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Queensland to see largest transfer of generational wealth by 2026

Public Trustees AustraliaPeter Carne, The Public Trustee of Queensland said that Queenslanders were going to experience the largest transfer of generational wealth in the State's history over the coming decade.

'The Public Trustee's Demographic Study into Older Queenslanders commissioned from the Queensland Treasury's Office of Economic and Statistical Research, revealed by 2026 the number of Queenslanders aged over 65 is expected to increase by 80%,' Peter Carne said.

'By 2026 there is going to be almost 1.1M Queenslanders in the over 65 age bracket and the number of people aged over 100 is expected to increase five-fold.

'This aging population is also predicted to have an increased life-span. If these Queenslanders fail to plan with an Enduring Power of Attorney and a valid Will, there will be an extra burden on families and the State's legal system.

The Public Trustee is hosting Queensland Wills Week, 8-11 May, 2012 to raise community awareness of the importance of every Queenslander over 18 having a valid Enduring Power of Attorney and a valid Will,' Mr Carne said.

An Enduring Power of Attorney enables you to specify who you would like to manage your personal, health and financial matters should you lose capacity for decision making.

A Will outlines how your assets will be distributed and by who after you die. A Will should also be updated at key life events such as marriage, divorce, entering a de-facto relationship purchasing a property and birth of child or grandchild.

The Public Trustee as part of Queensland Wills Week 2012 will be running free community forums, sausage sizzles and shopping centre displays booths.

'Visit www.willsweek.pt.qld.gov.au for more event information, stories, facts and myths about Enduring Powers of Attorney and Wills,' Peter Carne said.

To contact The Public Trustee phone 1300 360 044 or visit www.pt.qld.gov.au

ENDS

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