Witnessing Wills in Queensland
On 23 April this year, the Covid-19 Emergency Response Act 2020 received royal assent and came into force in response to the ever-changing requirement for new law as a result of the Covid-19 global pandemic.
Estate Planning and your pets
We were pleased to be joined today by a new team member, ‘Bear’ the office labrador. While Bear is not necessarily the most productive staff member at Ballantyne Law Group, he is the most popular. Bear’s visit got us thinking about the importance of pets in our lives, and how through proper estate planning we can ensure that they are looked after when we die.
When should you consider using a special disability trust?
For parents and other family members of a person with a disability, the question of how their family member will be cared for if they are no longer able to do so is a critical one. Special Disability Trusts were introduced in 2006 to allow parents and immediate family members to plan for the current and future care and accommodation needs of a person with a severe disability or medical condition.
Provided that it has been properly drafted, a special disability trust will attract concessions from both a taxation and social security perspective, for both the beneficiary of the trust and the family members who contribute.
Foreign owner surcharges and discretionary trusts
A number of states have introduced foreign owner surcharges on duty and/or land tax for acquisitions and ownership of certain types of land by ‘foreign persons’. New South Wales and Victoria both have land tax surcharges, while Queensland, New South Wales and Victoria all charge a surcharge on duty. Foreign owner surcharges can mean additional duty of up to 8% of the purchase price (on top of the usual duty rates) and additional land tax of up to 2%.
Advance Health Directives – Do you really need one?
Part of any proper estate planning is giving consideration to how healthcare decisions will be made if you are unable to make them yourself. Generally, this can be achieved through the use of enduring powers of attorney, which allow a person to appoint people to make (among other things) health decisions on their behalf if they are unable to.
Estate Proceeds Trusts
The benefits of wills incorporating testamentary trusts are reasonably well known within the estate planning community, and awareness of them is becoming more wide-spread generally. Estate Proceeds Trusts are less well known.
When, why and how lawyers work with accountants
You might be surprised to learn just how closely lawyers and accountants work together. Ballantyne Law Group’s services in commercial law, property law and estate planning regularly require collaboration with accountants to deliver best results for our clients.
Three things you need to know about binding nominations
When it comes to the distribution of superannuation benefits after your death, a binding nomination is one of the best options – as long as proper measures are in place. Ballantyne Law Group’s Gold Coast estate planning lawyers can help you with this important process.
5 Common Questions When Considering Estate Planning In Australia
At Ballantyne Law Group on the Gold Coast, our will and estate planning lawyers are qualified specialists in these serious and sensitive legal processes. Where possible, we provide fixed professional fees for this work. When that is not possible – generally in more complex cases – we still provide cost-effective, transparent and time-costed services, with no surprise charges for photocopying, petties, postage and sundries. Read our latest blogs on 5 Common Questions When Considering Estate Planning In Australia .
What happens if I die without a will?
In 2018 an Australian research organisation conducted a survey that found more than half of Australian adults – almost 10 million people – don’t have a will.
While Queensland was the state with best take up, the survey found only 50% of adults here have made a will.
The survey did not address how many of the people who have wills may have wills that are incomplete or ineffective.
Most of us are aware that we should have an appropriate will in place to deal with out estate after we die, but for a variety of reasons – most commonly that they simply haven’t got around to it yet – people are often reluctant to undertake this important process.
It is important to understand what happens if someone dies without a will, and why it important that if you make a will, it is prepared correctly and effectively.
