.
What does it mean when people contest the Will?
An example is if the Will was not drafted properly, and key people who may have an interest in your estate are left out of the Will (without any mention). They may start legal action for a share of the estate.
Can there be any type of legal action over my estate?
Yes, there are many types of action that could commence.
One of the most common actions is when the executors argue about who gets what from your personal estate or what to do with your estate. The easiest thing to do is to sell everything. But this is not always the most viable action to take.
That is why, if you agree, the Executor must consult your Financial Planner before any assets are sold. Since you have a Financial Planner who may have looked after the assets of your estate and should have an understanding of your desired goals, we see that person as a good source of information, especially if the estate passes to as spouse, partner or child who may have little understanding of investments and property.
What happens after I complete the application form?
We consider your instructions and any special comments in preparing your Will.
If we need to clarify any aspect of your application, we will telephone or email you.
What happens after I receive my will from LFS?
You will receive your Will in the mail. If any changes are required please contact LFS. We are more than happy to accommodate your needs.
Instructions on how to have the Will witnessed are enclosed with your Will. There are special rules for this, so please read the instructions carefully or see your Financial Planner for assistance.
In short, you need to have two witnesses present when signing your Will and then the witnesses must also sign the Will. The Will must be signed by all three people at the same time and place.
Once the Will has been signed, where should I store it?
We will provide you with three copies of your Will, sign all three copies.
We recommend that one copy is kept with you, one should be with your Executor and one should be kept by LFS or your Financial Planner
How often should I review my Will?
Your Will, whether a Standard Will or a Tailored Will, is comprehensive and will not need to be changed unless one of the following events occur:
- Your Executor passes away before you do;
- Your Spouse passes away;
- You Marry, Divorce or Separate, or Re-Marry; or
- You want to change who is to benefit from your Estate, or the amounts they are to benefit from.
Probate
Probate is the process of officially proving the validity of a Will, that is, establishing the validity of the Will as the last Will of the deceased. A Grant of Probate is issued in cases where the deceased's last Will is proved by one or more Executors named in the will.
Probate is accomplished by an executor/executrix, who is paid a fee based on the size of the estate that passes through the will. A number of procedural requirements must be undertaken to ensure that the distribution of the estate is correct.
At LFS we help executors through the process in an efficient and seamless manner.
Testamentary Trust
A Testamentary Trust is an extension to your Will. The reason why people prefer to have a Will and a Testamentary Trust, is because it places your assets in Trust, rather than giving the assets to your spouse or partner and then to other beneficiaries.
But what are the benefits of a Testamentary Trust? A Testamentary Trust allows you to alter the manner in which your assets are held. The main benefit is that it gives you greater flexibility to ensure that you minimise any tax and bankruptcy implications and takes advantage of any tax benefits and social security implications.
Discretionary testamentary trusts can be an effective tool to make distributions to beneficiaries in a manner and proportion to properly reflect their respective personal and financial situations. A well-drafted trust document will provide the trustee with discretion to allocate income, taking into account in those situations.
Because the trustee of a trust is the legal owner of assets for the underlying beneficial owners of the assets, testamentary trusts, like other trusts, are useful for structuring ownership arrangements in order to maximise benefits such as taxation rates and social security entitlements.
Of particular benefit, is that children will not be taxed as minors in regard to the distributors from the testamentary trust and will have the benefit of the tax-free threshold and low-income earners rebate (providing they do not receive any other income).
Testamentary Trust FAQ
What is a Testamentary Trust?
A Testamentary Trust is part of your Will. Through your Will a trust is created. To complete this document, you should also read the Will section of this site.
Why have a Testamentary Trust instead of a Will?
As discussed above, a Testamentary Trust forms part of your Will. A Testamentary Trust however gives you a greater choice as how your assets or the income from your assets will be distributed.
But moreso, a Testamentary Trust gives your Trustee the flexibility to maximise taxation and, if applicable bankruptcy and social security matters. What this means is that for example, if a person is bankrupt, the Trustee has the discretion not to give that person your asset (which would have otherwise gone straight to the creditors), but instead give that person the benefit of the income from that asset. In relation to social security, the asset might not pass to the person and therefore still qualify for any social security benefit.
What is the difference between a Standard Trust and a Tailored Trust?
Essentially the difference is in the Will section. A Tailored Trust gives you the benefits of a Tailored Will, whereby you can make gifts to people or leave specific articles to specific people and of course document what funeral arrangements you want.
If the beneficiaries are under 18 years of age, will they be taxed?
There is no way of avoiding tax but maximising the benefits. Minors will have the benefit of the tax-free threshold and low income earners rebate (providing they do not receive any other income) but your financial planner can tell you more about this.
What happens after I complete the application form?
We consider your instructions and any special comments so as to prepare your Testamentary Trust. If we need to clarify any aspect of your application, we will telephone or email you. Once completed, we will send the Testamentary Trust to you.
What happens after I receive my Testamentary Trust from LFS?
You will receive your Testamentary Trust in the mail or by email as instructed. Together with your Testamentary Trust are instructions as how to have the Testamentary Trust witnessed.
There are special rules for this, so please read the instructions carefully or see your Financial Planner for assistance. In short, you need to have your two witnesses present when signing your Testamentary Trust and then the witnesses are to also sign the Testamentary Trust. So the Testamentary Trust is signed by all three people at the same time and place.
Once the Testamentary Trust has been signed, where should I store it?
We will provide you with three copies of your Testamentary Trust. We recommend that one copy is kept by you, one should be with your Executor and one should be kept by LFS or your Financial Planner.
Letters of Administration
Where the deceased has left no Will or the executor named in a Will is unable or unwilling to serve, the courts must appoint an administrator. This appointment is made by issuing a short document called Letters of Administration, which is a decree that serves as evidence of the administrator's authority.
At LFS we help administrators through the process of applying for Letters of Administration and distributing the estate.
Intestate
Intestate - Victoria
In Victoria, if you don’t have a Will or don’t have a VALID Will, your property will be distributed to your ‘next of kin’ (essentially your family) as set out in the Administration and Probate Act 1958 (Vic). If this is the case, then there is a law which specifies how your estate will be distributed.
As a guide, the way it is divided is as follows:
If you had a spouse OR partner, that person will receive
- The first $100,000
- The Personal Chattels
- One-third of the balance of your Estate
- The right to purchase the home you both lived in (at market value)
If you had a spouse AND a partner, those persons will receive
- The amount specified above will be shared between them
- The respective share is dependent on the amount of time each person was with you as specified by the legislation
Your children will receive
- The remaining two-thirds of your Estate equally between them
If you did not have a spouse, partner or children
- Your Estate will be given to your parents if alive, then to your brothers and sisters, nieces and nephews, grandparents and in some cases cousins
- If no relatives (including distant relations) can be found then the government will inherit your Estate
DISCLAIMER: The above information is a guide only and is not intended to be relied upon as legal advice.
Intestate - New South Wales
In NSW, if you don’t have a Will or don’t have a VALID Will, your property will be distributed to your ‘next of kin’ (essentially your family) as set out in the Succession Act 2006 (NSW). If this is the case, then there is a law which specifies how your estate will be distributed.
As a guide, the way it is divided is as follows:
If you had a spouse but no children
- The spouse will inherit your whole Estate
If you had a spouse and children with your spouse
- The spouse will inherit your whole Estate
If you had a spouse and children not of that spouse
- The spouse will inherit:
- the personal effects (if any)
- $350,000 & interest (if applicable)
- one-half of the estate (excluding any personal effects and the $350,000)
- Your children will receive the residue of the estate
If you had more than one spouse but no children with either spouse
- The spouses will inherit your whole Estate in shares determined in accordance with the Succession Act 2006 (NSW) or court order
If you had more than one spouse but children with any spouse
- The spouses will inherit your whole Estate in shares determined in accordance with the Succession Act 2006 (NSW) or court order
If you had children but no spouse
- Your whole Estate shall be held in statutory trust for your children
If you did not have a spouse or children
- Your Estate will be given to your parents if alive, then to your brothers and sisters, nieces and nephews, grandparents and in some cases aunts, uncles and cousins
- If no relatives (including distant relations) can be found then the government will inherit your Estate
DISCLAIMER: The above information is a guide only and is not intended to be relied upon as legal advice.
Power of Attorney
Power of Attorney - Victoria
Powers of attorney and guardianship are legal documents that allow decisions to be made that take into account your wishes, if you are not able to make them for yourself.
You can choose a person to act on your behalf to make these decisions. There are a few different types of powers of attorney you can make:
- A General Power of Attorney is one which appoints someone to make financial or legal decisions for you, usually for a specific period of time; so long as you have the mental capacity to do that act (i.e. if you get Alzheimer’s disease the Attorney cannot act on your behalf).
