Trouble with Public Trustee (in QLD)

This is basically what is wrong with a public service that is financed by its own revenue. The Public Trustee is supposed to help those who needed affordable expertise in arranging their after-death Will so that their beneficiaries will not be burdened. In brief, the deceased used one of those Free will available which means the Public Trustee is named as the Executor instead of the usual nominated party like a trusted family member. What happened next is even bizarre as the Public Trustee decided to contest the Will which was made 6 years ago on the count that the death certificate shows the deceased had dementia. This is despite no one has even raised this issue nor was there any evidence the deceased was not in her full faculties at the time when the Will was made out. In fact, ABC even stated that based on FOI obtained the Public Trustee actually got a mini-mental test done just 3 days prior to making the will from its Solicitor. The Public Trustee charges its services like a law firm at a charge-out rate of $370/hr including telephone calls leaving the beneficiaries with a 20K bill to be reimbursed from the Will. It also has maintenance services fees for giving no services other than maintaining the account with them at $400.

The second story uncovered that the Public Trustee was supposed to look after the inherited funds for an underaged (less than 18). This usually occurs when one died without a Will, the super-funds of the deceased will go to their family and if one of them is less than 18, then the funds will be managed by Public Trustee until 18. The sad part is that instead of getting a professional fund manager or buying a simple index, the shares in the funds were sold at the bottom of the GFC and then remained as cash for the next 14 years. In short, the inheritance was at 70K before GFC and now only 35K after deducting fees and losses in the GFC. Granted Public Trustee is not a fund manager but the prudent way is to have invested them in fixed deposits or govt securities and not in shares and sold at the bottom.

You can click here to watch the video by ABC https://www.abc.net.au/7.30/queensland%E2%80%99s-public-trustee-agency-faces-questions/14000882

 

We are currently building a will2probabate system. This means from a WILL to getting Probate semi-automatically. I say semi because not all the processes can be automated as it is within the prerogative of the Court. If you wish to support us go to https://www.paypal.com/pools/c/8LX9tTeiC4.

A shout-out for a client

Hello been a long time since I posted here. A shout out to a client then who managed to transfer his NFT Patent licenses to his Spatium Wallet. He send me this video to show how it looks on his mobile phone. The reason for the same PIX is because he had divided them into different jurisdictions which is only differentiated by ID number. The unique NFT is found in the ID and in this case each one of them is embedded with a License framed for specific jurisdiction like California and so on. Mike told me he will be minting again on my https://poly.nftpatent.net with different PIX to show different jurisdictions. Once minted they will be offered on https://opensea.io/michaeljuniorspruill

Working on GreenDAO

The problem is the implementation, engagement, and enforceability of the various agreements with the farmer to originate carbon credit in Australia.

The solution is to implement all the steps, benchmarks,s and milestones themselves inside the DAO so that members could also benefit from the carbon credit scheme directly. Currently, most of the credits are issued and bought by the regulator and institutions without reaching the broader market. With this DAO structure, the members who participate will be entitled to receive their very own carbon credit.

BlockChain-WILLS

Hi, I was thinking about why there is no WILLS on the blockchain. I am not suggesting you put your WILL on the blockchain. It may be too risky as it is open and transparent. What I meant is to preserve the latest reference to your WILL by way of an address linked to your WILL document.

Fractional Licensing of Patents using Non-Fungible Tokens.

Currently working on fractional licensing of patent using NFT. Basically, this means, you have a patent and you want to license it by way of a NFT. But this license is limited to a fixed number of unique NFT allowing the holder/owner of the NFT access to a unique licensing agreement embedded therein, transferable at will, and limited to the net-sales value of X. As I said because this is a fixed number of NFTs, should the licensed product be successful, there will be demand for these NFT driving its value. If it is not successful these NFT’s value goes to zero. The important economic benefit here is that the licensor can offer this NFT easily with set terms that are fair to patentee or licensor and the licensee. The licensee knows exactly the limits of the licensing agreement. I provide services for creating your own NFT and the license attached with this (also posted on IPFS so to ensure immutability) for a fixed price. Note most marketplace (say opensea) providing NFTs (on the Ethereum blockchain with a link to the art on website) provide a generic license (for the copyright of the art) which is not the same or applicable for Patents. I finished the first one which is merely proof of concept on opensea.io

The next stage is to build a platform that is for Patent Licensing, a mock-up is found at nftpatent.net

If you are interested in this journey to complete an online licensing platform that is robust with NFT transferability please contact me. I am on telegram “lawyerkwan”.