1.Harold died not having left a Will. At the time of death he held the following assets: city apartment worth $400,000; a listed company shares worth $400,000; bank savings of $10,000; and other household items worth a cumulative total of $20,000 Harold also had a mortgage attached to his city apartment of $200,000, and a life insurance policy secured on his life which paid into his estate an amount of $200,000. Harold legally married Wendy in his early twenties but separated shortly thereafter but not before the birth of their son, Charlie. No formal divorce was obtained. This was 20 years ago and Charlie is now an adult and not dependant on either Harold (or his mother). At the time of his death Harold had a domestic partner Fred, with whom they adopted Lucille who is 9. On Harold's death, how much of Harold's estate will Charlie receive? $182,500 $232,500 $245,000 $365,000 $540,000 2. An individual is concerned that his Will might be contested following his death, or that the assets forming part of his estate might be available to his creditors in the event that he might die insolvent. Would you suggest to the individual that he serve a binding death benefit nomination on the trustees of the superfund in which their superannuation is managed? Yes No
1.Harold died not having left a Will. At the time of death he held the following assets:
- city apartment worth $400,000;
- a listed company shares worth $400,000;
- bank savings of $10,000; and
- other household items worth a cumulative total of $20,000
Harold also had a mortgage attached to his city apartment of $200,000, and a life insurance policy secured on his life which paid into his estate an amount of $200,000.
Harold legally married Wendy in his early twenties but separated shortly thereafter but not before the birth of their son, Charlie. No formal divorce was obtained. This was 20 years ago and Charlie is now an adult and not dependant on either Harold (or his mother).
At the time of his death Harold had a domestic partner Fred, with whom they adopted Lucille who is 9.
On Harold's death, how much of Harold's estate will Charlie receive?
$182,500
$232,500
$245,000
$365,000
$540,000
2. An individual is concerned that his Will might be contested following his death, or that the assets forming part of his estate might be available to his creditors in the event that he might die insolvent.
Would you suggest to the individual that he serve a binding death benefit nomination on the trustees of the superfund in which their superannuation is managed?
Yes
No
Either way, for it makes no difference
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