- An Enduring Power Of Attorney (Financial) is one which appoints someone to make financial or legal decisions for you and continues even if you don’t have the capacity to do that act (i.e. suffer a paralyzing stroke will not stop your Attorney from acting on your behalf).
- As with a General Power of Attorney, the Enduring Power of Attorney can either be unlimited in its powers (allow the person to do anything you could legally do) or authorise specific powers (buy or sell shares or sign application form for managed funds).
- An Enduring Power of Attorney (Medical Treatment) appoints someone to make medical decisions on your behalf if you cannot make that decision yourself (i.e. authorise medical treatment after a serious accident).
- A Supportive Attorney gives power to the person they appoint to access information from third parties (such as hospitals, banks and utility providers), to communicate their decisions and to give effect to (act on) their decisions.
Power of Attorney - New South Wales
Powers of attorney and guardianship are legal documents that allow decisions to be made that take into account your wishes, if you’re not able to make them for yourself.
You can choose a person to act on your behalf to make these decisions. There are a few different types of powers of attorney and a power of guardianship you can make:
- A General (Or Ordinary) Power of Attorney is one which appoints someone to make financial or legal decisions for you, usually for a specific period of time; so long as you have the mental capacity to do that act (i.e. if you get Alzheimer’s disease the Attorney cannot act on your behalf).
- Enduring Power of Attorney is one which appoints someone to make financial or legal decisions for you and continues to operate after the principal has lost mental capacity. An enduring power of attorney can be made on the same form as an ordinary power of attorney. However, an enduring power of attorney has some additional requirements, notably that the attorney has to sign the form to show that they consent to act.
- Enduring Guardianship is one which appoints someone to make personal decisions on your behalf, such as where you should live and what medical treatment and services you should receive.
Your Power Of Attorney must be registered if your attorney is going to sell, mortgage, lease or otherwise deal with your real estate on your behalf. Otherwise, it is not necessary to register it. The benefits of registration are that:
- The Power Of Attorney will be on record as a public document.
- The document will be safe from loss or destruction.
- It will be more easily accepted as evidence that your attorney is allowed to deal with your money and assets.
Note that people of any age (not just older people) can make an enduring power of attorney. However, you must be over 18 years of age to appoint enduring guardian(s). At the time you appoint an enduring guardian, you must have the mental capacity to understand what you are doing.
DISCLAIMER: The above information is a guide only and is not intended to be relied upon as legal advice.
Power of Attorney FAQ
Do I need to be an adult before I can give a Power of Attorney?
Yes, you must be at least eighteen before you can give a Power of Attorney.
How is my Power of Attorney Cancelled?
You can revoke a Power of Attorney by signing a Revocation of Power of Attorney.
You can revoke a Power of Attorney at any time, provided you are not mentally incapacitated. If you are mentally incapacitated, you cannot revoke an Enduring Power of Attorney (a General Power of Attorney automatically stops when you become mentally incapacitated).
Where do I keep my Power of Attorney?
The person you grant a Power of Attorney should keep it in a safe place at all times. Otherwise you may want your Financial Planner to keep the original and make it available as needed.
Can my financial planner be my Attorney?
Generally speaking, it is not recommended to appoint your financial planner as your Attorney. There are two primary reasons for this. Firstly, this is because most financial planners are restricted from having “care, custody, or control of” your assets. Secondly, it is not wise to grant that much authority to a contracted person, irrespective as to how long you have known the person.
Going to Court
Where disputes cannot be resolved by alternative means, such as negotiation, mediation and arbitration, our commercial litigation team develops with clients a strategy that best suits resolution of their dispute in the most cost-effective manner. We endeavour to keep our clients informed of emerging issues relevant to their particular dispute in order to ensure they are involved and satisfied with the decision-making process.
Our lawyers are admitted and able to act in the Victoria, New South Wales and Federal Jurisdictions (including the High Court) . Our lawyers have represented clients in Tribunals through to the High Court of Australia.
We have achieved many successful outcomes for our client is all courts in Victoria, New South Wales, Tasmania, Western Australia, Queensland and the Northern Territory
Debt Recovery & Enforcement
We can assist you in recovering a debt owed to you whether you are an individual or company. We offer debt recovery services ranging from the initial letter of demand, negotiations and if all else fail litigation.
Once the court has ordered the debt must be paid to you, you may need to enforce the debt against the debtor. Enforcing a debt may involve negotiating a payment plan or may require the commencement of bankruptcy proceedings for an individual debtor or winding up proceedings for a corporate debtor. Our team is experienced in these areas and can provide knowledgeable legal services for such matters.
Contact Us
| Telephone | |
|---|---|
| National | 1800 008 908 |
| Sydney | (+612) 9046 8399 |
| Melbourne | (+613) 9607 6399 |
| Fax | |
| National | 1800 008 909 |
| Sydney | (+612) 9046 8366 |
| Melbourne | (+613) 9046 8366 |
| General | enquiries@lfslawyers.au |
| Enquiries | Enquiries Form |
| Postal | |
| Sydney |
GPO Box 1194 SYDNEY NSW 2001 |
| Melbourne |
GPO Box 4294 MELBOURNE VIC 3001 |
| Location | |
| Sydney |
Suite 101 “Point” 2 Point Street PYRMONT NSW 2009 |
|
|
|
| Melbourne |
Level 8 530 Little Collins Street MELBOURNE VIC 3000 |
Buy / Sell Agreements
We have acted for both buyers and sellers of businesses.
Through our industry experience we are able to assist with particular issues that take into revenue flows and account commissions and recurring income.
Few realise the importance of restraint clauses and the change over of ownership in the client base.
Our contracts provide a clear outline of each party's obligations in relation to these issues.
Contact LFS if you need Agreements drafted for you at enquiries@lfslawyers.au
Representative Agreements
LFS have experience in advising financial services participants at the Licensee and Authorised Representative Levels in relation to preparing and executing Authorised Representative Agreements or Branch Agreements to cement their rights and responsibilities as required.
LFS provides customised contracts that cover all legislative and compliance requirements.
By including clauses such as indemnity and commissions, we protect Licensees from any future litigation or regulatory matters.
Contact LFS if you wish to undertake review of your Representative Agreements at at enquiries@lfslawyers.au
Third Party Service Providers
A third party service provider can greatly assist an Australian Financial Services License holder.
Typically Licensee’s outsource various financial products to third parties for a referral fee. In return, the existing clients receive specialist advice and attention that the Licensee maybe unable to provide.
To ensure a strong relationship is developed between parties, a contract with sufficient provisions should be created and executed.
LFS deals with such contracts on a regular basis and understands the needs of both parties involved.
Contact LFS if you wish to undertake a review of your Representative Agreements at at enquiries@lfslawyers.au
Referral Sources
In certain circumstances, a Licensee may wish to set up a referral arrangement between themselves and a related company for services that the Licensee does not provide.
To document your business arrangement it is prudent to have a referral agreement.
At LFS we understand the impact of conditions and indemnity involved in such an agreement.
Contact LFS if you wish tobind your Referral Sources at at enquiries@lfslawyers.au
Useful Links
Terms & Conditions
Welcome
Welcome to the website of LFS Lawyers Pty Ltd.
1. Acceptance of Terms and Conditions
Your access to the LFS website is conditional upon your acceptance and compliance with the terms, conditions, disclaimers and privacy statement contained in this document and elsewhere on the LFS website (‘Terms and Conditions’). Your use of and/or continued use of the LFS website constitutes your agreement to the Terms and Conditions. LFS believes the information in this site is correct (as of the date of its last update), and it has reasonable grounds for any opinion, statement or recommendation found within. LFS will endeavour to update the information in this site as soon as practicable after any changes. However, as information can change without notice, it does not guarantee the accuracy of the information. You should seek legal or other professional advice before acting or relying on any of the material on the LFS website.
2. Access
To use the LFS website you need to access the internet, including an appropriate computer, related equipment, and software (your “Computer”). You are responsible for any connecting or accessing fees, and for installing, maintaining, and operating your computer. LFS is not responsible for any problems caused to or by your computer, including any virus or related problems with your use of the LFS website.
3. Restrictions
-
The LFS website is available only for your personal, non-commercial use.
-
You must not copy, reproduce, adapt, republish, combine, frame, post, upload, distribute, transmit or modify in any way all or any part of the material contained in this website unless expressly provided for on the website or expressly authorised in writing by LFS.
-
LFS reserves the right, in its sole discretion, to terminate your access to any or all LFS Sites/Services and the related services or any portion thereof at any time, without notice.
