Garland Waddington

While television shows like The Brady Bunch and Modern Family make entertaining viewing, the reality is that once-harmonious blended families can soon turn into warring parties if a parent or step parent forgets to update their will.

Ken Waddington a Partner at Garland Waddington Solicitors, Maroochydore, reminds us that many Australians wills were often out of date and failed to reflect current family circumstances.

Public Trustee data, cited in the “Having the Last Word” report1 by The University of Queensland, showed that complexity of the family relationship was a trigger in 62 percent of disputes over estates.

New spouses or partners, separation or divorce and the addition of step families were all listed as factors likely to lead to a will challenge.

Close to 6 percent of families in Australia include step children, and determining who gets what under a will is often based on the extent to which children are seen to be children of both parties.

Factors such as the length and timing of the relationship, the age of the step children at the time, and the degree of active parenting all come into play when will-makers decide how to apportion their estate.

“One of the major grey areas in the past has been whether a step child of a de facto relationship could make a claim against the estate of their step parent,” Mr Waddington said.

Changes to the Queensland Succession Act, made in June this year, have now made it clear that the meaning of ‘step child’ includes the child of a party to a de facto relationship.

“This means that a step child to a de facto relationship is eligible to make a claim against the estate of their step parent – but only if their step parent and biological parent were in a relationship at the time of their death.”

Mr Waddington indicated that estate matters could become complicated if parties in a de facto relationship with step children or joint children had failed to revise their wills, dying with out of date wills listing ex-partners or biological children as sole beneficiaries.

“For example, in certain circumstances, adult children from a previous relationship could claim against the estate of their step parent, regardless of whether or not they had been a part of the new blended family or had a close relationship with the step parent.”

“Just another reason why it’s so important for people to update their wills to provide clear direction on how they want to provide for their partner, step children and biological children from current and past relationships,” he said.

For more information in relation to a family law matter or to obtain professional advice, visit www.garlandwaddington.com.au

Lizzie Henebery Google

Lizzie is a qualified and experienced Marketing and Communications Professional excited to help passionate businesses clearly express themselves. She is also a social media whiz and has been on the SCBWN Marketing Sub-Committee since February this year, creating and managing our great content on Facebook and Instagram.

 

Working from her own consultancy business – Lizzie Henebery Consulting – Lizzie helps businesses to plan and write clever communications that clearly express their core business messages. She gives direction on where to start or where to go next with your business’ strategic marketing, as well as provides the tools and support to get things moving towards your goals.

“I offer a range of marketing and communications services, but essentially what I do is determine the best course of action to promote your business and reach your particular goals (whether it’s more sales, more customers, more ‘likes’ or introducing a new product). With a background in both traditional media and digital/online media, as well as skills in content writing and editing, I can provide advice and take actions for your business to see you tick off those marketing tasks on your list and get results.”

Whether it’s a website, content writing, public relations or social media project, no matter the marketing or communications activity she always follow the process of Plan > Do > Review to ensure every project is working towards clearly defined goals (otherwise what’s the point?!).

Quick facts about Lizzie:

  • Completed her Bachelor of Business and Post Graduate Diploma (Public Relations) at the University of the Sunshine Coast
  • Was a finalist for the 2013 SCBWN Young Business Woman of the Year award
  • Visited Google’s Sydney office and got to play with the office pet!
  • Can speak basic Italian after studying the language minor at USC… and getting a bit lost in Venice on her honeymoon!
  • Is a mum to gorgeous little baby Layla who tags along to some of her business meetings
  • Is married to Eli who runs his own tiling business (along with Lizzie’s help!)
  • Loves her ‘fur baby’ Dexter, the Silky Terrior X Maltese Shi Tzu who likes to be as close as possible to Lizzie at all times
  • Considers herself a worthy contender for ‘The Block’ as she’s mid-way through an extensive home renovation project
  • Loves to experience new things, whether it’s new foods, drinks or thrilling adventures, she’ll give everything a go at least once.

Get in touch with Lizzie – www.lizziehenebery.com | lizzie@lizziehenebery.com

Sunshine Coast Business Women’s Network, Connecting & Inspiring Sunshine Coast Business Women. 

Becoming a member of the Sunshine Coast Business Women’s Network is a valuable way to expand your knowledge, learn from the success of others, promote your business and create connections with others.

Find out more & join us today.

 It is very easy to understand why when asked to go guarantor by a member of your family or a close friend (“the borrower”) who wants to buy a home, that you would be willing to go guarantor.

But there are risks that you should be aware of if the borrower is unable to meet loan payments because of unforeseen circumstances or relationship break downs, as these factors may impact on your own financial commitments or opportunities you may wish to take up in the future.

One of the most common types of guarantee security for home loans is a security guarantee which means that instead of giving the person you are going guarantor for money to put towards the deposit, you give the equity the use of that has accrued in your property.  The loan to the borrower is secured using both the property being purchased and your own property.

The purpose is often to reduce the amount being borrowed to less than 80% of the proposed purchase price so that the borrower can avoid paying lenders mortgage insurance.  This will assist the borrower greatly, but there are no direct financial rewards for you.  It is very important to realise there is a lot of responsibility attached to becoming a guarantor.  For example, if the borrower is unable to afford the repayments, you will be responsible for paying off the remaining amount of the loan, or have to sell the property you used as security to repay the debt.

