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Home | Wills & Estates Law | Making a Will

Why do I need a valid Will?

One of the greatest gifts you can give to your loved ones is a professionally prepared Will that clearly and precisely states your wishes upon your passing. By having a legally prepared Will, it could also reduce the likelihood of any estate disputes or a person challenging your Will. It can save tremendous anxiety and conflicts within your family of your loved ones.

Every person should have an up-to-date and valid will. Making your will with us is quicker and easier than you might think.

Appointing an executor

A Will prepared by the Turner Freeman Lawyers Wills & Estates department provides you and your family professional and genuine security. We can help you with effective succession planning to ensure your assets are protected and distributed to the right people according to your exact wishes. Under a Will, the legally appointed executor will look after your estate and will ensure that they collect all your assets, pay your debts and distribute your estate according to your Will after your passing.

Get in touch with us

Call 13 43 63 to speak with one of our estate planning lawyers in Queensland. Our offices are in Brisbane, Logan, North Lakes, Ipswich, Toowoomba, Gold Coast, Sunshine Coast and Cairns.

Wills and Estates Lawyers in QLD

FAQ

Why do I need a Will?

A Will is a legal document which sets out how you wish your estate, property, money and personal items to be distributed when you pass away. It has no validity or effect before you die. It is not just a document for people who are wealthy or who own real estate. Anyone ages 18 or more can make a Will provided they are of sound mind; and everyone should.

Your Will also appoints an executor to oversee this process.

If some of the people whom you want to receive a share of your estate are not yet 18 years of age, you can make provision for them while they are still children and your executor/s can look after their entitlements until they are adults.

If you have a favourite charity or cause you support, your Will can give you the opportunity to make a gift to that charity or organisation or even make a provision for the care of a beloved pet.

Benefits of a Turner Freeman legal Will

A Will that is invalid because it was not properly written or properly signed can cause as many headaches after your death as if you had no Will at all. A Will that has been prepared by a solicitor is much less likely to be challenged successfully.

At Turner Freeman, a specialist Wills & Estate solicitor will advise you on any legal issues that may affect your estate. For example there may be issues relating to taxation or you may wish to exclude someone from a share of your estate. Your solicitor will discuss with you the possible legal consequences of your Will to give you peace of mind knowing you have left your estate as you wish.

If you pass away without a valid Will

What happens if you pass away without a valid Will?

If you pass away and do not leave a valid Will you are deemed to have died ‘intestate.’  Your estate is then distributed in accordance with the laws of intestacy in force at the date of your death. These strict rules dictated by legislation operate without any regard to what your personal preference may have been. The beneficiaries of your estate will depend on whether you are married, in a de facto relationship or have children.

In addition, if you don't leave a valid Will, the cost, uncertainty and worry for your loved ones in finalising your affairs, will increase. It also means that legal rules (called 'rules of intestacy') automatically apply to your estate. These may result in your estate being left to people whom you do not wish to benefit from it and may mean that people you would like to benefit, miss out. For example, friends, charities and some relatives cannot benefit under the rules of intestacy.

What do I do to make a Will?

How do I make a Will?

No matter the size of your estate you should consider making a Will, if you are over the age of 18 (or under the age of 18, if married) and are of sound mind, memory and understanding. 

A court can also approve a Will being made for someone who cannot legally make a Will themselves.  For example if someone has lost their mental capacity to make a Will, but it is known how they wanted their property distributed, a court can authorise a will to be made for them so that the property goes as they wish and not in accordance with the laws of intestacy.

It is important to consider potential claimants at the time of drafting your will as it may be possible to restructure assets and investments or carefully draft your will to reduce or restrict potential claims against your estate.

We can help you prepare a legal Will

If you need assistance with preparing a Will, or to discuss your situation please call us on 13 43 63 or complete our online enquiry form. We are here to help you.

What is involved in making a Will?

What is involved in making or preparing a Will?

The process of making a Will involves an examination of your assets and liabilities and your personal circumstances. We also look at ways to maximise the estate your beneficiary/s receive upon your passing by way of a Testamentary Discretionary Trust (TDT).

What is a Testamentary Discretionary Trust (TDT)?

What is a Testamentary Discretionary Trust (TDT)?

A Testamentary Discretionary Trust (TDT) is a trust that is written into your Will and provides your beneficiaries with asset protection, flexibility and tax effectiveness. It is a trust that does not take effect until your death.

It is also a trust where the trustee/s have complete discretion to distribute capital and income of the trust to the beneficiaries nominated.

What are the advantages of a Testamentary Discretionary Trust?

Turner Freeman Lawyers Testamentary Discretionary TrustA TDT is highly desirable, if you have a beneficiary in your Will who:

tickHas a disability

tickSuffers from an addiction

tickIs poor at handling his/her finances

tickPractices in a profession which has a high risk of litigation

tickIs in a high tax bracket; or

tickHas a history of bankruptcy

By gifting your estate to these beneficiaries by way of a TDT, you can protect their inheritance from future loss. eg. Where the beneficiary is facing bankruptcy, matrimonial problems or has limited capacity to manage their own finances.

You appoint a Trustee/s who are in control of the Trust. This is generally the beneficiary of the Trust, but can also be a third party if the beneficiary has limited capacity to manage their own finances. By appointing an independent trustee, greater protection can be offered to the beneficiary/s as the beneficiary/s do not have an absolute, or direct right to the assets of the trust. The Trustee will have complete discretion as to how the capital and income of the Trust are distributed to the beneficiary/s.

The beneficiaries of the trust have the protection from proceedings arising from marriage or relationship breakdown or bankruptcy, as the assets in the trust are not legally owned by the beneficiaries, but are instead owned by the trust.

How often should I review my Will?

How often should I review my Will?

A Will should be reviewed every 3 – 5 years or as soon as your personal or financial circumstances change. Marriage, separation, children, property investment or establishing a company to run your business are all good reasons to review your Will.

Need more information on preparing a Will and Testamentary Discretionary Trust?

We have developed the information booklet below that summarises our Estate Planning services and process.

Estate Planning, Succession Planning | Turner Freeman Lawyers  Testamentary Discretionary Trusts TDT Turner Freeman Lawyers     Your Will-thumbnail

 

 

 

 

To view and print this PDF file, you will need to have the Adobe Acrobat Reader software installed, which is available for free-of-charge from the Adobe website.

If you would like to request a copy of any of our printed materials, please complete the Contact Us form and we will gladly post them out to you.

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