Most family trust deeds include a beneficiary list that is not just limited to the immediate family, but may include extended family members, who may be living overseas.
Note: The “no foreign beneficiary requirement” can (and will usually) be satisfied in respect of a person if the terms of the trust prevent any property of the trust from being distributed to or applied for the benefit of the person.
Why are overseas beneficiaries important to an executor?
It is important to give your executors the best chance of being able to locate the beneficiary after your death. This applies to all beneficiaries regardless of where they live, but is particularly important in relation to overseas beneficiaries as their identity may be less obvious to your executors.
What to do if a beneficiary is based overseas?
So if a beneficiary is based overseas, the executors may need to take legal advice from a professional in the relevant country regarding bankrupt beneficiaries. You have already started an interview to draft this document. If you would prefer to continue with an existing draft, please click on it.
What happens if you are a beneficiary of a deceased estate?
If you are a beneficiary of a deceased estate There may be some tax obligations for beneficiaries, depending on the nature of any distribution they may receive: Receiving super benefits. Receiving assets. Earning income. Beneficiaries presently entitled but under a legal disability. Non-resident beneficiaries.
Do you pay transfer duty on a deceased estate?
Deceased estate transfers. If you have received property from a deceased estate “in accordance with the terms of the will” you will pay transfer duty at a concessional rate of $50. “In accordance with the terms of the will ” means you’re entitled to the property as the beneficiary (inheriting money or other property) either.
