A will is a legal document that outlines how you want your assets to be distributed after your death. It also allows you to appoint executors to manage your estate and make decisions on your behalf. Without it, you don’t get to make these decisions. On top of this not having a will often increases expenses and delays in administering your estate.
Key Factors to Consider When Writing a Will
- Appointing Executors: Carefully choose executors who are reliable, trustworthy, and capable of handling your estate. Consider their age, health, and availability.
- Guardianship: If you have children under 18, you might want to appoint guardians to care for them and make decisions about their upbringing.
- Blended Families: If you have a blended family, how will you distribute your estate? What happens if your surviving partner has conflict with your children and wants to leave them out?
- Beneficiaries: Clearly specify who will inherit your assets. Consider factors such as relationships, financial needs, and potential challenges.
- Estate Distribution: Outline how you want your assets to be divided. This can include cash, property, investments, and personal belongings.
- Specific Bequests: If you have specific items you want to leave to specific individuals, clearly state these wishes.
- Contingency Planning: Consider what should happen if a beneficiary predeceases you or becomes incapacitated.
- Superannuation: Indicate how you want your superannuation benefits to be distributed.
- Funeral Arrangements: If you have specific preferences for your funeral, include them in your will.
- Review and Update: Review your will regularly to ensure it reflects your current circumstances and wishes. Queensland Government recommends wills to be reviewed every 3-5 years.
Queensland-Specific Considerations
- Family Provision Act: Queensland’s Family Provision Act allows certain eligible family members to make claims against your estate if they believe they have not been adequately provided for.
- De Facto Relationships: If you are in a de facto relationship, it is important to consider how your Will might affect your partner’s rights.
- Superannuation: Ensure your will aligns with your superannuation fund’s rules regarding the nomination of beneficiaries.
Seeking Legal Advice
While it is possible to create a simple will using online templates or at the post office, it is highly recommended to consult with a solicitor to ensure your will is legally valid and meets your specific needs. A solicitor can help you navigate complex issues, protect your assets, and minimize potential disputes.
If you have any questions about your will or need to have a will prepared, give our office a call on 07 3209 7744 or submit an enquiry today.
Disclaimer: This article provides general information only and is not a substitute for legal advice. Please consult with a qualified lawyer for any specific questions regarding your situation.