If you as guarantor want to sell your property in the future you may not be able to rely on all the equity in your property to secure a new property as an amount equivalent to the amount secured under the existing property as the guaranteed amount would need to be secured against the new property.

If  you want to sell the property outright and for example go travelling (and not invest in a new property straight away) an amount equivalent to the amount secured under the existing property would probably have to be held in a term deposit for the term of the borrower’s debt, or until the borrower’s property is sold.

Other points to consider when going guarantor are:

  • If the borrower defaults and you are required to make the repayments, but are not in a position to do so, it will affect your credit rating;
  • Even if you are not making repayments on the borrower’s loan, when applying for credit, a financier will most likely include the maximum potentially guaranteed amount when considering your application, and this may affect your chances of obtaining the credit.

We very strongly recommend that you seek independent advice before becoming a guarantor.  There could be other options worth pursuing which may assist the borrower but reduce your responsibility or liability.

For more information, contact Lyn Colautti, Paralegal, (07) 5443 4866 or lcolautti@gwlaw.com.au

Vickie Magic is President of the Sunshine Coast Business Women’s Network in her spare time.  Her day time gig is editor/owner and publisher of Matters Magazine, a quarterly publication on the beautiful Sunshine Coast.

Vickie see’s the Magazine as a vehicle for sharing her passion of educating people to be the best version of themselves possible in both business and life.

Vickie is proud of the accolades that she and the magazine have won over the last few years, including Sunshine Coast Business Women’s Network Micro Small Business of the Year in 2011,  Caloundra Chamber of Commerce ‘Outstanding Business Person of the Year’ also in 2011 and  Business Excellence ‘Small Business of the Year’ in 2013.

The Magazine is proud to be the go to magazine on the Coast for all things Business and Life, however Vickie shares that her major pride comes from the difference the magazine is making when it comes to the ‘Power of the Mind’. The magazine is jam packed with inspiration and motivation aimed at inspiring people to really step up and take their business and life to the next level.

Last year Vickie took on the biggest mind obstacle in her life to date, stating that this challenge CHANGED HER LIFE FOR THE BETTER FOREVER. Completing her first and in her words, definitely her last, 42 kilometre Marathon, Vickie shares that she is living proof that if you set your mind to something (anything) and you put the actions in place to make it happen, you really can achieve whatever your mind desires.

For the last four years Vickie has been facilitating Mindsight Retreats; these ‘women only’ retreats are about women, empowering women to support each other to design and  create the life of their dreams. Success is not success without fulfilment. Fulfilment is the only real success.

Vickie’s favourite saying is by Henry Ford – ‘If you think you can, or you think you cannot, you are one hundred percent correct’.

Sunshine Coast Business Women’s Network, Connecting & Inspiring Sunshine Coast Business Women. 

Becoming a member of the Sunshine Coast Business Women’s Network is a valuable way to expand your knowledge, learn from the success of others, promote your business and create connections with others.

Brenda’s experience encompasses working with leading national and international companies as well as government organisations to identify and achieve their future business needs.

She achieves this by facilitating, developing and implementing strategies to build and strengthen their human, systems and relationship capabilities and financial and intellectual capital through cultural and organisational change and relationship development.

The diversity of Brenda’s assignments range from providing advice and recommendations on community initiatives as member of advisory councils to the Ministers for Business and Women; assessing the reason for global fragmentation and providing recommendations to the United Nations and being invited to speak nationally and  internationally on Leadership and Leadership development.   Some of her recent clients include; Sunshine Coast Council, Sunshine Coast Destinations Limited, Sunshine Coast Airport, Brisbane Airport Corporation, Transport & Main Roads, and a multitude of construction projects including water treatment, roads and rail through to communication and tourism.

As well as holding both a Doctorate and Master’s Degrees in Business Leadership and being a Finalist in the Telstra Business Women’s Awards, Brenda is a Nationally accredited Mediator. She is recognised in Stanford’s Who’s Who Registry of Executive Professionals and Entrepreneurs, was a Divisional Chairman of  the Australian Institute of Training and Development for 7 years and was the Deputy Chairman of The Events Centre, Caloundra for 6 years.

Sunshine Coast Business Women’s Network, Connecting & Inspiring Sunshine Coast Business Women. 

Becoming a member of the Sunshine Coast Business Women’s Network is a valuable way to expand your knowledge, learn from the success of others, promote your business and create connections with others.

Find out more & join us today.

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Amy grew up on the Sunshine Coast & spent time in both Brisbane & Melbourne working in corporate Pharmaceuticals.

She moved back to the Sunshine Coast to enjoy the lifestyle here & spent 3 years working for the Caloundra Chamber of Commerce.

In 2017, Amy has taken the role of Operations & Marketing Manager for McGrath Real Estate Agents in Caloundra & is looking forward to expanding her skills in a new industry.

Amy was a finalist in the Sunshine Coast Business Women’s Network Gala Awards in 2016 in the category of Young Business woman of the year.

Amy also is a member of the Executive Committee of the Sunshine Coast Business Women’s Network & also sits on the Committee of the Friends of the Caloundra Regional Gallery.

Sunshine Coast Business Women’s Network, Connecting & Inspiring Sunshine Coast Business Women. 

Becoming a member of the Sunshine Coast Business Women’s Network is a valuable way to expand your knowledge, learn from the success of others, promote your business and create connections with others.

Find out more & join us today.