Do I Need a Will?
If you die without a valid will, it is known as dying intestate. The implications of dying without a Will is that your estate may not be distributed to beneficiaries as you may wish. Intestacy is dealt with through Part 3 of the Succession Act 1981 (Qld) rather than in accordance with your wishes. Dealing with the loss of a loved one, is already a time filled with grief. Adding to that fact, the prospect of spending additional and unnecessary time and money to distribute an estate can be highly emotional and stressful. There is a further risk that disputes between beneficiaries may arise. In drafting a clear and valid will, you and your family can have peace of mind knowing the estate process will be one in compliance of your wishes and intentions.
Who can create a Will
Any person over the age of 18 years with sound mind, and mental capacity may draft a will. There are several events that may cause rise to change or update an existing will document. Some of these events are:
- Marriage or entering a de facto relationship
- Divorce or separation
- The birth of children or grandchildren
- An executor or beneficiary pre-deceases you
- Your assets or financial circumstances change
It is important to update your Will in the changing of personal circumstances. If you are unsure whether certain events will affect your Will, please contact our office for further discussions.
Topics for thought and discussion
In drafting your Will, there are several items that you must give thought to and even discuss with family and friends. Some areas that require your specific instructions in drafting your Will are:
- The names of your executor(s)
- The names of your beneficiaries
- The names of guardians if there are children under the age of 18
- The distribution of any collectables, i.e. jewellery, art etc.
- The distribution of any shares or digital assets
- Whether it is necessary to establish any trusts for disabled persons
- Whether you wish to donate any funds to charity
- Whether you wish to be an organ donor
- Whether you wish to be buried or cremated.
Having the difficult discussions now, ensures that your specific wishes are met, and you can be reassured that your loved ones are adequately provided for.
Once you have contemplated your intentions, you may wish to contact our office and provide your instructions to have a Will drafted. At this time, we can provide advice and answer any queries that you may have.
Upon attendance at your appointment, it is helpful to bring the following to ensure all aspects of your estate will be accounted for:
- Current photo identification
- Names, addresses and contact details for all executors and beneficiaries
- Details for any bank accounts, superannuation, funeral plans, life insurance policies or any other relevant documentation
- A list of collectables, such as art and jewellery and the names of those you wish to gift the items to
Our firm offers fixed fee pricing in relation to simple Wills for individuals and spouses. We welcome the opportunity to provide our Will drafting services to you and look forward to having you contact our office for more details.