LAST WILL AND TESTAMENT

No one likes to confront the inevitability of a finite existence, but the reality is we all need to be prepared for the end. Once we pass away, our property will either be distributed by the State, or by a written conveyance known as a Last Will and Testament. Creating your own Will does not require a lot of time or effort, but making sure it is done correctly is important. There are laws that handle how a person’s property is handled after their death, and you must be sure you meet the proper requirements.

WHAT IS A LAST WILL AND TESTAMENT? A Will is a written statement of your desires as to how your property (called your estate) will be disposed of after you pass away. Wills typically name a person (called your executor) who you want to be responsible for overseeing the distribution of your estate. Your executor will be responsible for making sure your Will is seen to properly, so your desires can be carried out.

WHO NEEDS A LAST WILL AND TESTAMENT? Almost everyone. If you are an adult who possesses assets or debts, it is in your best interests—and the interests of your family and loved ones—to make sure you plan ahead. A Last Will and Testament is just a way you can be sure your Estate is seen to properly. State law has already determined rules in the event you pass away without a Last Will and Testament. (This is called ‘dying intestate’.) So even if you don’t leave a legacy behind, the law will determine what happens to your estate for you. Drafting a Last Will and Testament ensures that your desires are met, not the desires of the lawmakers.

DON’T WILLS NEED TO BE DRAFTED BY A SOLICITOR? No. You are the master of your own domain, and you can determine the best way to dispose of your estate. Even a simple Last Will and Testament is better than nothing, and drafting a suitable document is not complicated. You do, however, need to ensure that all of your desires are expressed properly, and that the Will complies with the relevant laws.

WHAT DO I NEED TO INCLUDE IN MY WILL? Depending on the complexities of your estate and your desires as to how it will be handled, your will may be short and sweet, or lengthy and complex. The most basic will names the executor, states who receives what property, and is signed by witnesses. More complex Wills require more details, especially when there are children or dependants involved, or when you wish to leave a trust fund or other managed property.

Ensuring that your desires are met is the main purpose of a Last Will and Testament. No matter if you have simple desires or intricate plans, having a Will allows you to be safe in the knowledge that your property will be distributed according to your wishes. By drafting a proper Last Will and Testament, you can rest easy in the knowledge that you have prepared for the worst, and you family and loved ones will not be left with uncertainty.

Last Will and Testament

LAST WILL AND TESTAMENT

No one likes to confront the inevitability of a finite existence, but the reality is we all need to be prepared for the end. Once we pass away, our property will either be distributed by the State, or by a written conveyance known as a Last Will and Testament. Creating your own Will does not require a lot of time or effort, but making sure it is done correctly is important. There are laws that handle how a person’s property is handled after their death, and you must be sure you meet the proper requirements.

 WHAT IS A LAST WILL AND TESTAMENT? A Will is a written statement of your desires as to how your property (called your estate) will be disposed of after you pass away. Wills typically name a person (called your executor) who you want to be responsible for overseeing the distribution of your estate. Your executor will be responsible for making sure your Will is seen to properly, so your desires can be carried out.

 WHO NEEDS A LAST WILL AND TESTAMENT? Almost everyone. If you are an adult who possesses assets or debts, it is in your best interests—and the interests of your family and loved ones—to make sure you plan ahead. A Last Will and Testament is just a way you can be sure your Estate is seen to properly. The State has already determined rules in the event you pass away without a Last Will and Testament. (This is called ‘dying intestate’.) So even if you don’t leave a legacy behind, the law will determine what happens to your estate for you. Drafting a Last Will and Testament ensures that your desires are met, not the desires of the lawmakers.

 DON’T WILLS NEED TO BE DRAFTED BY AN ATTORNEY? No. You are the master of your own domain, and you can determine the best way to dispose of your estate. Even a simple Last Will and Testament is better than nothing, and drafting a suitable document is not complicated. You do, however, need to ensure that all of your desires are expressed properly, and that the Will complies with the relevant laws.

 WHAT DO I NEED TO INCLUDE IN MY WILL? Depending on the complexities of your estate and your desires as to how it will be handled, your will may be short and sweet, or lengthy and complex. The most basic will names the executor, states who receives what property, andis signed by witnesses. More complex Wills require more details, especially when there are children or dependants involved, or when you wish to leave a trust fund or other managed property.

Ensuring that your desires are met is the main purpose of a Last Will and Testament. No matter if you have simple desires or intricate plans, having a Will allows you to be safe in the knowledge that your property will be distributed according to your wishes. By drafting a proper Last Will and Testament, you can rest easy in the knowledge that you have prepared for the worst, and you family and loved ones will not be left with uncertainty.

Samesex Cohabitation Agreements

The problem facing many samesex couples contemplating living together is discussing what will happen should their partnership fail at a time of great optimism and blossoming love. The idea of asking two people in love to consider their relationship ending just as it is beginning is one of the most unromantic notions you could have. In fact discussing such matters may even cause a little tension in the relationship.

But let’s be realistic. In our country today [64%] of all domestic partnerships will end within [5] years. Disagreements about finances are common and a leading cause of relationship breakdown.

It is a sure sign of the strength and determination of a couple that they can discuss the practical and unromantic aspects of their relationship, openly and honestly. Discussing such matters with your partner is a positive step in the relationship because it helps to minimise the possibility of finances being the cause of a breakdown.

Couples living together deserve the security of a mutually agreed contract in writing, for their own protection. Cohabitation agreements protect both partners and the relationship. These contracts can bring a de facto relationship into the real world.

WHAT IS A COHABITATION AGREEMENT?

A Cohabitation Agreement is a contract between two people who are living together but who are not married. Also know as a Domestic Partnership agreement the contact is essentially a prenup between people who are not married. It is designed to deal with property issues if the parties separate.

