WillS and Estate
How to write a Will
Anyone can write a Will. However we recommend a Estate and Will Lawyers Gold Coast write your Will as you must take into consideration various factors when drafting the document such as:
Valid Will
Have you made a Will before? Does it comply with formalities identified under the Succession Act 1981 (Qld) (Succession Act)? If it does not comply with the Succession Act, the Will may be invalid. Have you gotten married or divorced since you last made your Will? Marriage or divorce makes your previous Will invalid.
Real Property & Jurisdiction
Do you have property? Is it held as joint tenants or tenants in common? Do you have any property or assets outside of Australia? Do you have a mortgage on any property? If so, is it paid off? Has your bank lodged the release of mortgage with the titles office or is it your intention to have it open as a credit line?
Entities
Are you involved in a company as a Director, Shareholder or in any other way? A company is a separate entity. Assets owned by a company must be dealt with appropriately. Are you involved in any Unit or Discretionary Trust in any way? A Trust is a separate entity and assets owned by a Trust must be dealt with appropriately.
Superannuation
Do you have Superannuation? Have you nominated a beneficiary for your Superannuation? Is the nomination binding or non-binding?
Please note this operates separately to your Will as funds are held in trust.
Insurance
Do you have a life insurance policy? Have you nominated a beneficiary with your insurer? Is the nomination binding or non-binding?
Please note this operates separately to your Will as funds are held in trust.
A proper Will ensures your assets are handled according to your wishes. It ensures the person(s) administering your estate as your executor is a trusted person that would act according to your wishes, which are clearly stated and it deters your family having to go to Court for family provisions if one feels adequate provisions have not been made. Overall it is to ensure your estate is in order and your loved ones are adequately provided for.
If a person dies without a Will, they have died intestate. This leaves your Estate open to claims from anyone. For example family members or ex-partners can make various applications to the Court for family provisions. When a Will is drafted, we ensure to best protect your assets against such claims.
We recommend a Estate and Will Lawyers Gold Coast handle the drafting of the Wills. This is to ensure that you have considered the various aspects of your Estate, to word the Will to deter claims from unsatisfied family member and deter claims against capacity and or undue influence.
Capacity
When searching for Estate and Will Lawyers Near Me, you must understand the nature and effect of the decisions you made; freely and voluntarily make the decision and communicate the decision to show that you have capacity. For further information, refer to the Queensland Capacity Assessment Guidelines 2020.
What is probate?
Probate is a Court document validating the deceased’s Last Will and Testament and provides the executor authorisation to administer the deceased’s estate.
Why do you need a Probate Application?
Probate may be required by certain institutions holding assets on behalf of the deceased such as banks that will not release the assets until the grant of probate. Each institution will have their own internal processing and are contacted to determine what is required.
What is Letters of Administration?
Letters of Administration is for cases without a valid Will. It is a Court document authorising an executor to administer the estate.
Why do I need Letters of Administration?
Certain institutions require evidence each person is authorised to administer the estate. Each institution has their own internal processing system such as Banks, Superannuation, Insurance Policies and or for dealing with the deceased’s property. One should talk to the appropriate parties before making applications.