30 February Quest Speaker Catherine Lynch Wills and Estate Planning
Quest Speaker Cathertine with President Allan
Photo by Editor
Photo by Editor
Catherine Lynch’s firm is Cariad Legal Wills and Estates, Intestacy & Estate Planning.
“Cariad” is a Welsh word meaning “loved or beloved.”
The importance of having a will for are we clear on what it means “To die intestate?”
The answer is that it depends on circumstances. Does the government get everything? Only rarely if there is nobody who could be a beneficiary of the deceased’s estate, it could end up with Government.
Despite the common perception the Public Trustee has no say in it. The Public Trustee may be involved as administrator of the deceased estate only.
Laws are different in every state.
Two common scenarios. Spouse and children. Spouse receives car and contents of house, and the first $50,000 outright and a third of remainder. Remaining two thirds is divided among the children. The money to the children may be held in trust till until they turn 18.
Second example, married with no children spouse car and contents, first $75,000 outright and half of remainder. Balance to parents and siblings.
Estate Planning is around the person’s: circumstances, their beneficiaries and their circumstances, and the objectives that are to be met.
What are estates assets?
Property jointly with spouse? Yes if it was solely owned by the deceased estate, if they are joint tenants (right of survival) as compared to tenants in common which is 99% of married couples and hence the need to nominate the beneficiary in the will.
Property in your own name, cash in your own name, joint cash held must be nominated in your will. Superannuation is a trust so trustees administer it so the need for a nominated beneficiary.
Business as sole trader, not if a trust etc., property limited company no but your shares of that company do. Life Insurance a nominated beneficiary. A signatory on an account is not necessary a joint account holder.
What are your circumstances?
Consider whether you have: a spouse, children, other dependants, business, trusts, SMSF.
If you are not divorced your spouse is still your spouse. So one can have technically have two spouses with a claim on the state. If married and divorced your will is null and void.
Are there stepchildren, fostered children? A dependent living with you? Grandchildren living with you are a dependent and haver a claim on your estate.
Beneficiaries and their circumstances, consider separated family law procedures, disability, bankruptcy, excluded family.
Centrelink approved trusts for those who will never be independent are available for people with a lifelong disability so as not to lose benefits as a beneficiary of the estate.
Are there family members to be excluded?
For Objectives consider: minimise tax, assets protection, family law considerations, family provisions claim risks, remember no Estate no claim.
How to Contact Catherine go to: https://www.cariadlegal.com.au/
Celestine Robinson, A NYSF Student's Diary
Celestine Robinson’s Rotary Presentation on NYSF
Day 1:
The NYSF students arrived at the University of Queensland, Emmanuel college and were greeted by the NYSF student "staffies". The student staff were previous attendees who essentially run the program and offer their support to the oncoming NYSF students. Once all students arrived from their prior transport arrangements, the staffies ran team building activities for the afternoon, helping break the ice. This was then followed by a dinner prepared by the Emmanuel food team. After this, we were brought to our floor groups and had a meeting with our allocated staffie, who for myself, was called staffie Libby. They informed us on the NYSF app which gave us the entire timetable for the forum and were briefed about the rules and regulations regarding the forum. This meeting was then followed by sleep and lights out at 10:30pm.
Day 2:
Day two started off with the students being split up into our interest groups, I was given physics, Wu containing 13 other students. Team building activities within our interest groups were played and then we were briefed about the opening ceremony, which was to be a formal event. Many Rotary and NYSF alumni spoke and informed us about the excitement that was to come. After many speakers, our first introductory lecture started, which included Queensland's chief scientist Paul Bertsch speaking and giving us valuable insight to his life and journey.
We then made our way to the Forgan Smith building on campus, where the students had a massive photo taken of everyone on session. Which are also available on the NYSF Facebook page. After this, we had our first workshop, which was a critical thinking lecture. This was run by Dr Peter Ellerton, and ran for 3 hours, I was also asked to perform a formal thank you to the professor which involved me giving him an awesome sponsored NYSF gift. The students then returned to Emmanuel college for dinner which was followed by a swing dancing session. This was awesome, and gave everyone a great chance to get to know each other on a dancing level!
Afterwards we went to our floor groups and had a short briefing about the next day and then we went to bed.
Day3:
Today incorporated our first STEM visit for each interest group. Physics, Wu had an Astrophysics visit at the University of Southern Queensland. This was amazing, it opened a new perspective of this side of science for myself, we met a PhD student, Jake Clark who was an encyclopaedia of information regarding this area of STEM. We learned about the theories and hopeful discoveries of exoplanets and "earth-like planets" and we all made our own
constellations with a program he uses. The visit in general was perplexing. After lunch we then had a Skype call with Dr Eleanor Bel, head of the Australian Antarctic Division. She gave us key insight to her job, what she does for the planet and how we can all help climate change and modern crisis challenges. This was awesome to hear a perspective on the real global challenges we face as a society and it showed us that there are people making an enormous effort to help.
We then had our NYSF Olympics! We were split into our interest groups and instructed to participate in multiple team building activities. We then had dinner which was followed by NYSF Merch sales. Everyone chipped in buying their awesome funky merchandise, and it was all put on ASAP, from socks to coffee keep cups and jumpers.
We then had a lawn briefing which had the staffies giving us a performance that we all will never forget. They informed us about the activities and important events approaching in a
weird and exciting way. Students then made their way to the rooms and then slept.
Day 4:
The students woke up at 7:15, had breakfast then proceeded to a STEM powerment workshop in their interest groups. This consisted of the NYSF staffies discussing how to work through challenges and overcome struggles throughout year 12 and in our STEM careers.