4. Intellectual Property Rights
You acknowledge and agree that all of the intellectual property rights in the LFS website are owned by or licensed to LFS. Any unauthorised copying, annotation, reproduction, communication or translation to the LFS website may infringe the intellectual property rights of LFS and may result in liability.
5. Warranties
The LFS website and all material within, are provided on an as is basis without any warranties of any kind. Except as provided by the Prescribed Terms, all warranties either express or implied by law, in any way relating to the website or its materials, are excluded. In addition, LFS does not warrant that the website will operate error free or that this website and its servers are free of computer viruses and other harmful goods. If you experience any damage or liability through the use of the LFS website or the materials therein, LFS will not be responsible for the costs relating to repair, servicing or any associated other costs.
6. Exclusions and limitation of liability
-
You accept all responsibility and liability for your use of the LFS website including, but not limited to, all website material. You indemnify LFS against, and exclude LFS from any liability, which may arise in relation to your use of the website.
The LFS website may contain links to other websites (“Linked Sites”) operated by third parties. LFS is not responsible or liable for the content of these Linked Sites or for your transactions with them. Inclusion of Linked Sites is for your convenience only and does not imply any endorsement of the content on such websites by LFS. The materials on any Linked Site are the responsibility of the operator of the Linked Site and you link to any such Linked Site at your own risk.
7. Indemnity
You indemnify, defend and hold harmless, LFS and its directors, officer's agents, employees and Related Bodies Corporate, with respect to any claim, demand, cause of action, liability, loss, damage, expense (including legal fees) and cost incurred by you or a third party as a result of any error in any information, opinion or recommendation in this site.
8. Trademarks
All names, logos and trademarks on this website are the property of LFS. Nothing on the website should be interpreted as granting any rights to use or distribute any names, logos or trademarks of LFS without the express agreement of LFS.
TrainTrak is a registered trademark of Inspector Compliance Pty Ltd. The intellectual property of TrainTrak® is licensed to operate our business management; business administration; and office functions in relation to legal services.
9. Copyright
Copyright in this site is owned by LFS unless otherwise indicated. The site has however been developed to assist you in your personal use of the information and content of this site. You are however restricted from reproducing, transmitting or distributing the content of this site, or any part of it, in any way in any other document or materials. Should you wish to reproduce, transmit or distribute the content of this site, or any part of it, in any way in any other document or materials you must obtain the specific written content of LFS.
10. No offer or recommendation
The information contained within this site ought not to be construed as an offer, invitation or recommendation.
11. Governing Laws and interpretations
The Terms and Conditions are governed by and construed in accordance with the laws of the State of Victoria and you agree to submit to the exclusive jurisdiction of the Victorian Courts and the Federal Court.
12. Miscellaneous
If any provision of the Terms and Conditions is found to be invalid or unenforceable by a court of law, such invalidity or unenforceability will not affect the remainder of the Terms and Conditions which will continue in full force and effect.
Schedule 1: Defined Terms
-
LFS means LFS Lawyers Pty Ltd (ACN: 094 693 008) of Suite 101 “Point”, 2 Point Street Pyrmont NSW 2009.
-
LFS Website means the website located at:
www.lfslawyers.au
www.lfslawyers.com.au>
www.lfslawyers.com
www.legalfs.com.au - Prescribed Terms- Competition and Consumer Act 2010 (Cth) and all corresponding state legislation implies terms, conditions and warranties into some contracts for the supply of goods and services and prohibits the exclusion, restriction and modification of such terms.
-
Related Bodies Corporate has the meaning given in section 50 of the Corporations Act.
-
You refers to the party accepting this terms and conditions through use of and/or continued use of the LFS Website.
Schedule 2: Attributions
Image 1 on the homepage of this website is a derivative of an image by Jimmy Baikovicius, used under CC BY-SA 2.0. Derived image 1 is licensed under CC BY-SA 2.0 by LFS Lawyers Pty Ltd.
Image 2 on the homepage of this website is a derivative of an image by the euskadi 11, used under CC BY-SA 2.0. Derived image 1 is licensed under CC BY-SA 2.0 by LFS Lawyers Pty Ltd.
Image 3 on the homepage of this website is a derivative of an image by Nicki Mannix, used under CC BY 2.0. Derived image 3 is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image 4 on the homepage of this website is a derivative of an image by Takashi Hososhima, used under CC BY-SA 2.0. Derived image 4 is licensed under CC BY-SA 2.0 by LFS Lawyers Pty Ltd.
Image 5 on the homepage of this website is a derivative of an image by Kool Cats Photography over 5 Million Views, used under CC BY 2.0. Derived image 5 is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name client.png on the "Our Clients" page of this website is a derivative of an image by Pic Basement, used under CC BY 2.0. Derived image with file name client.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name office.png on the "Our People" page of this website is a derivative of an image by Ted Eytan, used under CC BY-SA 2.0. Derived image with file name office.png is licensed under CC BY-SA 2.0 by LFS Lawyers Pty Ltd.
Image with file name reflect.png on the "Our Approach" page of this website is a derivative of an image by Thomas Leth-Olsen, used under CC BY-SA 2.0. Derived image with file name reflect.png is licensed under CC BY-SA 2.0 by LFS Lawyers Pty Ltd.
Image with file name mission.png on the "Mission Statement" page of this website is a derivative of an image by Maryland GovPics, used under CC BY 2.0. Derived image with file name mission.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name library.png on the "Financial Services Law" page of this website is a derivative of an image by Samir Luther, used under CC BY-SA 2.0. Derived image with file name library.png is licensed under CC BY-SA 2.0 by LFS Lawyers Pty Ltd.
Image with file name arms.png on the "Financial Services Law" page of this website is a derivative of an image by Alan Isherwood, used under CC BY 2.0. Derived image with file name arms.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name library22.png on the "Financial Services Law" page of this website is a derivative of an image by Padraic, used under CC BY-SA 2.0. Derived image with file name library22.png is licensed under CC BY-SA 2.0 by LFS Lawyers Pty Ltd.
Image with file name diary.png on the "Financial Services Law" page of this website is a derivative of an image by Barnaby Dorfman, used under CC BY 2.0. Derived image with file name diary.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name highcourt.png on the "Financial Services Law" page of this website is a derivative of an image by Alan Isherwood, used under CC BY 2.0. Derived image with file name highcourt.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name uni.png on the "Financial Services Law" page of this website is a derivative of an image by 準建築人手札網站 Forgemind ArchiMedia, used under CC BY 2.0. Derived image with file name uni.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name court.png on the "Corporate & Commercial Law" page of this website is a derivative of an image by AJ Batac, used under CC BY 2.0. Derived image with file name court.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name books1.png on the "Corporate & Commercial Law" page of this website is a derivative of an image by opensource.com, used under CC BY-SA 2.0. Derived image with file name court.png is licensed under CC BY-SA 2.0 by LFS Lawyers Pty Ltd.
Image with file name library33.png on the "Contract Negotiation" page of this website is a derivative of an image by 準建築人手札網站 Forgemind ArchiMedia, used under CC BY 2.0. Derived image with file name library33.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name scales.png on the "Contract Negotiation" page of this website is a derivative of an image by Michael Coghlan, used under CC BY-SA 2.0. Derived image with file name scales.png is licensed under CC BY-SA 2.0 by LFS Lawyers Pty Ltd.
Image with file name dice.png on the "Property Law" page of this website is a derivative of an image by Images Money, used under CC BY 2.0. Derived image with file name dice.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name sale.png on the "Property Law" page of this website is a derivative of an image by Mark Moz, used under CC BY 2.0. Derived image with file name sale.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name agent.png on the "Property Law" page of this website is a derivative of an image by Mark Moz, used under CC BY 2.0. Derived image with file name agent.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name tax.png on the "Debt Recovery & Enforcement" page of this website is a derivative of an image by Ken Teegardin, used under CC BY-SA 2.0. Derived image with file name agent.png is licensed under CC BY-SA 2.0 by LFS Lawyers Pty Ltd.
Image with file name will.png on the "Estate Planning" page of this website is a derivative of an image by Ken Mayer, used under CC BY 2.0. Derived image with file name will.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name old.png on the "Estate Planning" page of this website is a derivative of an image by Vinoth Chandar, used under CC BY 2.0. Derived image with file name old.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name code.png on the "Estate Planning" page of this website is a derivative of an image by Archives New Zealand, used under CC BY-SA 2.0. Derived image with file name code.png is licensed under CC BY-SA 2.0 by LFS Lawyers Pty Ltd.
