Wills & Estate Planning Lawyers

Why do I need a Will?

A valid Will ensures that you distribute your assets and property, also known as your “estate,” as you desire after your death. You can also appoint a Guardian for your children and outline any wishes you may have for their upbringing. Unfortunately, it’s common for families to experience conflict when it comes to the estate of a loved one after they pass away, which can end up being a costly legal battle.

Under Queensland law, if you don’t have a valid Will at the time of your death, you are regarded as “intestate”. Your belongings are then distributed following the formula set out in the Queensland Succession Act 1981. In some cases, your assets can end up with the State, and not with your loved ones.

A valid Will ensures your estate is passed onto your beneficiaries in the most flexible and tax-effective way.

Our Townsville wills and estates lawyers can explain your options and help you prepare for the future, regardless of whether your situation is simple or complex.

How do I write a Will?

While you may not need a lawyer to create a Will, seeking legal advice is always recommended. Writing a valid Will is complex and even online Will kits don’t guarantee validity or protection from challenges that may arise when your loved ones administer your estate.

Estate planning is a complex area of law. Creating a Will without legal advice can lead to unwanted complications and costs for your loved ones.

Contact our wills and estates lawyers in Townsville today for advice. We assist clients with important things like:

• requirements for a valid Will
• wills and estate planning for beneficiaries with special needs
• appointing guardians for minor children
• creating testamentary trusts to reduce tax implications
• reducing the likelihood of future disputes/challenges
• distributing your assets in the most flexible and tax-effective way possible.

Does a Will need to be in a particular form?

If you want to make a valid Will in Townsville, it must follow Queensland Law. The Will must be made in writing and signed by the person making the Will. It must also have two witnesses over the age of 18 who are not beneficiaries under the Will.

It is important to consider having your Will drafted by an experienced professional like a Wills and eEstates lawyer. If it is not done carefully, your Will may be invalid, or there could be disputes and challenges. If this happens, it will cost your loved ones a significant amount in legal fees, which could have been avoided.

To ensure peace of mind for you and your family, contact us today about your Will.

How often should I review my Will?

We recommend making, reviewing, or updating your Will at key stages, such as when:

• you marry or intend to get married
• you become involved in a de facto relationship
• you are separated or divorced
• children are born
• a person named in your current Will dies or becomes unsuitable
• you acquire a significant asset or investment
• you purchase real estate
• you become involved in a business, company, or trust
• you wish to specifically exclude someone from your Will
• your existing Will leaves property you no longer own.

What is an estate plan?

Estate planning means organising your assets to protect them if you die or can’t take care of them. It guarantees that your estate is efficiently managed and transferred to your beneficiaries in a manner that is both flexible and tax-effective.

As well as ensuring you have a valid Will, we advise you to consider:

• non-Will assets including superannuation, life insurance, trusts, and jointly-held assets
• interest in businesses
• Advance Care Directive (sometimes called a ‘Living Will’)
• trustee and guardian arrangements
• a power of attorney
• providing for dependent family members.

Not handling changes in wills, assets, relationships, and dependents properly can create future planning problems. This is why estate planning is essential to consider.

For complicated estates, involve your accountant, financial planner, or banker in preparing your estate plan for the best possible outcome.

Estate Planning, when properly prepared can have enormous benefits for your family and loved ones. Contact Townsville Wills And Estate Lawyers today to learn how we can help with your Will.

Our lawyers in Townsville have experience in all aspects of Wills and Estate law.