Why is having a Will important?
A Will is a document which details how someone wishes their affairs and estate are distributed upon their death. If you do not have a legitimate Will or your Will does not meet formal requirements under the Succession Act 1981, then you may leave your family the expensive and complicated problem of trying to administer your estate. In the absence of a valid Will, your family may have to apply to the Supreme Court of Queensland for what is known as Letters of Administration before they can deal with your estate. If a valid Will is in existence, then the family will not have this difficulty and expense.
A Will, of course also enables your estate to be left to the person of your choice rather than it being distributed in accordance with the rules imposed by the Succession Act. If you don’t have a Will then, quite simply, you have no say as to how your estate will be broken up amongst your family.
When preparing a Will, planning your estate can help simplify the administration of the estate. A comprehensive review and analysis of financial affairs is recommended and various matters will need to be taken into account when drafting a Will, such as:
– The appointment of an Executor (Personal Representative),
– Any debts owed and owing,
– Life insurance,
– Superannuation implications,
– Trust mechanisms that might be applicable,
– Company considerations,
– Pension and taxation issues
In addition to the above, when making a Will you can address family and personal matters such as the appointment of a guardian, burial or cremation, and funeral arrangements.
Wills can be complicated, but at QLD Law Group, we have the expertise to deal with the Law of Wills and all of its intricacies. We can assist through communication with you in a simplistic and uncomplicated way, delivering on our co-operative “life rebuilding” philosophy and well-entrenched values of commitment, clarity and common sense. Let us help you ease any burden on your family in the event of your passing by setting up a valid Will for you and your family.
Chris Green, our expert in Wills and Estate Planning, is extremely knowledgeable and experienced in this area and would love to assist you with your Will and Estate Planning. Please contact Chris on 3888 3555 or firstname.lastname@example.org to discuss your personal circumstances and what is right for you.