Over our lifetime we accumulate wealth, loved possessions and happiness. When we pass we cannot take this with us. Making the decision now on how your Estate is distributed to your family and friends can bring you piece of mind.
A person may dispose by Will of any property to which the person is entitled at the time of the person's death (section 8(1) Succession Act 1981 (QLD).
A will is the legal document that states what you want to happen with your assets in the event of your death
A Will is the legal document that states what you want to happen with your assets in the event of your death.
A basic Will allows the testator to gift certain assets to specific beneficiaries. These can include family members or a nominated charity.
A basic Will also outlines what happens to the Residue of your Estate. This is the net asset amount after specific gifts have been distributed. Your bank accounts and superannuation funds are automatically considered as part of your estate, and will be covered in the Residue.
A testamentary trust is a trust created by your Will and does not come into effect until after your death. There are various types of testamentary trusts but it is usually a trust where the trustee has full discretion about distributions to the beneficiaries. For a trustee to properly exercise their duties, they must be able to clearly identify the beneficiaries. A testamentary trust can continue for a period of 80 years if so required but it is also possible for the testamentary trust to vest at any earlier date if the trustee so decides.
When to update you Will
*New Children added to the family
*Spouse passing away
*Any major changes that have occurred
*Windfalls, increased assets
*Change of mind
What makes a Will legal
1. It must be in writing
2. It must be signed by the testator or by someone else in the presence of and by the direction of the testator.
3. The signature must be made or acknowledged by the testator in the presence of two (2) or more witnesses at the same time.
4. None of the witnesses need to know that the document attested and signed is a will.
5. Signatures do not need to be at the foot of the will.
6. The testator must sign with the intention that the document is the Testator’s will.