Image with file name books2.png on the "Estate Planning" page of this website is a derivative of an image by Karen Roe, used under CC BY 2.0. Derived image with file name books2.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name manuscript.png on the "Estate Planning" page of this website is a derivative of an image by damn_unique, used under CC BY-SA 2.0. Derived image with file name manuscript.png is licensed under CC BY-SA 2.0 by LFS Lawyers Pty Ltd.
Image with file name supreme.png on the "Estate Planning" page of this website is a derivative of an image by Roman Boed, used under CC BY 2.0. Derived image with file name supreme.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name court2.png on the "Estate Planning" page of this website is a derivative of an image by Tracie Hall, used under CC BY-SA 2.0. Derived image with file name court2.png is licensed under CC BY-SA 2.0 by LFS Lawyers Pty Ltd.
Image with file name question.png on the "Estate Planning" page of this website is a derivative of an image by www.audio-luci-store.it, used under CC BY 2.0. Derived image with file name question.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name contact.png on the "Contact Us" page of this website is a derivative of an image by Johan Larsson, used under CC BY 2.0. Derived image with file name contact.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name career.png on the "Career Opportunities" page of this website is a derivative of an image by BI Watercooler, used under CC BY 2.0. Derived image with file name career.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name 001.png on the "About Us" page of this website is a derivative of an image by Highways England, used under CC BY 2.0. Derived image with file name 001.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Image with file name court3.png on the "Useful Links" page of this website is a derivative of an image by Davidlohr Bueso, used under CC BY 2.0. Derived image with file name court3.png is licensed under CC BY 2.0 by LFS Lawyers Pty Ltd.
Commercial
Our skilled team of commercial lawyers is able to provide high level accessibility and responsive services to clients.
Our goal is to protect your commercial interests whilst achieving the optimum result for your business in negitations with third parties.
We accept the challenge of providing our clients transparency and control over their legal process.
Contact LFS if you need to consider your commercial needs at enquiries@lfslawyers.au
Company Incorporation
LFS can attend to the registration of your company with ASIC With our specialist knowledge of laws governing company incorporation.
You can be sure to get accurate advice and superior service.
Contact LFS if you need to consider incorporating a company at enquiries@lfslawyers.au
Representative Agreements
Every financial planner has executed either an Authorised Representative Agreement to cement their rights and responsibilities as required by their Licensee.
LFS provides customised contracts that cover all legislative and compliance requirements.
By including clauses such as indemnity and commissions we protect Licensees from any future litigation or regulatory matters.
Contact LFS if you need to consider reviewing your Representative Agreements at enquiries@lfslawyers.au
Commercial Agreements
We pride ourselves on our expertise in negotiating and documenting complex commercial agreements, including:
- Joint Ventures
- Heads of Agreement
- Partnership Agreements
- Distribution and Supply Agreements
- Acquisition and Sale of Business Agreements
- Employment and Workplace Agreements
- Franchise Agreements
- Confidentiality Agreements
- Licence Agreements
- Business Succession Deeds
- Consultancy Agreements
- Referral Agreements
Commercial Sales & Purchases
We have proven expertise in the preparation, negotiation and completion of contracts for sale. We act for developers, property owners, purchasers and property trusts. Contracts of sale often involve complex issues and we have experience in advising clients in all relevant areas. We adopt a consistent commercial approach to assist our clients to achieve their desired outcomes.
If you wish to occupy or demolish the building/premises prior to settlement date, we can negotiate with the Vendor to have a clause giving right to early possession of the property inserted into the Contract of Sale. This will allow you to start working on your commercial projects without having to wait until settlement date.
Commercial & Retail Leasing
We act for both landlords and tenants in the preparation and negotiation of leases and agreements for leases, sub-leases, assignments of lease and other related lease documents. Our leasing practice covers leasing of retail, industrial and commercial buildings.
Whether you intend to lease a property for commercial or retail use or you wish to find tenants to occupy your commercial space, there are certain things about commercial or retail leases you will need to know before you enter one. Below are some issues you should consider:
Special Clauses
Commercial and retail leases typically contain special clauses stating what activities can go on, who is permitted on the site, safety and security concerns, privacy rights and landlord access rights, as well as other business-specific clauses. These clauses may restrict the type of work and activity that may be undertaken at the premises.
Option for renewal
The landlord may grant the tenant an option to renew the lease. Generally, an option gives the tenant the right to renew the lease for a set period of time as set out in the lease. In such cases, the landlord is bound to accept any renewal for the option period, provided the tenant complies with the terms of the lease to exercise that option.
The tenant is not bound to exercise the option and whether or not the lease is renewed is completely up to the tenants' discretion. It is particularly useful where the tenant wants to have the security of a long-term lease, but not necessary commit to one.
Security
Tenants entering into a commercial or retail lease typically have to provide some form of surety to the landlord to cover the risk of their defaulting on the lease or the landlord having to 'make good' the premises when the tenant leaves the premises. This is usually in the form of a Bank Guarantee or Deposit Bond, equivalent to a certain number of months' rent.
Residential Sales & Purchases
In addition to our work for developers and companies, we also act for individuals in their domestic residential sales and purchases. We prepare, negotiate and complete residential contracts as well as advising on subdivisions and owners corporations.
Whether you are the vendor or the purchaser, some things to consider when entering into a Contract of Sale are:
Cooling Off Period - Victoria
In Victoria a purchaser who signs a Contract of Sale of real estate can terminate the contract within 3 clear business days from the day the purchaser signed it.
The sale must be for land other than land used primarily for commercial or industrial purposes, and land larger than 20 hectares used primarily for farming.
In addition to these restrictions, there is no cooling off right if:
- The sale is at or within 3 clear business days before or after a publicly advertised auction;
- The parties have previously entered into a contract for the same property in similar circumstances; and
- The purchaser is an estate agent or a corporate body (e.g. a company).
Cooling Off Period - New South Wales
In NSW a purchaser who signs a Contract of Sale of real estate can terminate the contract within 5 clear business days from the day of exchange.
There is no cooling off period in relation to a contract for the sale of residential property if:
- at or before the time the contract is made, the purchaser gives to the vendor a section 66W certificate; or
- the property is sold by public auction, or
- the contract is made on the same day as the property was offered for sale by public auction but passed in, or
- the contract is made in consequence of the exercise of an option to purchase the property.
Early release of deposit - Victoria
Generally the real estate agent will hold onto the deposit from the sale of a property in their trust account pending settlement. However in Victoria, the vendor may have a Section 27 Statement prepared, effectively giving the vendor access to the deposit funds prior to settlement, upon certain requirements being met.
In practice, the vendor has to provide the purchaser with details of any mortgage or caveats affecting the property in the form of a Section 27 Statement. The purchaser must be satisfied that the amount owing against the property is low enough to be covered by the balance of purchase funds payable at settlement , all conditions of the Contract have been fulfilled, and the purchaser has signed and returned the Section 27 Statement to the vendor as confirmation that release has been approved.
Rescission
In general terms, rescission refers to the cancellation of a contract. Where one party has breached the contract, a Rescission Notice may be served on the other party. It is a formal document which states the nature of breach, and declares that the offending party has 14 days within which to remedy the breach, failing which the aggrieved party may enforce the contract, or cancel the contract and keep the deposit, which is forfeited due to the breach.
'Off the plan' contracts
Many developments are sold 'off the plan'. This means that the contract for the purchase of the lot (whether land or a unit in a building) is entered into before the title to the lot is created and a building is constructed. Importantly, buying 'off the plan' is considered a commercial investment and has risks and benefits attached that are not normally attached to buying established property. Legal advice is strongly recommended when buying property 'off the plan'. LFS has acted for many vendors and purchasers of 'off the plan' contracts so feel free to contact our office to discuss any queries.
Property Certificates
These are certificates from statutory bodies that provide certain information that must be disclosed to the purchaser prior to the sale. Whether you are the vendor or the purchaser, it is necessary for LFS to order property certificates on your behalf. The vendor has an obligation to include up-to-date property certificates in the Vendor's Statement. If not, the purchaser may be able to rescind the Contract.
The purchaser also requires property certificate to provide certain details about the title and property that ensure there is nothing unexpected at a later stage.
Wills
A Will is a written document that sets out what you want to happen to your estate (essentially everything you own) after you die. It is possibly one of the most important decisions on your life. There is a range of wills that may be appropriate to your needs.
Standard Will
Our standard Will is the most common type of Will. It leaves your estate (essentially everything you own) to your spouse or partner, if that person is alive at your death.
If your spouse or partner is not alive at your death, then your estate will pass on to your children, when they turn at least 18 years old (or an age you specify).
