8 Many millions of dollars in deceased estates are going to state and territory governments because authorities are unable to find a beneficiary to inherit the money. The Queensland Government recently divulged the extent of the transfer in that state alone. Between 2020 and 2024, the Public Trustee transferred $2.95 million from 10 estates to Queensland Treasury, with the funds put into consolidated revenue. According to ABC News, most of the funds came from a single estate worth $2 million that was given to the State Government in 2021. The Queensland Public Trustee says funds are transferred to the state when potential beneficiaries die before the owner of the deceased estate. It can also happen when a beneficiary is identifiable but cannot be tracked down. The Public Trustee is authorised to hold onto the funds for six years to allow potential claimants to come forward or be located. Public Trustee, Samay Zhouand, told the ABC his office did the “utmost within its powers” to find beneficiaries of deceased estates before transferring those funds to Treasury. “Should a beneficiary emerge in the future, those funds remain available without time limit to those beneficiaries to claim,” he said. Service & Product Warranty 10 YEARS Australian Standards Tested 25 YEARS Proven Track Record 30+ YEARS GOT LOOSE, PEAKING OR CRACKED TILES? BEFORE AFTER 0414 446 579 CALL DAN FOR A FREE QUOTE GOLD COAST OFFICE 07 5646 6344 FIXLOOSETILES.COM.AU INTERNAL TILES EXTERNAL TILES PATIO FLOOR SPLASHBACK POOL COPING BATHROOM WALL & FLOOR WE CAN FIX Succession Act review Not surprisingly, Queensland is reviewing its Succession Act, which dictates who inherits what, including in circumstances when a person has not left a will. This is known as dying in intestate, with the deceased’s estate distributed to next of kin in line with the Act. But it cannot go to relatives who are more remote than first cousins. The former Labor government began a review of the Succession Act in 2023, but did not finish it before leaving office in October 2024. New Attorney-General, Deb Frecklington, said she had requested a comprehensive briefing of the review. According to the ABC, possible changes could include banning adult children from contesting their parents’ will if the estate is worth less than $250,000, as well as changing the definition of a spouse. Time to review your will While it is common to put the will in a bottom drawer and forget about it until it’s needed, experts say we should review our wills, and estate plans every two to three years. There are two main ways to make a will: With qualified professional. A solicitor or lawyer can help you with this. State and Territory Public Trustee offices may provide a free service to help you make your will. Self-made wills. You can purchase a will kit from a newsagent or post office, or download one from the internet. It’s important to complete these very carefully as the wording or terms used in self-made wills might not achieve the outcomes you want. What happens if you die without a will? If you die without a will in place, the law determines who will benefit from your estate. The law follows a line of relationship for those who benefit starting with your spouse and children. The line of relationship can go right down to first cousins. In some cases, genealogists have had to be engaged to identify the family tree. If you want to make sure you get to determine who benefits from your estate, having a will means that your wishes are legally documented and must be followed. To find out more about making a will, frequently asked questions and the consequences of dying without a will go to https://www.pt.qld.gov.au/ source: nationalseniors.com.au Millions go to government, not beneficiaries Can you be sure the people you leave your estate to will actually get it? There are some traps.
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