Let our experienced team of solicitors assist you with your Wills & Estates.
You have worked hard to provide for you and your family however without the proper planning for your generational estate, then it may cost your family substantial legal fees or worse still, a loss of assets.
In this world nothing can be said to be certain, except death and taxes – Benjamin Franklin
We can definitely assist with the taxes part, or at least transfer duty expenses when it comes to distribution of real property assets by carefully planning your estate.
Having a properly drafted and executed Last Will & Testament can ensure that your estate is administered with the least possible disruption and cost. It can also provide your family with certainty when it comes to personal gifts and bequests.
Things to Consider
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You as the Testator will need to appoint an Executor to administer your Estate once you have passed. This can be a family member or a trusted friend. The Executor has a lot of responsibilities in relation to managing your affairs and we can assist them.
When choosing your executor you will need to consider:
Your assets are not just the big things such as your home or investment portfolio. Included in the Estate are items such as jewelry, paintings, furniture and motor vehicles.
Superannuation and life insurance policies are also considered assets however these may have different rules associated with their management and distribution.
You should also consider electronic assets such as social media accounts, digital photographs or crypto currency. You will need to account for these and advise your estate about them.
It is not always about the big stuff. Real property such as houses are generally liquidated and the cash distributed to your beneficiaries.
It is the small personal items that you need to also consider. Family heirlooms and to whom they go to must be accounted for. Deciding who receives wedding rings or other sentimental items whilst you are still alive may save disputes after you pass.
By thinking about the issues now, you can save your family or executor from having to make hard decisions once you are gone.
If you are a young family with children that under the age of 18, then you should consider who they will live with if you pass away before they reach the age of majority.
You can nominate a legal guardian for them to manage any gifts received under your will until the child is of an age you propose.
Any children under 18 years of age will also require a legal guardian. Someone they can live with and take care of them until they are old enough. We suggest discussing this with close family or friends before drafting your will.
If you have pets, especially long lived ones such as horses, then please consider who will take care of them.
Cats and dogs are generally easy as most friends of family will be happy to look after them.
In Queensland it is illegal for a pet to be buried with you. Yes, it has been asked before.
You can also leave a cash gift to the person who will take care of your pet to cover some expenses.
A trust is automatically created under the Succession Act 1981 (Qld), which appoints your executor as trustee of your estate.
More complex estates however may require the establishment of specific trusts, or instructions to your executor to form one.
It may be that you have a child that has additional care requirements, or a property or investment portfolio that is to be managed on behalf of a child for their benefit.
These are generally more complex Wills and it is good to speak with us regarding your specific needs.
You may wish to leave a gift to your favourite charity or cause.
Please take care if you plan on leaving a large portion of your estate to a charity if you have children. This could give rise to a Family Provision Application, or as the Americans call it, Challenging the Will.
Common sense is the best approach when it comes to gifting to a charity or cause and we can work with you to provide a balanced outcome.
Managing an Estate
An executor is often a family member who may also be grieving the loss of a loved one, and still expected to fulfill their legal obligations.
There are several important legal steps which need to be taken to ensure that an estate is administered correctly.
If you are the Executor of an Estate, please do not risk making a mistake and reach out to us for assistance. You can learn more about what needs to happen here.