If your children are not of age, the executor will hold your estate until they become of age. If a child of yours also passes away (whether before you or after you) leaving a child or children, then that child or children will receive your deceased child’s share of the estate.
Whilst the child is not of age, the executor has the ability to advance funds to the beneficiary for the purpose of education or advancement.
If you die before your spouse and have no children, then your siblings receive all of your estate, however if they predecease you, then your parents receive your estate.
Tailored Will
Our Tailored Will gives you the flexibility to choose who gets specific assets (i.e your antique brooch). You can even leave your assets, or particular assets to your preferred charity or charities.
Some people also want to make sure that their treasured possessions such as war medals are left in the right hands.
Again, it is typical to leave your estate to your spouse or partner and then your children and so on. This is your choice.
You should note, that you do not have to divide the estate equally between your children. You might want to leave one child more than the other, as consideration for care they will provide you in latter years.
At the same time, you might want a particular person to receive a nominal part of your estate. You need to be careful not to leave anyone out of your Will, as they may be able to contest the Will (and hence why you ensure nominal accounts are left to those persons).
Mission Statement
Our mission is to provide our clients with technically superior and commercially efficient legal solutions to enable them to achieve the best outcomes.
With the majority of our clients being corporate entities, we understand the importance of protecting their legal interests and, we commit to adding real commercial value to their business and/or investments.
FAQ - Wills
Why have a Will?
By having a Will you can be assured that the person you would like to care for, are cared for. The assets are distributed by the person you nominate to look after your estate. The disadvantages of not having a Will are that:
- You have no control over the distribution of your estate;
- Partners, step-children, friends and your nominated charities may not receive a share;
- You will not have the opportunity of appointing a guardian for your children; and
- Your estate may be administered by someone you would not want to appoint.
What happens if I die without leaving a Will?
If you do not have a Will or do not have a VALID Will, you are considered as having died “intestate”. Refer to section on INTESTATE.
Am I eligible for a Will?
Any person over the age of 18 can have a Will, so long as they also have the mental capacity to know how they want to divide their current and future assets.
What is “my estate”?
Your estate is essentially everything you own. Your assets include your house, land, car, shares, insurance policies, superannuation entitlement, money and any other goods you might own at the time of your death.
When it comes to real estate you need to be careful, because jointly held real estate on your death automatically passes to the person you purchased the property with. This happens when you own property as Joint Tenants (these words are not normally printed on the back of the Certificate of Title but are implied).
Also, if you have superannuation, whilst it may form part of the estate, the trustees of the Superannuation Fund are not bound by your Will. Ask your Financial Planner on how to make a binding nomination.
What is an Executor and who should that be?
An Executor is the person who will ensure that your wishes are carried our according to your Will.
In a Standard Will, that person is your spouse or partner. In a Tailored Will, you may nominate any person you desire.
You should also have a second-younger person (however that person must be over 18 years of age) – nominated as your subsequent Executor. The reason is that our Wills are designed for multiple generations. This way you will not need to change your Will purely because the Executor has passed away.
What if I am in a defacto relationship or intend marrying?
There are legal reasons why you need to advise us of this. The Will needs to be made “in contemplation of this marriage or relationship” otherwise that person may be able to contest the Will at a latter date.
What if my spouse or partner dies before I do?
Your will, whether a Tailored Will or a Standard Will, can cater for this. We recommend that any Will prepared takes your children and grandchildren into account as future beneficiaries.
So, you do not need to change your Will, only specify who else will get a share of your assets.
How old should my children be before they receive their inheritance?
Most people work hard for their money. To hand over an inheritance to a person of 18 years of age may see your life’s work whittled down rapidly. We suggest a more mature age of 25, however this is your choice. The age you decide the child should become entitled to his or her inheritance is your choice.
Remember, with our Wills, that does not mean that the child or children will not have access to your funds, they will. But they will have access to funds at the Executor’s discretion, normally if it is to help the child’s education or personal improvement.
What if one of my children dies before I do?
Your Will, whether a Tailored Will or a Standard Will, can cater for this.
Typically people decide that a deceased child’s share be divided equally amongst any children of that deceased child. If however there are no children of the deceased child, then the share is divided amongst your remaining living children.
What if I die without a spouse (or partner), children or grandchildren?
Your Will, whether a Tailored Will or a Standard Will, can cater for this. Typically your siblings and then your parents receive your estate.
What does it mean when people contest the Will?
An example is if the Will was not drafted properly, and key people who may have an interest in your estate are left out of the Will (without any mention). They may start legal action for a share of the estate.
Can there be any type of legal action over my estate?
Yes, there are many types of action that could commence.
One of the most common actions is when the executors argue about who gets what from your personal estate or what to do with your estate. The easiest thing to do is to sell everything. But this is not always the most viable action to take.
That is why, if you agree, the Executor must consult your Financial Planner before any assets are sold. Since you have a Financial Planner who may have looked after the assets of your estate and should have an understanding of your desired goals, we see that person as a good source of information, especially if the estate passes to as spouse, partner or child who may have little understanding of investments and property.
What happens after I complete the application form?
We consider your instructions and any special comments in preparing your Will.
If we need to clarify any aspect of your application, we will telephone or email you.
What happens after I receive my will from LFS?
You will receive your Will in the mail. If any changes are required please contact LFS. We are more than happy to accommodate your needs.
Instructions on how to have the Will witnessed are enclosed with your Will. There are special rules for this, so please read the instructions carefully or see your Financial Planner for assistance.
In short, you need to have two witnesses present when signing your Will and then the witnesses must also sign the Will. The Will must be signed by all three people at the same time and place.
Once the Will has been signed, where should I store it?
We will provide you with three copies of your Will, sign all three copies.
We recommend that one copy is kept with you, one should be with your Executor and one should be kept by LFS or your Financial Planner
How often should I review my Will?
Your Will, whether a Standard Will or a Tailored Will, is comprehensive and will not need to be changed unless one of the following events occur:
- Your Executor passes away before you do;
- Your Spouse passes away;
- You Marry, Divorce or Separate, or Re-Marry; or
- You want to change who is to benefit from your Estate, or the amounts they are to benefit from.
Probate
Probate is the process of officially proving the validity of a Will, that is, establishing the validity of the Will as the last Will of the deceased. A Grant of Probate is issued in cases where the deceased's last Will is proved by one or more Executors named in the will.
Probate is accomplished by an executor/executrix, who is paid a fee based on the size of the estate that passes through the will. A number of procedural requirements must be undertaken to ensure that the distribution of the estate is correct.
At LFS we help executors through the process in an efficient and seamless manner.
Testamentary Trust
A Testamentary Trust is an extension to your Will. The reason why people prefer to have a Will and a Testamentary Trust, is because it places your assets in Trust, rather than giving the assets to your spouse or partner and then to other beneficiaries.
But what are the benefits of a Testamentary Trust? A Testamentary Trust allows you to alter the manner in which your assets are held. The main benefit is that it gives you greater flexibility to ensure that you minimise any tax and bankruptcy implications and takes advantage of any tax benefits and social security implications.
Discretionary testamentary trusts can be an effective tool to make distributions to beneficiaries in a manner and proportion to properly reflect their respective personal and financial situations. A well-drafted trust document will provide the trustee with discretion to allocate income, taking into account in those situations.
Because the trustee of a trust is the legal owner of assets for the underlying beneficial owners of the assets, testamentary trusts, like other trusts, are useful for structuring ownership arrangements in order to maximise benefits such as taxation rates and social security entitlements.
Of particular benefit, is that children will not be taxed as minors in regard to the distributors from the testamentary trust and will have the benefit of the tax-free threshold and low-income earners rebate (providing they do not receive any other income).
Privacy Statement
Your rights to privacy
LFS is not obliged to comply with the Privacy Act 1988 (Cth) which regulates, among other things, the collection, storage, quality, use and disclosure of personal information.
LFS will nevertheless endeavour to comply with the Privacy Act 1988 (Cth).
LFS, where possible and convenient, abides by the Australian Privacy Principles as outlined in Schedule 1 of the Privacy Act 1988 (Cth) as amended. Our aim is to both support and ensure that we comply with these principles. Further information on privacy in Australia may be obtained by visiting the website of the Office of the Australian Information Commissioner ("OAIC").
LFS’s policy is known to change in accordance with amendments to the privacy legislation and our business practices. Best efforts will be made to alert you of any changes. At all times the most up to date version of our Privacy Policy will be available from the homepage of our website, free of charge. Should you require a copy of our Privacy Policy in an alternate format please feel free to contact us directly.
