Not only did one Mr James Tedesco sink the hearts of all Queenslanders with a last-minute try to clinch this year’s State of Origin Series, now those pesky southerners are trying to
disrupt the estate plans of us Queenslanders!!
The laws in New South Wales relating to estates and, in particular challenges to estates, incorporate the concept of a “Notional Estate”.
Depending on how you hold and own assets, New South Wales laws regarding challenges to estates could possibly apply to you and your estate – even though you do not live or have
any intention of living in New South Wales.
The basics of the “Notional Estate” principle is to “extend” a deceased person’s actual estate beyond assets held in the name of the deceased. That is, to “extend” the estate to include
trusts, superannuation and other asset holding structures.
Part of any estate plan may well need to consider which of your assets are actually exposed by being held or “resident” in New South Wales.
The New South Wales “Notional Estate” provisions are more complex than a Billy Slater judiciary hearing – so get some advice!