We then participated in a year 12 and beyond workshop where we were informed of the possibilities after year 12 and the fact that we didn't have to attend university directly after school. After the workshop we returned to the campus and made our way to the Towonga shopping centre to buy clothing for our interest groups dress up theme. Wu, physics had a Hawaiian theme. Once we bought our outfits we then participated in a nerd out night, where we could go to a disco, relax on the lawn, watch a movie or play team building activities.
Day 5:
Today was our home hospitality Sunday, where all the students were randomly provided Rotary families to stay with for the day. Some stayed on the campus and few visited prearranged family visits. I went with two other students to rotary family where we relaxed and did our washing. After a couple of hours of getting to know the Rotarians they took us to the DFO at the airport where we blew some more money. At around 6pm, we returned to Emmanuel college for a rotary and alumni barbecue and mingled.
Day 6:
Today we had a science packed day. We woke up early, had breakfast then the students split up into our interest groups preparing for the extensive STEM visits approaching. My first visit was at the ARC centre of excellence for engineered quantum mechanics and systems. In this visit we saw the super quantum mechatronics computer of Queensland, and had multiple lectures of what they do and why, which was where I saw the setup of lasers which were able to view a singular atom and screen its movement. Then we proceeded to our second visit which was hypersonics and engineering without borders. This was a great visit which allowed me to realise that I'm not in the slightest interested about engineering, but was still amazing.
After we returned to the campus where we relayed the events of our visits to the rest of our floor groups. Then the Marvellous Monday science quiz was held and our floor groups gathered to show off our knowledge and try to win bragging rights. Unfortunately, we did not win.
Then we went to our dorms and had a briefing about the oncoming jam-packed days.
Day 7:
The morning started off with a lawn briefing about our specialist lectures that were approaching in the next few hours, so the students completed a survey which elected which students attended specific lectures. I was allocated biomedical engineering which was based upon the cochlear implant and science behind it, this was ran by Phil Terrill who was apart of the team that actually created the implant, we also had a question and answer session which was awesome to figure out his journey. Later that day we had another merch sales session which allowed people who missed out to get the awesome NYSF gear. After this, the students had their fourth STEM visit, where the physics group went to the centre for quantum dynamics.
This was extremely interesting where we saw the double slit experiment, and we were lectured by multiple professors who said that they're currently sending viruses through a double slit to determine if the particles distribute themselves quantum mechanically, to help determine cures. Then later that night we had free time to hang out with the other students and relax from the day.
Day 8:
This day consisted of a science communication workshop, which incorporated a panel of alumni and professors in science, discussing with the NYSF students the importance of science communication and its need throughout society. Later on, we then had our curiosity afternoon, where we had an elective survey and we were put into workshops based on our survey answers. I was placed in flavour creations, this consisted of us participating in a workshop revolving around exploring the creation of slightly solidified liquids for people with dysphasia.
Towards the end of the night we were directed to construct a 5 minute presentation/speech/conversation about a passion of ours either related to STEM or not. This was extremely helpful in developing our presentation skills and confidence, as we completed this in front of 200+ people.
Day 9:
Today was the day of the NYSF close funding partners presentations and discussions. Where the representatives gave a spiel about their businesses and how they feel about NYSF. After these presentations, we then headed to the college to take part in, "speed date a scientist", where we gathered in groups of 4-5 and had 7 minute rotations with scientists and alumni. This was a great way to get quick and important information regarding our futures and what we'd currently intend to pursue and an awesome way to learn about their lives. The funding partners then held a partner’s day exposition. This was also a great way in getting more key information regarding University's we currently are taking interest in.
The students then proceeded to Emmanuel to glam up for the science dinner. This was an amazing night which involved alumni speaking and sharing their passions and wisdom to the students. The students took an entire hour for photos, which then followed by everyone gathering into the common room to mingle, this was where I ensured I introduced myself to important alumni, such as the chief scientist of Queensland and many professors. They were amazing and inspiring.
Day 10:
Today was the last proper day on the forum. We visited the Queensland museum for a couple of hours, where we relaxed and explored the history it contained. After, we had a workshop called "where to now?" This workshop involved the interest groups gathering for 2 hours to discuss an important topic and come up with a 1 minute presentation answering the given question to the group. This was a great way to work together and build on patience and perseverance, as we were on a STEM camp and each group had 15 opinionated people trying to input into the final decisions.
After this great activity, we returned to Emmanuel for our closing ceremony. This was the highlight of the forum as we were ushered to sit in a room, numbered 1 -3 and then everyone had to close their eyes and put their hands out. A group was called out and statements were said like tap the people who made you smile, laugh or happy. This was an emotional activity and left the entire student cohort in tears and emotional.
Later on after dinner, a talent show was hosted which was an awesome way to display the talent we have on the last and final night. The rest of the night was just set to relax and say our final goodbyes.
Day 11:
This was the allocated day of travel for every student.
This is just a video of my interest group chant, in which we won the competition for the best group chant!!!
I just want to say a massive thank you to rotary and all the emotional and financial support you've provided me through this experience. NYSF was amazing, and something I will never forget. The forum has helped me get to where I am and I now have more of a clear picture for post year 12. I have come to a final conclusion about my plans of study after school, but knowing myself, it almost WILL be subject to change. Post year 12, my current plan is to study a bachelor of science, something broad, and major in biomedical science. From the forum I've found that I'm interested in that area and have been doing some research at home and found that this would be beneficial as there are many careers that branch from that area. My want for a broad degree is if I want to stop studying after the degree and decide to travel or work for a bit, and I change my mind about where I'm heading, I have that degree there so I can branch off somewhere different.
I'm extremely grateful to have been accepted as I now feel I've gained so much valuable information and guidance, that I now don't feel so lost.
For more information on NYSF go to: https://www.facebook.com/NYSFoz/