Wills (QLD) and Companies, Trusts, Partnerships & Superannuation
This bundle includes guides from the following two publications.
Recent updates can be viewed at Obiter - News & Updates, via the link above.
1. Wills, Powers of Attorney and Advance Health Directives
This valuable and thorough publication allows the practitioner to take instructions using a comprehensive and methodical instruction sheet then prepare wills, powers of attorney and advance health directives with confidence, whether for a single client or for complex families and including where the clients have an extensive or complicated asset portfolio.
Precedents include various ways to deal with blended families, superannuation death benefits and rights to occupy.
Commentary includes discussion of tax treatment of superannuation, use of testamentary trusts, family provision considerations and assets in multiple jurisdictions.
Take the worry and risk out of will drafting and maximise its value to your practice by using our excellent and easy to follow publication.
2. Companies, Trusts, Partnerships and Superannuation
This valuable publication provides a simple guide to companies, trusts, partnerships, joint ventures and superannuation, with all commonly required documents, allowing you to advise and service your clients with confidence.
Superannuation is explained simply and comprehensively, and is accompanied by a full suite of precedents, including everything needed to set-up, run and amend a self managed superannuation fund.
The commentary provides a tax and succession planning overview sufficient for most circumstances found in general practice.
Some of the most popular precedents included in this publication:
- Comparative table of business structures
- Limited recourse borrowing documentation
- Company constitution
- Company resolution
- Shareholder agreement (long and short forms)
- Agreement for sale of shares
- SMSF trust deed and rules
- Binding death benefit nomination
- Unit trust
- Discretionary trust deed
- Hybrid trust
- Joint venture agreement
- Partnership agreement
- Put and Call option
- Charitable trust
Guides in this publication
MATTER PLAN
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“ Commentaries ”
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“ In the legal profession the term ‘costs’ refers to the fees and other expenses a practitioner charges a client for their professional services and other payments that arise out of the provision of legal services, including disbursements such as court fees. Costs are one of the most heavily ... ”
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“ y trusts? For clients with substantial assets, complicated families or family members who have medical or personal problems, the use of testamentary trusts has multiple benefits over usual wills, summarised below. ”
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“ Land tax - Changes affecting trustees, companies and deceased estates Deceased estates and land tax - Queensland Government ”
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“ Powers of Attorney and Advance Health Directives (QLD) Wills – 1001 Conveyancing Answers (QLD) ”
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“ The law relating to wills in Queensland is covered by the Succession Act 1981 (QLD). A will is a document containing a person’s instructions as to how their property and assets are to be distributed after their death. Failure to make a will results in the distribution of the assets of the deceased ... ”
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“ Taking good instructions The use of precedent Retainer Instructions ensures that all important issues are considered, instructions which cannot be contradicted later are recorded, costs discussed and the scope of the retainer clearly defined. ”
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“ While it is best to obtain written instructions in all types of matters, it is doubly important for wills. The Retainer instructions on the matter plan should be used. See Informal Wills, below. Instructions need to include full details of the family and living arrangements of the testator, their ... ”
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“ At the time of taking instructions, practitioners should consider the need for an informal will, especially if the circumstances suggest that the client may lose testamentary capacity or die before a formal will can be executed. Section 18 of the Succession Act 1981 provides that, if a will fails ... ”
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“ Although not often an issue the first question the lawyer should consider is whether the testator has testamentary capacity. The leading authority concerning testamentary capacity is Banks v Goodfellow (1870) LR 5 QB 549 at 565. There Cockburn CJ said: ”
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“ Costing wills can be difficult. It is often not clear at the outset the extent of work which will be required. While many wills are ‘simple’, the complexity of a client’s financial position or their family arrangements can mean hours of time spent taking and confirming instructions, reviewing ... ”
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“ See also Execution below. The formal requirements for a valid will as set out in s 10 of the Succession Act 1981 are that: ”
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“ Revocation Section 13 of the Succession Act 1981 deals with when and how a will can be revoked. ”
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“ Following the appointment of executors the client often provides instructions as to burial or cremation such as: I wish to be cremated and have my ashes deposited at or scattered over ... ”
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“ Executors hold the estate on trust, whether or not they are also appointed as trustees of specific trusts in the will. Where beneficiaries do not take their gifts straight away, for example, because they are under 18 years old or have another legal disability such as mental incapacity, the executor ... ”
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“ Whether to include a provision appointing guardians is difficult. Most often the decision is made not to appoint guardians, as the children will in practical terms go to that member of the family as opportunity, ability and relationship dictates. In the event that an intractable dispute arises, the ... ”
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“ Disposition of property is the area in which true complexity can arise. Substitution and accrual ”
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“ Many clients are surprised to learn that their superannuation proceeds are not an asset that is generally part of their estate and therefore may not be dealt with in their will. As superannuation forms an increasingly large proportion of the wealth of Australians, it is important to explain this to ... ”
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“ Two common questions are raised by testators: How to leave their estate to their partner and prevent children or step children from making a claim on the estate; and ”
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“ The rules that apply if a person dies without a will are found in Part 3 of the Succession Act 1981. See also s 5AA as to the definition of ‘spouse’. ”
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“ Challenging a will questions its validity, as opposed to the fairness of its provisions. Whilst each Australian state and territory has its own laws in relation to wills, the circumstances and processes when challenging a will are similar across all the states. ”
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“ For testators in second or subsequent marriages or relationships, with children from previous ones, leaving the estate to the testator’s current partner but protecting the interest of the testator’s other children after that partner has died is a frequent issue. Problems arise whether or not the ... ”
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“ This is a specific type of trust, created by statute, which can be set up to provide for the long-term reasonable care and accommodation needs of a family member with a severe disability. Such a trust can either be set up inter vivos, or via a will. If created by a will, it can be either as a ... ”
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“ In September 2014 the Australian government ratified the Convention Providing a Uniform Law on the Form of an International Will. All countries that are a party to the convention will recognise a complying international will as a valid will. Schedule 3 to the Succession Act 1981 (QLD) sets out the ”
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“ How a will should be executed Execution of a will is governed by s 10 and provides the will must be in writing and signed by the testator, or someone else in the presence of, and at the direction of the testator. At the time of signing the testator must be in the presence of two witnesses who must ... ”
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“ If the will is to be kept by the firm in safe custody, it should entered into a safe custody register and placed in a trackable envelope, never just kept on the file. A copy should be provided to the testator and the copy should always include the contact details of the firm either on a coversheet ... ”
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“ The testator should be encouraged to review their will on a regular basis. Whilst this may not be of great significance in the case of small estates or when the testator’s estate is to pass to their spouse then issue, it may be relevant in other situations. The events which may lead to a change of ... ”
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