WILLS

NEWS FLASH:  Wills and Powers of Attorney can now be signed remotely.  If you are unwell, at risk of coronavirus or simply a long way from lawyers and witnesses, your entire will and  power of attorney document can now legally be signed remotely.  Call us now!

Your will is one of the most important documents you will ever sign. It is not something to put off doing, and not something you can do once, then forget.

When to Review your Will

Changes in your financial circumstances, and relationships, can impact upon what your will should say, and of course, if you, or your children have another child, your will should be reviewed. It may not need changing, but significant life events should always be followed by a review of your will.

In particular:
  • Remarriage automatically cancels an existing will.
  • Divorce automatically excludes your former spouse from your will.
You should also decide:
  • Who do you want to be the person who handles the transfer of your assets to your beneficiaries (the executor)
  • Who do you want to be the person who looks after money or assets until it is paid to the beneficiaries (the trustee - can be same person as executor)
  • Who are your backup executors and trustees in case your first choice does not survive you?
  • Who are your backup beneficiaries in case they do not survive you?
More Complex Issues to Consider

Wills are, of course, your last step in ensuring that the property you have worked a lifetime to accumulate passes to your family and friends in accordance with your wishes. Sometimes, however, this simple desire is not at all simple to achieve.

Examples of Problem issues with respect to Wills:

  • You have a family business, and
  • you want to ensure that it continues to operate
  • perhaps, not all of your children are interested in participating in the business
  • perhaps your children do not co-operate well enough to give the business to them all jointly
  • You You have a family trust, and you want the assets owned by the trust to go to your children when you die (BEWARE - this is NOT automatic)
  • You have substantial assets, and:
  • You want to ensure that your children will not pay too much tax when they get their inheritance
  • You want to set up a trust for your children and grandchildren with funds from your estate
  • You want one (or all) of your children to benefit from your estate, but dont want to give them the money directly
  • Some or all of your beneficiaries have problems with creditors, and you dont want your inheritance to go to creditors
  • You have assets or life insurance held in a superannuation fund
  • You want to reward one of your children for their special care for you, or because of their special needs, and you are concerned that the other children may be upset by this
  • You have remarried, or entered into a new relationship and have children to both marriages
  • You are concerned that a former spouse (particularly where you have not divorced) may seek to claim upon your estate
  • You have lent money to (or borrowed from) one or more of your children and you want this resolved in your will
  • You own a house jointly with another person, but do not want that person to get your share of the house when you die
  • Many many more.

When your will is prepared, these issues need to be considered. All of the above problems arise in ordinary families. All can be resolved – provided that they are properly considered, and steps taken when your will is prepared. Note that some problems also require changes to other documents – such as existing trust deeds, or Binding Death Benefit Beneficiary Nominations (Superannuation) as well as provisions within the will itself.

Without proper legal advice, there are too many opportunities for you to make a mistake that will have a catastrophic effect upon your family after you die.

When you consult us about your wills, we review these issues with you. We raise with you the issues we see arising from your existing structures, and also let you know how those issues can be resolved. You may find that a simple will will adequately meet your needs. Or, you may discover that a comprehensive and strategic review is in order, which, in addition to providing for your family and friends on your death, can have far reaching beneficial effects upon your current financial position.

Get the facts. Get Help. Call our team.

CONTACTS FOR THIS AREA OF LAW
Andrew Smyth

Andrew Smyth

Commercial Law Court Work & Litigation Family & De Facto Law Wills and Estates
With 30 years’ experience working in and managing business, Andrew Smyth is sought after by industry and commerce for his specialist knowledge in structuring, regulatory compliance…
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Sylvia Hoefnagels

Sylvia Hoefnagels

Court Work & Litigation Wills and Estates
Sylvia joined our litigation team in 2015.  She was admitted to the Supreme Court of Queensland, and the High Court of Australia in 2005.  Her background…
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Sean Powell

Sean Powell

Court Work & Litigation Wills and Estates
Sean specialises in estate disputes, estate administration and estate planning, with a particular focus on contested wills. In line with his focus, he will soon complete…
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Vy Tran

Vy Tran

Court Work & Litigation Wills and Estates
Vy is a  senior solicitor at Robbins Watson Solicitors. In pursuit of a beach lifestyle, Vy moved from Brisbane and joined Robbins Watson Solicitors, and since then…
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Nathan Rutherford

Nathan Rutherford

Wills and Estates
After graduating in 2016 with a Bachelor of Laws (Honours) and a Bachelor of Fine Arts (with distinction) and being admitted as a solicitor in the…
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Allison Kelly

Allison Kelly

Family & De Facto Law Wills and Estates
Intrigued by law and justice in Australia, Allison pursued a path in the legal profession through rigorous studies during 2012 to 2018 and achieved both a Bachelor…
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