Will Preparation

Preparing a Will

A valid Will determines who should benefit from your estate when you die (your beneficiaries) and who will be responsible for administering it (your executor). A Will can be simple or complex and can also appoint guardians for minor children and provide directions for funeral arrangements.

A testamentary trust is a more complex Will that creates a trust or trusts after the testator dies. The trust assists in safeguarding assets from third-party creditors, protects at-risk beneficiaries and provides potential tax advantages.

Your Will is your voice after you die and anybody over 18 years of age with legal capacity can and should make a Will. A well-drafted Will can help to ensure that:

• your executors and loved ones know how you would like your affairs managed
• you are providing for the right people when you die
• your estate can be structured to protect beneficiaries and maximise value
• disagreements are avoided or minimised
• the potential for a claim against your estate is minimised

Reviewing your Will when your circumstances change

A change in your personal or financial circumstances means you should consider updating your Will as it may no longer reflect your wishes. This is particularly important if you are entering a new relationship or have recently separated or divorced. We can explain the effect of marriage, separation, or divorce on an existing Will so you can make a new one to reflect your changed circumstances.

If you need assistance, contact one of our lawyers at [email protected] or call (07) 3372 2232 for a no-obligation discussion and for expert legal advice.

Other significant events like having a child, buying or selling property or a business, a change in your health, or the death of a beneficiary or executor may trigger the need to review your Will.