Wills & Estates FAQ
What is the importance of a Will?
Everybody over the age of 18 should have a will.
It’s the only legally binding document that will determine who will look after your assets after you pass and the way your estate is distributed.
If you don’t have a will, then the law will decide who will take control of your estate and how that estate will be divided.
Can I challenge a Will?
Often people ask whether or not they can challenge the terms of a will.
In Queensland, a person who is a spouse, including a former spouse, children, including stepchildren, and anybody who was wholly or partially financially dependent and upon the deceased, may be able to challenge the terms of the will.
It’s important to know, though, that there are time limits that apply to a challenge to a will, and therefore you should seek the advice of an experienced wills and estates solicitor.
What is probate?
Do I need to obtain probate?
What Is Probate?
Probate is the proving of the will. It’s a court process to ensure that the deceased’s will that is being probated is the last and valid will of the deceased.
Why Does The Executor Need To Obtain Probate?
Often, probate is required by the asset holders of the estate such as banks and superannuation in order to allow those assets of the deceased to be released to the estate for distribution.
What is an enduring power of attorney?
An enduring power of attorney is a document that you put in place during your lifetime to make sure that you have somebody who will look after both your financial and your personal healthcare affairs if you lose capacity.
Why Do I Need One?
Without one, you don’t have anybody who can manage your banking, your property, and your superannuation if you lose capacity to manage those affairs for yourself. Nobody can informally step in, and therefore, it would be necessary for a court to make an appointment. And that appointment may be somebody that you otherwise would not have chosen yourself.
What is a Testamentary Trust?
A testamentary trust is a trust that’s created within your will. Rather than leaving the benefit directly to your beneficiaries, you can create a trust to provide additional protection for those people.
What Is The Benefit of a Testamentary Trust?
The benefits of a testamentary trust are numerous. The main benefits are the tax advantages that can be obtained by distributing income amongst beneficiaries, protection from creditors and protection from family law breakdowns.
What is the difference between an enduring power of attorney and a general one?
The difference between a general power of attorney and an enduring power of attorney is the enduring power of attorney will continue to operate and be effective if you lose capacity.
A general power of attorney is a document that is more akin to an appointment of an agent where you assign a task to somebody to sign on your behalf. But if you lose capacity, that document is no longer valid.
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Jodie Anderson-Bell explains how how a Testamentary Trust can protect your Estate and provide reassurance to your children.
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Written by Jodie Anderson-BellThis article was written by Jodie Anderson-Bell, Wills & Estates Lawyer & Managing Director of GKS Law. Jodie has a wealth of experience dealing with a range of Estate matters and ha To organise an appointment with Jodie, please...
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