Collection of personal information
LFS collects personal information submitted by you for the purpose of providing a requested service. The collection of personal information in all instances will be directly related to and necessary for the provision of services unless otherwise permitted under Australian law.
Personal information is defined as any information or opinion about an identified individual, or an individual who is reasonably identifiable. It does not matter whether the information or opinion is true or correct and whether the information or opinion is recorded in a material form.
LFS will only collect personal information directly from an individual unless previous consent has been obtained to collect from another, however, it may be considered unreasonable or impracticable to do so. In some instances LFS may be required or authorised by law or a court/tribunal order to collect personal information about an individual from another.
If LFS collects the personal information from someone other than directly from the individual, it will be done so in accordance with the APP’s and the individual will be made aware of that collection and the consequences of doing so.
Information collected for a primary purpose by LFS will not be used or disclosed for a secondary purpose unless the individual has consented to its use or disclosure or it is permitted to do so under Australian law.
Collection and storage of personal information
LFS collects personal information directly from you. This is information either provided voluntarily or as fairly and lawfully requested by LFS. Information is collected solely for the provision of a requested and or future service. All personal information collected is either maintained securely in hard based format or electronically.
Without your consent we will not collect information about you that reveals your racial or ethnic origin, political opinions, religious or philosophical beliefs or affiliations, membership of professional or trade association, membership of a trade union, details of health, disability, sexual orientation, or criminal record.
Purpose of maintaining and disclosing maintained personal information
LFS will only maintain personal information on file for the purpose of providing legal services. This is done so in accordance with our engagement agreement with you. We will not provide or disclose any personal information to a third party without your prior consent. Personal information freely provided by means of inquiry or initial contact with LFS is respected and treated as if similar such agreements had been entered.
Collection of clickstream and other information
When you browse our website, our service provider logs the following information for statistical purposes - your server address, top level domain name (eg .com, .gov, .biz, .net, .au, etc.), the date and time of your visit, the pages accessed (and duration you remained in each page), documents downloaded, the previous site visited and the type of browser used.
We will not try to identify users or their browsing activities except, in the event of an investigation, where a law enforcement agency may exercise a warrant to inspect the service provider's logs.
Cookies
Our public website maintains a single cookie on your computer. This records your acceptance and acknowledgment of our Privacy Policy and Cookie Policy as observed in our notification banner. By allowing us to collect your acceptance and acknowledgment preference, we will not have to interrupt your next visit to our site with the banner notification. You may browse our public website anonymously should your internet browser allow. Please refer to your browser’s instructions on how to enable these settings.
Access to and alteration of records containing personal information
You have a right to access and alter your personal information, subject to certain exceptions allowed by law. We ask that you provide your request for access in writing (for security reasons) and we will provide you with access to that personal information. Access to the requested personal information may include:
- providing you with copies;
- providing you with the opportunity for inspection; or
- providing you with a summary.
If charges are applicable in providing access to you, we will disclose these charges to you prior to providing you with the information.
Some exceptions exist under law where we will not provide you with access to your personal information. Should we refuse you access to your personal information, we will provide you with a written explanation for that refusal.
Information quality
LFS takes all reasonable precautions to ensure that the personal information we collect, use and disclose is accurate, complete and up-to-date, however, when you provide information to us via the internet, we rely on the accuracy of that information.
To ensure we can maintain the accuracy and completeness of your information, we recommend that you:
- inform us of any errors in your personal information as soon as possible; and
- update us with any changes to your personal information as soon as possible.
Should LFS correct personal information about an individual that we previously disclosed to another APP entity and the individual requests LFS to notify the other APP entity of the correction, we will do so in accordance with Australian law, provided it is practicable to do so.
LFS will provide a response to your request within a reasonable period of time and correct your personal information if it is reasonable and practicable to do so.
Some exceptions exist under law where we will not correct personal information as requested by the individual. Should we refuse correction of your personal information, we will provide you with a written explanation for that refusal outlining the reasons for the refusal, the mechanisms available to complain about the refusal and any other matter prescribed by Australian law.
Anonymity and pseudonymity
Individuals have the option of communicating with LFS via a pseudonym, or anonymously, where it is lawful and practicable to do so.
Unsolicited personal information
Unsolicited personal information provided to LFS will be assessed as to whether it was collected in accordance with the APP’s. If it is determined, within a reasonable period, that LFS could not have collected the personal information it will be destroyed or de‑identified if it is lawful and reasonable to do so.
Direct marketing
LFS will not use or disclose personal information for the purpose of direct marketing unless one of the following exceptions is applicable:
- the individual would reasonably expect LFS to use or disclose the information for that purpose;
- LFS provides a simple means by which the individual may easily request not to receive direct marketing communications from the organisation;
- to meet an obligation under a contract or arrangement with the individual;
- the individual has made such a request to LFS; or
- the individual has consented to the use or disclosure of the information for that purpose of direct marketing.
Government identifiers
LFS will not adopt a government related identifier of an individual as its own identifier of the individual unless the adoption of the government related identifier is required or authorised by or under an Australian law or a court/tribunal order or the use or disclosure of the identifier is reasonably necessary for LFS to verify the identity of the individual for the purposes of LFS’s activities or functions. Should we adopt a government related identifier of an individual as its own identifier it will be done so strictly in accordance with Australian law.
Information storage and security
LFS takes precautions, reasonable under the circumstances, to securely protect personal information collected from the individual. Personal information is protected from misuse, interference and loss and from unauthorised access, modification or disclosure.
Physical files and collected personal information is securely stored on office premises under lock and key and only accessible by those who are required and authorised to do so.
Electronic personal information is stored in transmission logs, secure databases and network hard disks and encrypted where practicable to do so. The information is only accessible via secure login permissions and by those required to access personal information. Where appropriate, our website provides a secure environment by using Secure Sockets Layer (SSL). This establishes a session, and encrypts all traffic, between our web server and your browser. Data security is monitored constantly and undergoes a review upon the implementation of new technologies and procedures.
Personal information is archived for a period of 7 years under legislative requirements. After this time any collected information will be destroyed and or de-identified.
Use and disclosure of information
We will only use your personal information (including your e-mail address) for the purpose for which you have provided it, eg for responding to your query or provide further information regarding developments. We will not use it for any other purpose, nor will we disclose it, unless with your consent or in other circumstances where such use or disclosure is permitted under the Privacy Act 1988 (Cth).
Transborder data flow
LFS operates throughout Australia and overseas, as part of our operations some uses and disclosures of your information may occur outside your State or Territory and/or outside of Australia. In some circumstances we may need to obtain your consent before this occurs.
Risks of using the internet
You should note that there are security risks in transmitting information via the internet. You should assess these potential risks when deciding whether to use our online services. If you do not wish to transmit information via our website, there are other ways in which you can provide this information to LFS.
Complaints resolution
If you have any questions about privacy, complaints about breach of privacy, or a request to access personal information, please contact:
LFS Lawyers Pty Ltd
GPO Box 1194
Sydney NSW 2001
Australia
Tel: (+612) 9046 8399
Email: privacy@lfslawyers.au
FAQ - Testamentary Trusts
What is a Testamentary Trust?
A Testamentary Trust is part of your Will. Through your Will a trust is created. To complete this document, you should also read the Will section of this site.
Why have a Testamentary Trust instead of a Will?
As discussed above, a Testamentary Trust forms part of your Will. A Testamentary Trust however gives you a greater choice as how your assets or the income from your assets will be distributed.
But moreso, a Testamentary Trust gives your Trustee the flexibility to maximise taxation and, if applicable bankruptcy and social security matters. What this means is that for example, if a person is bankrupt, the Trustee has the discretion not to give that person your asset (which would have otherwise gone straight to the creditors), but instead give that person the benefit of the income from that asset. In relation to social security, the asset might not pass to the person and therefore still qualify for any social security benefit.
What is the difference between a Standard Trust and a Tailored Trust?
Essentially the difference is in the Will section. A Tailored Trust gives you the benefits of a Tailored Will, whereby you can make gifts to people or leave specific articles to specific people and of course document what funeral arrangements you want.
If the beneficiaries are under 18 years of age, will they be taxed?
There is no way of avoiding tax but maximising the benefits. Minors will have the benefit of the tax-free threshold and low income earners rebate (providing they do not receive any other income) but your financial planner can tell you more about this.
What happens after I complete the application form?
We consider your instructions and any special comments so as to prepare your Testamentary Trust. If we need to clarify any aspect of your application, we will telephone or email you. Once completed, we will send the Testamentary Trust to you.
What happens after I receive my Testamentary Trust from LFS?
You will receive your Testamentary Trust in the mail or by email as instructed. Together with your Testamentary Trust are instructions as how to have the Testamentary Trust witnessed.
