In most cases when someone passes away their super is paid to their dependents. However, there are instances where it is paid to the deceased’s estate. If a person’s super is paid after death, it’s called a death benefit, this benefit is comprised of their super account balance and if there was any death insurance cover. It is important to carefully consider who will receive any benefit as even if someone doesn’t have a lot
Read moreIncorporating your superannuation entitlements into your estate plan is crucial, particularly when they are not part of your estate. Superannuation can lead to substantial distributions to beneficiaries, emphasizing the importance of aligning payments with your wishes. A non-binding nomination guides your superannuation fund on distributing funds after your death, but the trustee ultimately decides the recipients, possibly deviating from your intended beneficiaries. On the other hand, a binding death benefit nomination (Binding Nomination) allows you
Read moreWhilst it is an easy conversation to ask loved ones including parents for money to buy a home or do renovations, little thought goes into the harder scenario on contemplating how you go about ensuring that those funds are repaid. If you loan monies to your children, will you get your money back? This creates difficulty, especially for the older generation who may be relying on those funds to retire comfortably. It is becoming common
Read moreIn the complex world of estate management and probate, you might have encountered the term "Letters of Administration." Although it may sound daunting, this legal phrase plays a crucial role when someone passes away without a valid will or when the appointed executor is unable or unwilling to fulfil their responsibilities. So, what exactly is a Letter of Administration, and why does it matter? This article aims to demystify this concept and shed light on
Read moreIn the past few years, we have encountered numerous challenging situations, such as the global pandemic of CoVid 19, which has caused uncertainty in various aspects of our lives. Our lifestyles have been disrupted, housing has become more uncertain, and the cost of living has continued to rise. These circumstances have forced us to confront an important question: What would happen to our personal and financial affairs if we were unable or incapable of making
Read moreAll residential properties in Queensland will require to have compliant smoke alarms to be installed prior to settlement of the property. Under Clause 7.8 of the Contract, the seller must install smoke alarms in any domestic dwelling on the lot in accordance with the Smoke Alarm Requirement Provision. Failure to do so is an offence under the Fire and Emergency Services Act 1990. The seller is obliged to have these installed on the
Read moreIn Queensland, the Settlement Date is an essential term of the contract and time is of the essence. It is the date and time set by the seller (Vendor) in the Contract of Sale, for when the buyer (Purchaser) will officially take legal possession of the property. Settlements can be delayed for many reasons, from financial issues or documentation delays to problems with the property and it is important to know your rights especially
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It is often the scenario where people wonder and ask why should we have a Will and hold the view that all will be fine when they pass away. More often than not it’s not the case. Consider the following: Mr M hadn’t prepared a valid Will when he died suddenly in a car accident. His loved ones expected he had a Will given he was very organised in every aspect of his life. His
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Just like with some forms of insurance, most people don’t think they need a lawyer — that is, not until they do. However, if you look closely, there are actually many instances in life where you may find yourself seeking legal advice. Here are five reasons where having a lawyer to advise you can spell the difference between solving a problem and losing out in the end. To ensure the outcome you want is legally
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