Although there are no death duties or death tax in Australia, the assets in a deceased estate may be subject to taxation in certain circumstances. Therefore, it is important to seek advice from professional advisers during the estate planning stage to best ensure your estate is not subject to unnecessary or potentially avoidable taxes. Common […]
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What is an Estate Plan and Why Do You Need One? An estate plan involves the preparation of formal legal estate planning documents that set out who can make decisions for you during your lifetime and who receives your estate after you die. A person without an estate plan could end up having the government
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This Month’s Question: “Can a person appointed under a Power of Attorney change a Will?” A Power of Attorney is a legal document within which a person (the Principal) may appoint another person (the Attorney) to make legal and financial decisions on the Principal’s behalf during your lifetime. In Australia, understanding the role of an
Your Inheritance Monthly — April 2025 Edition Read More »
An estate planning lawyer can help ensure your hard-earned assets go to those you choose after you die. What is an estate plan, and why do you need one? An estate plan is a collection of formal legal estate planning documents that set out who can make decisions on your behalf while you are alive
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The deceased estate 3-year rule in Australia affects how tax is applied to estate income and assets in the years after someone passes away. This rule provides tax concessions, such as access to individual income tax rates and CGT exemptions, that apply during the first three income years after death. It can significantly reduce tax
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Estate planning is the process of preparing legal and financial documents to ensure your interests are protected during your lifetime and that your wishes are carried out upon your death. A good estate plan usually involves the preparation of documents appointing legal representatives to make decisions on your behalf if you become incapacitated and a will to
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No—they cannot. In Australia, a power of attorney gives someone legal authority to make financial and legal decisions on your behalf while you’re alive, but it does not allow them to change your will. A will can only be changed by the person who made it (the testator) while they still have legal capacity. This
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Not always. Probate is the legal process that confirms a will’s validity and gives the executor the authority to manage and distribute the estate. But in Australia, whether probate is required depends on how the assets were owned, their total value, and the policies of banks or institutions involved. If the estate includes real estate,
Do All Wills Need to Go Through Probate in Australia? Read More »
If an executor is failing to perform their legal duties, acting against the interests of beneficiaries, or is no longer fit to manage the estate, they can be removed by court order. In NSW, the Supreme Court can remove an executor after probate has been granted—this requires evidence of misconduct, incapacity, serious delay, or a
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This Month’s Common Misconception “Superannuation is an estate asset” Superannuation is not considered an estate asset unless it is paid into the estate via the deceased’s Legal Personal Representative (that is, their executor or administrator). In Australia, a person’s superannuation does not form part of their estate. In the case of an Industry Fund such
Your Inheritance Monthly — June 2024 Edition Read More »
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