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 […]
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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,
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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
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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
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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 »
