Being eligible to receive super death benefits To be eligible to receive a death benefit from a superfund, the eligibility requirements as set out in the superannuation fund trust deed must be met. However, to be compliant with the Superannuation Industry (Supervision) Act 1993 (‘SIS Act’), a superannuation trust deed will generally require the receiver...
Estate planning is an essential area of law. It provides peace of mind, and comfort in the knowledge that your estate will be managed according to your wishes. A binding death benefit nomination is just one piece of the puzzle that is estate planning that was recently considered by the High Court of Australia. What...
As a result of the many advantages a discretionary trust can have,[1] including possible taxation advantages, asset protection and income splitting opportunities, the creation of a discretionary trust has become a prevalent and popular choice for individuals wishing to develop and safeguard wealth for the future generations of their family. Despite the popularity of discretionary...
How to contest an Estate in Queensland if there is no Will What happens when someone dies without a Will? When a person dies without a Will, they are said to have died ‘intestate’. When this occurs the deceased’s Estate is distributed according to legislation which, in Queensland, is governed by the Succession Act 1981...
We are pleased to announce that the managing director of Affinity Lawyers, Angus Gordon, has taken up the position of President of the Gold Coast North Chamber of Commerce https://gcncc.org.au/. Mr Gordon states that “in one of the most uncertain times for the Gold Coast local community, it was a pleasure to be able to...
Have you recently lost a loved one who may or may not have left a Will? Are banks and other institutions not willing to speak to you even though you want to adhere to your loved ones wishes? This may be because these institutions require a Probate or similar Grant. Do you always need a...
What do executors do? Statutory obligations Executors in Queensland have statutory obligations that are set out under section 52 of the Succession Act 1981 (Qld) (“the Succession Act”). However, there is no exact guideline for executors to follow because their duties may vary depending on the size and complexity of the estate, as well as...
As of 30 November 2020, new Enduring Power of Attorney (“EPOA”) and Advance Health Directive (“AHD”) forms have come into effect under the Powers of Attorney Act 1998 (Qld) to replace the previously existing forms which had been in effect for more than 16 years. It is important to be aware that whilst any Enduring...
A Testamentary Trust is essentially a trust that comes into effect upon the death of the testator (will-maker) and can be a useful estate planning arrangement in situations where extra flexibility is needed when the estate is disbursed to beneficiaries, such as circumstances where the beneficiaries are employed in high risk occupations (where their personal...
While we have reiterated the importance of having a current Will in many previous articles, (click here to read more), the importance of having a current Enduring Power of Attorney is just as important as having your Will in place. While a Will provides instructions for your executors in relation to the distribution of your...
