Queensland Wills & Estates Lawyers

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Experienced Wills & Estates Lawyers

At Ramsden Lawyers, we understand the importance of careful planning and consideration when it comes to Wills and Estates. Crafting a comprehensive and legally sound Will is a crucial step in ensuring your final wishes are honored and your loved ones are taken care of according to your intentions.

Our experienced team of legal professionals is dedicated to guiding you through every facet of the Wills and Estates process. We recognise that each individual’s circumstances are unique, and we are committed to tailoring our services to meet your specific needs.

From appointing trusted executors who will faithfully carry out your wishes to thoughtfully designating beneficiaries, our experts will work closely with you to ensure the accurate distribution of your assets and liabilities. We understand the intricacies of asset transfer preferences, and we’re here to assist you in making informed decisions that reflect your desires.

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What are the Implications of Not Having a Will?

In the event of passing away without a Will, known as dying intestate, the courts will utilise a predetermined legal formula to determine the distribution of your assets, which can result in the sale of family assets, lack of financial protection for children or dependents, inadequate support for incapacitated family members, potential asset allocation to the government in the absence of relatives, and the loss of control over the appointment of estate administrators or guardians for underage children. Additionally, any family member can seek court authorisation through letters of administration, granting them the authority to administer your estate according to their own discretion.

Role of an Executor

Executors are trusted individuals who carry out your wishes as stated in your Will regarding the distribution of your assets. It is crucial to choose someone with knowledge of legal and financial matters to effectively handle your estate. In most cases, they are entitled to a commission for their administrative work. The executor assumes the responsibilities of the deceased, managing their personal affairs. Typical tasks include:

Finding the Will.
Arranging the funeral.
Applying for probate.
Obtaining a death certificate.
Informing relevant investment institutions about the death.
Locating family members and beneficiaries.
Identifying and assessing the value of assets.
Settling debts, income tax, and funeral expenses.
Transferring assets and paying stamp duty.
Distributing any remaining assets to beneficiaries.

If necessary, your executor may seek assistance from a solicitor to fulfill their duties. Alternatively, you can choose Ramsden Lawyers as a professional executor to handle your estate independently and professionally

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Considerations for Nominating Executors in Estate Planning

You can designate a maximum of four individuals as executors. Before making a nomination, it is important to obtain the consent of each potential executor. It is permissible for an executor to also be a beneficiary. When selecting your executors, take the following factors into account:

If you plan to leave the majority of your assets to a specific person, such as your spouse, it is generally advisable to nominate that person as one of your executors.
If desired, you can nominate an independent individual, such as a trusted friend or advisor, to act as a co-executor. In such cases, both executors will be responsible for working together.
Consider the age of the nominated executor, particularly if they are likely to pass away before you. If you choose an executor who is older than you, it may be wise to also nominate a substitute executor.
It is prudent to have substitute executor(s) in case a nominated executor becomes unable to act for any reason. For instance, if the estate administration proves to be too complex or the primary executor becomes unavailable.

By considering these factors, you can make informed decisions regarding the nomination of your executors and ensure a smoother administration of your estate.

WILLS & BENEFICIARIES

Beneficiaries are individuals who are designated to receive your assets upon your passing. Typically, beneficiaries include your spouse or de facto partner and children. When it comes to dividing your assets, you have the flexibility to allocate them in various ways. For instance:

Percentage Allocation: You may choose to distribute assets among children and step-children based on percentages, allowing one beneficiary to receive a greater share than others.
Equal Shares: Another option is to divide your assets into equal portions among the beneficiaries.
Specific Gifts: It is also possible to assign specific items, such as jewellery, a house, or a car, to particular beneficiaries.
Establishing Trusts: If you have children or step-children, you can set up trusts that will hold and manage assets until they reach a specific age, ensuring a controlled transfer of assets.

By considering these options, you can tailor your estate plan to meet your wishes and provide for your beneficiaries in a way that aligns with your intentions.

Considerations for Will Preparation

When preparing your Will, it is essential to address the following aspects:

Selection of Executors: Determine who will be responsible for executing your Will and administering your estate.
Identification of Beneficiaries: Specify the individuals or entities who will inherit your assets and benefit from your Will.
Distribution of Assets and Liabilities: Take stock of your current assets and liabilities and outline how you want them to be distributed among your beneficiaries.
Asset Transfer Preferences: Decide whether specific assets should be directly transferred to beneficiaries instead of being sold.
Guardianship of Children: Determine who will assume the care and responsibility of your children in the event of your demise.
Funeral Preferences: Express your preference for burial or cremation and any specific requests concerning your funeral arrangements or headstone.
Testamentary Trust Establishment: Consider setting up a testamentary trust to provide for your grandchildren at a specified age and potentially minimise tax obligations for them.

Given that your Will is a legally significant document, it is crucial to ensure the accuracy of beneficiary details, including correct names and addresses of executors and beneficiaries.

Impact of Marriage or Divorce on a Will

If you marry after creating a Will, the Will is generally invalidated or revoked, unless it was specifically made in anticipation of the marriage. On the other hand, if you divorce after creating a Will, it only cancels any gifts intended for your former spouse. Additionally, the appointment of your former spouse as executor, trustee, or guardian in the Will is also revoked. However, this may not apply if the court determines that the Will maker did not intend to revoke the gift or appointment through the divorce. If you wish to make changes to your Will or if your marital circumstances change, it is advisable to consult our knowledgeable Will team for appropriate guidance.

AS YOUR SOLICITOR

In our role as your solicitor, our team will take care to accurately draft your Wills and ensure they are properly signed and witnessed. Additionally, we offer the convenience of securely storing your Will in our safe custody cabinets, allowing your executors easy access when required. Should your circumstances change, our team can assist you in creating new Wills. Furthermore, we are able to provide copies of Wills to specific individuals upon your request.

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Meet our Wills and Estates Team

Belinda Northam Partner
(Non Principal)

MAGGIE RAMSDEN Senior Associate

JOHN RAMSDEN Managing Partner
(Legal Director/Principal)

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