In Queensland (QLD), if you intend to contest a will, the time frame is relatively strict. You must give notice of your intention to challenge the will within six months of the deceased’s death date through Family Provision Application (FPA). After notifying, you have a further nine months from the date of death to commence […]
The Clock is Ticking: A Deep Dive into the Time Limit to Contest a Will Read More »
Estate planning is critical to ensuring your assets are distributed according to your wishes after your demise. One such instrument frequently employed is a testamentary trust. Unlike living trusts that take effect during a person’s lifetime, testamentary trusts are created upon death through provisions in a will. These trusts serve distinct purposes, from providing tailored
What Are Testamentary Trusts and Why Do They Matter? Read More »
Discretionary trusts, often believed to be powerful financial planning and asset protection tools, have become integral components in many Australian estate plans. These unique entities offer unparalleled flexibility, allowing trustees to make critical decisions about distributions based on the varying needs of beneficiaries. This guide sheds light on their definition, operation, and the parties’ roles,
Setting Up a Discretionary Trust for Your Future Read More »
No, there is no inheritance tax in Australia. Inheritance tax is a levy paid on the assets or the value of an estate inherited from a deceased person. It’s calculated based on the total value of the deceased’s assets, minus any liabilities. The tax rate and exempted threshold can vary depending on the jurisdiction. Not
Is There Inheritance Tax in Australia? Understanding Your Financial Obligations Read More »
In Australia, you wait to pay Capital Gains Tax (CGT) immediately upon inheriting a property, regardless of the state, including Queensland. However, CGT may apply when you sell or dispose of the inherited asset. The amount of CGT you’ll owe will depend on factors like the property’s original cost base, its value at the time
Do You Pay Capital Gains On Inheritance Read More »
Probate, a term often encountered but not always understood, is a pivotal stage in estate administration. In Queensland, it involves legally validating a deceased person’s will and granting authority to the nominated executor to administer the estate. This procedure, however, comes with certain costs. Fees largely depend on the complexity and size of the estate,
What to Expect: Cost of Probate in Qld Read More »
Probated wills often raise a pressing question: Which details become public and which remain private? With assets, legacies, and personal wishes at stake, understanding this distinction isn’t merely legal jargon—it’s pivotal. After the death of an individual, the probate process’s initiation depends on several factors, including the estate’s complexity and whether there are any disputes
Accessible Records: The Public Visibility of Probated Wills Read More »