There are special rules for this, so please read the instructions carefully or see your Financial Planner for assistance. In short, you need to have your two witnesses present when signing your Testamentary Trust and then the witnesses are to also sign the Testamentary Trust. So the Testamentary Trust is signed by all three people at the same time and place.
Once the Testamentary Trust has been signed, where should I store it?
We will provide you with three copies of your Testamentary Trust. We recommend that one copy is kept by you, one should be with your Executor and one should be kept by LFS or your Financial Planner.
Letters of Administration
Where the deceased has left no Will or the executor named in a Will is unable or unwilling to serve, the courts must appoint an administrator. This appointment is made by issuing a short document called Letters of Administration, which is a decree that serves as evidence of the administrator's authority.
At LFS we help administrators through the process of applying for Letters of Administration and distributing the estate.
Intestate
Intestate - Victoria
In Victoria, if you don’t have a Will or don’t have a VALID Will, your property will be distributed to your ‘next of kin’ (essentially your family) as set out in the Administration and Probate Act 1958 (Vic). If this is the case, then there is a law which specifies how your estate will be distributed.
As a guide, the way it is divided is as follows:
If you had a spouse OR partner, that person will receive
- The first $100,000
- The Personal Chattels
- One-third of the balance of your Estate
- The right to purchase the home you both lived in (at market value)
If you had a spouse AND a partner, those persons will receive
- The amount specified above will be shared between them
- The respective share is dependent on the amount of time each person was with you as specified by the legislation
Your children will receive
- The remaining two-thirds of your Estate equally between them
If you did not have a spouse, partner or children
- Your Estate will be given to your parents if alive, then to your brothers and sisters, nieces and nephews, grandparents and in some cases cousins
- If no relatives (including distant relations) can be found then the government will inherit your Estate
DISCLAIMER: The above information is a guide only and is not intended to be relied upon as legal advice.
Intestate - New South Wales
In NSW, if you don’t have a Will or don’t have a VALID Will, your property will be distributed to your ‘next of kin’ (essentially your family) as set out in the Succession Act 2006 (NSW). If this is the case, then there is a law which specifies how your estate will be distributed.
As a guide, the way it is divided is as follows:
If you had a spouse but no children
- The spouse will inherit your whole Estate
If you had a spouse and children with your spouse
- The spouse will inherit your whole Estate
If you had a spouse and children not of that spouse
- The spouse will inherit:
- the personal effects (if any)
- $350,000 & interest (if applicable)
- one-half of the estate (excluding any personal effects and the $350,000)
- Your children will receive the residue of the estate
If you had more than one spouse but no children with either spouse
- The spouses will inherit your whole Estate in shares determined in accordance with the Succession Act 2006 (NSW) or court order
If you had more than one spouse but children with any spouse
- The spouses will inherit your whole Estate in shares determined in accordance with the Succession Act 2006 (NSW) or court order
If you had children but no spouse
- Your whole Estate shall be held in statutory trust for your children
If you did not have a spouse or children
- Your Estate will be given to your parents if alive, then to your brothers and sisters, nieces and nephews, grandparents and in some cases aunts, uncles and cousins
- If no relatives (including distant relations) can be found then the government will inherit your Estate
DISCLAIMER: The above information is a guide only and is not intended to be relied upon as legal advice.
Power of Attorney
Power of Attorney - Victoria
Powers of attorney and guardianship are legal documents that allow decisions to be made that take into account your wishes, if you are not able to make them for yourself.
You can choose a person to act on your behalf to make these decisions. There are a few different types of powers of attorney you can make:
- A General Power of Attorney is one which appoints someone to make financial or legal decisions for you, usually for a specific period of time; so long as you have the mental capacity to do that act (i.e. if you get Alzheimer’s disease the Attorney cannot act on your behalf).
- An Enduring Power Of Attorney (Financial) is one which appoints someone to make financial or legal decisions for you and continues even if you don’t have the capacity to do that act (i.e. suffer a paralyzing stroke will not stop your Attorney from acting on your behalf).
- As with a General Power of Attorney, the Enduring Power of Attorney can either be unlimited in its powers (allow the person to do anything you could legally do) or authorise specific powers (buy or sell shares or sign application form for managed funds).
- An Enduring Power Of Attorney (Medical Treatment) appoints someone to make medical decisions on your behalf if you cannot make that decision yourself (i.e. authorise medical treatment after a serious accident).
- A Supportive Attorney gives power to the person they appoint to access information from third parties (such as hospitals, banks and utility providers), to communicate their decisions and to give effect to (act on) their decisions.
Power of Attorney - New South Wales
Powers of attorney and guardianship are legal documents that allow decisions to be made that take into account your wishes, if you’re not able to make them for yourself.
You can choose a person to act on your behalf to make these decisions. There are a few different types of powers of attorney and a power of guardianship you can make:
- A General (Or Ordinary) Power Of Attorney is one which appoints someone to make financial or legal decisions for you, usually for a specific period of time; so long as you have the mental capacity to do that act (i.e. if you get Alzheimer’s disease the Attorney cannot act on your behalf).
- Enduring Power Of Attorney is one which appoints someone to make financial or legal decisions for you and continues to operate after the principal has lost mental capacity. An enduring power of attorney can be made on the same form as an ordinary power of attorney. However, an enduring power of attorney has some additional requirements, notably that he attorney has to sign the form to show that they consent to act.
- Enduring Guardianship is one which appoints someone to make personal decisions on your behalf, such as where you should live and what medical treatment and services you should receive.
Your Power Of Attorney must be registered if your attorney is going to sell, mortgage, lease or otherwise deal with your real estate on your behalf. Otherwise, it is not necessary to register it. The benefits of registration are that:
- The Power Of Attorney will be on record as a public document.
- The document will be safe from loss or destruction.
- It will be more easily accepted as evidence that your attorney is allowed to deal with your money and assets.
Note that people of any age (not just older people) can make an enduring power of attorney. However, you must be over 18 years of age to appoint enduring guardian(s). At the time you appoint an enduring guardian, you must have the mental capacity to understand what you are doing.
DISCLAIMER: The above information is a guide only and is not intended to be relied upon as legal advice.
FAQ - Power of Attorney
Do I need to be an adult before I can give a Power of Attorney?
Yes, you must be at least eighteen before you can give a Power of Attorney.
How is my Power of Attorney Cancelled?
You can revoke a Power of Attorney by signing a Revocation of Power of Attorney.
You can revoke a Power of Attorney at any time, provided you are not mentally incapacitated. If you are mentally incapacitated, you cannot revoke an Enduring Power of Attorney (a General Power of Attorney automatically stops when you become mentally incapacitated).
Where do I keep my Power of Attorney?
The person you grant a Power of Attorney should keep it in a safe place at all times. Otherwise you may want your Financial Planner to keep the original and make it available as needed.
Can my financial planner be my Attorney?
Generally speaking, it is not recommended to appoint your financial planner as your Attorney. There are two primary reasons for this. Firstly, this is because most financial planners are restricted from having “care, custody, or control of” your assets. Secondly, it is not wise to grant that much authority to a contracted person, irrespective as to how long you have known the person.
Graduate Traineeship
Our Program
We offers a graduate traineeship where you will be given rotations through each of the key practice areas of our firm. You will work under the direction and guidance of a supervising lawyer, however other solicitors will also assist you in your professional development.
As a trainee and throughout your career with LFS, you will be exposed to a variety of learning opportunities. From the outset you will become an integral part of a practice area and will be involved in challenging and stimulating work which will help you develop the practical skills required to become a good lawyer.
Practice Areas
We practice in a number of areas but have a particular focus on commercial and financial services law. As a trainee with LFS you will be predominantly involved in the areas of property law, commercial litigation, financial services law and estate planning.
Hands-on approach
We adopt a practical hands-on approach meaning that our trainees are not just assistants but will handle files from start to finish and will have direct contact with clients. As a trainee you will have the opportunity to attend meetings with clients, draft letters and documents, undertake research and participate in projects. Your level of responsibility and involvement is high and we will provide you with guidance and feedback throughout the process to allow you to grow and develop your career.
Approachable staff
We are dedicated to achieving excellence for our clients as well as for our staff and we strive to provide our trainees with open communication and feedback. Our senior staff are accessible and approachable and are open to fresh views and ideas. We endeavour to provide a work environment that supports your personal and professional development and trainees are encouraged to ask questions and to learn from those around them.
What we look for
We look for graduates with a sound academic record as well as highly developed communication skills and an interest in the fields of business and commerce. Students who have shown an interest in financial services law subjects may be favoured.