WHY SHOULD I CONSIDER A COHABITATION AGREEMENT?

One reason might be where you both have significant assets and want to define how these assets are dealt with in the event of a relationship breakdown.

You may have considerably more assets than your partner and you want to make sure these assets are retained by you or other family members such as children.

A cohabitation agreement can lessen the turmoil that usually follows a relationship breakdown by spelling out the rights and obligations of partners and eliminating the burden of uncertainty.

You may be concerned about the other parties debts

WHEN CAN I USE A COHABITATION AGREEMENT?

Whenever you and your partner live together, or plan on living together, you can enter into a Cohabitation Agreement. You can enter into this agreement before you live together, while you are living together or at any time before you separate. These agreements can be used by anyone who chooses to use them.

HOW DO I MAKE A COHABITATION AGREEMENT?

You need to make your Cohabitation Agreement clear and easy to understand. This means you want to put it into writing. Your agreement needs to cover all the potentialities, including what you will do with gifts, living expenses, the death of either party and many other situations. Remember, a Cohabitation Agreement is a plan for a future eventuality. It is intended to serve as a safety net, preventing a problem further down the track.

WHAT SHOULD I INCLUDE IN THE COHABITATION AGREEMENT?

These domestic relationship agreements are intended to deal with the subsequent division of property in the event of a separation. Because of this, it is important that both parties disclose what property they own, have rights in or otherwise possess. These properties need to be written down and made clear to the other party. In addition to property (cash, real estate, shares, etc.), each person needs to indicate what debts or obligation they have as well. Essentially, each person needs to disclose their financial status, including all assets and debts. Once each party determines what they own or owe, they can determine who gets what in the event of a separation.

WHAT ABOUT ITEMS WE BUY TOGETHER?

Cohabitation Agreements can also deal with property acquired after the cohabitation begins. Whether you decide to keep it as joint property, to assign the property to one person or divide it in any other manner, the point of a Cohabitation Agreement is to make it clear to each person what the status of the property is. If a separation occurs, each person will know what belongs to them and what belongs to the other person.

An inability to negotiate the financial issues, which will arise during cohabitation, is a major cause of short relationships. Are you ready for to commit to a relationship if you are uncomfortable with discussing financial issues before you commit to the long-term?

No matter your reasons for entering into the agreement, you can draft a domestic relationship contract to cover almost any situation. Whether your property concerns are simple or complicated, making sure both you and your partner understand what will happen if you ever split-up is a wise strategy. It is piece of mind on a piece of paper.

Copyright © R.P.Emery & Associates 2007 All Rights Reserved No portion of this web site may be reproduced in any way or form without express permission of the publisher.

Mutual Confidentiality Agreements

MUTUAL CONFIDENTIALITY AGREEMENT

How to ensure non-disclosure and protect your ideas with a Confidentiality Agreement.

Suppose you are just getting to bed. All the day’s activities and tomorrow’s plans have finally managed to settle down to the point where you are almost able to fall asleep. Then it suddenly hits you: The single greatest idea since the invention of ideas! You get that flash of inspiration you know will turn your life on its ear and revolutionise the world. Congratulations! But now what? If your idea is half as great as you believe it is, how can you talk about it to someone and be sure they aren’t going to steal it for themselves? The answer is simple: you need a Confidentiality Agreement.

WHAT IS A MUTUAL CONFIDENTIALITY AGREEMENT? Put simply, a Confidentiality Agreement is a written contract stating that the people you talk to will not be able to take your idea and use it for themselves. Ideas have value, and your ideas are no different. A Confidentiality Agreement allows you to talk about your idea safely. A Mutual Confidentiality Agreement is simply an agreement that binds both parties.

WHEN SHOULD I USE A CONFIDENTIALITY AGREEMENT? Since you can’t patent or copyright an idea, you need to be sure your ideas will be protected. The best way to do this is with a Confidentiality Agreement. Whenever you have an idea you believe is valuable and you want to talk about it to another party, you need a Confidentiality Agreement

HOW DO I ENTER INTO A CONFIDENTIALITY AGREEMENT? Whenever you plan on talking about your idea with someone, you should have them read and sign a Confidentiality Agreement. For example, let’s say you have come up with a great new invention but you aren’t sure how to go about making it. If you go talk to an adviser to ask them what your next step should be, you need to make sure that adviser will sign a Confidentiality Agreement. If they won’t, it’s best that you move on.

WHAT DO I NEED TO INCLUDE IN THE AGREEMENT? The agreement needs several clauses and conditions for it to be effective. First, you need to make clear what the person you talk to can and can’t reveal. Each party needs to know the information discussed is confidential, and that by revealing or using it, they will violate the contract. A good Confidentiality agreement will be precise enough to protect your ideas while at the same time be flexible enough to allow you the freedom you need to pursue them.

CAN’T I JUST MAKE AN ORAL AGREEMENT? Of course. But making an oral agreement and enforcing it are two different things. Oral agreements are all too often little more than paper tigers. A written agreement is the best way to protect yourself.

Coming up with a great idea or invention is just the first step. To be sure your idea is practical, you need to investigate, and investigate means talking to the right people. No matter if its an idea for a movie script, a new recipe or a better mouse-trap, your idea needs protection. There is nothing worse than coming up with a brilliant idea, only to see someone else reap the rewards because you didn’t take your own idea seriously. Ideas are big business. Even if it seems silly or slightly paranoid, you owe it to yourself to give your ideas the respect they deserve.

Copyright © R.P.Emery & Associates 2007 All Rights Reserved No portion of this web site may be reproduced in any way or form without express permission of the publisher.