RSSCategory: Wills & Estates

Jun

27

Testamentary Trusts

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INTRODUCTION The saying has it that if the first generation makes a fortune, the second one breaks it.  There are many reasons why an inheritance can simply vanish, apart from being squandered by a profligate heir; split by divorce, surrendered to pay creditors or legal costs, or siphoned off by the taxman. Fortunately there is […]

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Jun

27

Probate

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WHAT IS PROBATE? A Grant of Probate is an official recognition by a court that a Will is legally valid. DO I NEED PROBATE? In some circumstances, it is necessary to make an application for a Grant of Probate. For example, an application for a Grant of Probate may be required when there is a […]

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Jun

27

Health Check for Estate & Business Succession

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QUESTION YES NO DON’T KNOW 1. Do you have a current Will?       2. Do you have a company, trust or self managed superannuation fund?       3. If yes to question 2, does your Will address who will take control of those structures?       4. Do you know if […]

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Jun

27

Executor’s Commission

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What is executor’s commission?   Executor’s commission is an act of remunerating to the executor for their services of administering a deceased estate. As an executor you could be entitled to remuneration.   Is every executor entitled to executor’s commission?   No, this is not the case. In order to qualify for executor’s commission, the […]

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Jun

27

Estate Planning

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ESTATE PLANNING Having a valid and up-to-date Will is a great way to ensure that your assets are dealt with in the way that you want when you die. However, it is not necessarily the end of the story. Estate planning will look at the whole of your estate and help you make the most […]

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Jun

27

Enduring Power of Attorney

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What is an Enduring Power of Attorney? An Enduring Power of Attorney is a document giving another person the power to make personal and financial decisions on your behalf. An Enduring Power of Attorney continues if you lose the capacity to make the decisions yourself. To grant an Enduring Power of Attorney a specific form […]

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Jun

27

Duties of an Executor of Will

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When a person dies there is the obvious trauma and grieving that will follow such a difficult experience. If the deceased has left a Will an executor will be appointed to be the deceased’s personal representative in administering the deceased’s estate. Traditionally the executor’s duties are summarized as follows: to reduce the estate of the […]

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Jun

27

Disputing Estates

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DISPUTING ESTATES Our property is ours to do with what we wish when we die.  Or is it?  While Queensland law recognises an individual’s right to testamentary freedom, there are some constraints that prevent this freedom from operating in a completely unrestricted manner.  Indeed, estates are often challenged for a variety of reasons.  There may […]

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Jun

27

Asset Protection

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Asset protection is an integral component of effective estate planning and the preparation of your will. It is imperative in estate planning to ensure that not only are your own assets protected, but also any assets that may be inherited by your beneficiaries. It is often the case that substantial inheritances are eroded by creditors, […]

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Jun

27

Appointing a Guardian

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As a parent, your children will always be your greatest asset. If you are a parent of young children or your children are still under 18, you have probably wondered what would happen to them in the event you were not there to take care of them. Appointing a guardian to fill that role in […]

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