How to apply
You can apply via email to trainee@lfslawyers.au. Please include a copy of your resume, your academic transcript and a covering letter.
Experienced Lawyers
What we look for
We constantly seek to recruit experienced lawyers who are able to practice in Victoria and New South Wales. Consistent with our diverse culture, we recruit lawyers with a wide range of backgrounds.
When a position becomes available, we advertise the role on our website, contact recruitment agencies or place advertisements in the media or on the Internet. However, we are always interested in hearing from excellent candidates - that is, those with well-developed drafting skills and strong communication skills.
How to apply
You can apply via email to recruit@lfslawyers.au. Please include a copy of your resume, your academic transcript and a covering letter.
Current Vacancies
Law Student - Broaden Your Horizon
We are currently seeking enthusiastic and motivated third year law students who are keen to gain work experience in a law firm with a major practice in commercial law and particularly financial services laws. CBD.
We have various position available which allows for flexible hours.
To be eligible you must have an articulate writing style and be currently studying or have completed studies in Corporations Law.
This position would suit a law student or recent graduate looking to gain experience in a firm which is closely associated with a compliance consulting firm in the financial services industry.
The positions will include a cross-section of duties, for example:
- Legal research;
- Drafting articles on industry topics;
- Financial services research; and
- Assisting in the drafting of advice to clients in the financial services industry.
To apply for this position, email your CV and academic transcript to vacancies@lfslawyers.au. .
Family Law
Prenuptials
Prenuptials are becoming more and more common. Timing is everything and if you so choose you ought to organise a Prenuptial well before you contemplate marriage as the closer to your wedding date, considerations become whether the Prenuptial was induced by threat of postponement or not proceeding with your chosen date.
Consider your needs and circumstances as early as possible in a committed relationship
Annulment
The day has occurred and it was a memorable event. But things can change - rapidly. In the extreme event you ought to consider an annulment.
You realise the marriage should not have occurred in the first place. This is when you may seek an order that the marriage is null and void. There are specific grounds which must be met to obtain an annulment including not being “of age”, lack of consent, type of marriage or legality of the marriage ceremony.
Counselling / Mediation
A relationship is like a plate of glass. Tap it - it cracks. Polish it - it looks better but the cracks are still there. Tap it again and eventually it will break.
Consider a reputable Counsellor or mediator - one that resonates to you.
Injunctions / Restraints
You may find yourself in a situation where you need take immediate action to protect yourself, your children or your property. Whether it is preventing the sale of assets, preserving the balance of your bank accounts, or your children are at risk of harm, the key is to identify the risk and act immediately. You may be able to obtain a family / personal protection order in situations where there is or has been family violence or apprehended violence regarding you or your children’s safety.
Divorce and Separation
Divorce is formal recognition of the end of a marriage. It doesn’t address the care of your child/children nor your property settlement. It merely allows you to disassociate with your partner. Hence most people treat Divorce as the last hurdle after Parenting and Financial settlements.
Typically, divorce is a straight forward process which means you file an Application for Divorce . There can be complicating factors to a divorce such as failed to serve your partner in time, documented incorrect dates or names of your partner. The only critical issue you need to get right is that the marriage needs to be irretrievably broken down.
You need to be separated for more than 12 months before you can obtain a Divorce. There is also an additional requirement for marriage counselling if you are seeking a divorce within 2 years of being married.
Where there are children of your marriage, the Court will also need to be satisfied that parenting arrangements are in place or there are satisfactory steps being taken to satisfy the Court that the children’s welfare has been considered.
However, you can separate and proceed with a property settlement or making arrangements for your children without first obtaining a divorce.
Property and Financial
An important aspect to separating is how the property and financial matters will be divided. Consideration will need to be given to any validly executed Prenuptial Agreement. Your entitlements to a property settlement depends on the financial circumstances in your personal relationship. This process can be complicated and can be affected by issues such as parenting or care of the children. Every family unit is different, and your interests are our priority.
Prenuptials
There are various reasons as to why a person seeks an Annulment.
Essentially, they believe that, they didn’t get what they thought.
Time of is the essence and typically an Annulment is only available for a small window of time.
These instances are typically for religious issues or simply not what they thought they were getting.
Contact LFS if you need to consider your rights at enquiries@lfslawyers.au
Mediation
There are various reasons as to why a person seeks an Annulment.
Essentially, they believe that, they didn’t get what they thought.
Time of is the essence and typically an Annulment is only available for a small window of time.
These instances are typically for religious issues or simply not what they thought they were getting.
Contact LFS if you need to consider your rights at enquiries@lfslawyers.au
Injunctions & Restraints
Circumstances can change rapidly within a family unit. You might find that you need take urgent and immediate action to protect yourself, your children or your property.
If you need to stop the sale of assets, maintain or freeze bank accounts, or seek protectio for your and your children, the key is to act immediately.
Contact LFS if you need to seek and injunction or a restraint at enquiries@lfslawyers.au
Divorce or Separation
A divorce is generally procedural if you can show that the marriage has irretrievably broken down and you have been separated for more than 12 months, for a long marriage or 24 months for a short marriage.
If there are children of the marriage there are extra requirements to show that the children will be, or have been adequately provided for.
But otherwise - getting divorced is procedural.
Once divorced there are time limits you must adhere to if you also want a financial settlement.
Generally people leave the divorce process last but there are strategic benefits to seeking it early.
Contact LFS if you need to consider filing for divorce at enquiries@lfslawyers.au.
Proceeding
Your last measure is to file for an Order which relates to the division of property or money, It can also include maintenance for a partner or defacto and child support.
Before you do consider filing an application each party must make a genuine effort to resolve the dispute and comply with pre-action procedures.
As a note commencing an application can be complex and costly whereby you ought to dedicate sufficient time and remove the emotion to attempt resolve disputes.
Contact LFS if you need to consider your rights at enquiries@lfslawyers.au.
Annulment
There are various reasons as to why a person seeks an Annulment.
Essentially, they believe that, they didn’t get what they thought.
Time of is the essence and typically an Annulment is only available for a small window of time.
These instances are typically for religious issues or simply not what they thought they were getting.
Contact LFS if you need to consider your rights at enquiries@lfslawyers.au.
Going to Court
Where disputes cannot be resolved by alternative means, such as negotiation, mediation and arbitration, our commercial litigation team develops with clients a strategy that best suits resolution of their dispute in the most cost-effective manner.
We endeavour to keep our clients informed of emerging issues relevant to their particular dispute in order to ensure they are involved and satisfied with the decision-making process.
Our lawyers are admitted and able to act in the Victoria, New South Wales and Federal Jurisdictions (including the High Court).
Our lawyers have represented clients in Tribunals through to the High Court of Australia.
We have achieved many successful outcomes for our client is all courts in Victoria, New South Wales, Tasmania, Western Australia, Queensland and the Northern Territory.
Contact LFS if you need to consider Going to Court at enquiries@lfslawyers.au
Debt Recovery & Enforcement
We can assist you in recovering a debt owed to you whether you are an individual or company.
We offer debt recovery services ranging from the initial letter of demand, negotiations and if all else fail litigation.
Once the court has ordered the debt must be paid to you, you may need to enforce the debt against the debtor.
Enforcing a debt may involve negotiating a payment plan or may require the commencement of bankruptcy proceedings for an individual debtor or winding up proceedings for a corporate debtor.
Our team is experienced in these areas and can provide knowledgeable legal services for such matters.
Contact LFS if you need to consider debt recovery and enforcement procedures at enquiries@lfslawyers.au
Trusts
There are various reasons why you might not wish to have assets in your personal name:
- fear of family proceedings;
- disguising the true ownership;
- protecting the value of the asset until people become of an age;.
- to separate risks associated to different assets.
To get the most appropriate trust structure talk to LFS by emailing enquiries@lfslawyers.au.
- Financial Services Law
-
Advice
Fundraising & Venture Capital
Buy / Sell Agreements
Representative Agreements
Third Party Service Providers
Referral Sources
- Corporate & Commercial Law
-
Commercial
Company Incorporation
Trusts
- Contract Negotiation
-
Representative Agreements
Commercial Agreements
- Property Law
-
Commercial & Retail Leasing
Commercial Sales & Purchases
Residential Sales & Purchases
- Family Law
-
Prenuptials
Annulment
Mediation
Injunctions & Restraints
Divorce or Separation
Proceedings
- Litigation
-
Going to Court
Debt Recovery & Enforcement
- Estate Planning
-
Wills
FAQ
Probate
Testamentary Trusts
FAQ
Letters of Administration
Intestate
Power of Attorney
FAQ
© LFS Lawyers Pty Ltd 2000 -