No matter how large or small your estate is, a Will is one of the most significant documents you can create in your lifetime. Having a Will in place is crucial, whether you are:

  • nearing retirement;
  • growing your young family; or
  • wanting to ensure your estate is in good hands after you pass away.

The assistance of an expert Will lawyer in Brisbane can protect the legacy you have worked hard to create by ensuring your assets and wishes are handled in the way you intend. A good Will and estate lawyer can also maximise the inheritance you leave for your loved ones through the use of Testamentary Trusts and appropriate superannuation advice.

What is a Will?

A Will is a legal document that determines how your assets are handled after you pass away. Having your Will drafted by a Will and estate lawyer provides you with the best opportunity for your estate to be handled effectively and in the way that you intend.

Why should I have my Will drafted by Wills and estate lawyers?

Avoid the cost of getting it wrong

Preparing a Will might seem straight forward, but there are many legal considerations that must be addressed. What makes this are of law difficult is that beneficiaries cannot question you as the Willmaker if there is uncertainty in the way the Will was drafted, or incorrect statements made. We often find that a Will Kit, or one not prepared by an expert Wills and estate lawyer, could be the most expensive Will that you can make!

Example 1 – Uncertainty in the Will cost over $100,000 in legal fees

The unfortunate case of Woodgate v Tanks shows the cost of getting the Will wording wrong. An 89 year old man, ‘Bill’ made a simple Will where he wrote:

“I GIVE the sum of $100,000 to each of Annette, Jane and Paul in equal shares as tenants in common.”

The Executor of the Will could not decide if this meant that it was $100,000 to each of the three beneficiaries (i.e. $300,000 total) or $100,000 shared amongst all three (i.e. $33,333 each).  

The court had to make a determination on this and they ultimately decided that it was to be shared amongst all three beneficiaries (i.e. $33,333 each). However, the legal costs in getting to this decision was over $100,000 and a long delay in the courts. A properly drafted Will would have solved this. 

Example 2 – Gift of specific assets that can go wrong 

Imagine you have the following assets: 

  • A property held as joint tenants with your sibling in Noosa; 
  • Main residence (house) in Nundah; and
  • Superannuation of $800,000. 

 Here are a number of ways in which the above assets may not go to an intended beneficiary in a Will: 

  • Property held as joint tenants – This does not fall under your Will as it is an asset held as joint tenants (rather than as tenants in common), which automatically passes by survivorship to your sibling. Without a proper title search of the property and further legal advice, any attempt to give this asset in your Will to anyone else (say, your spouse) would not be legally effective. 
  • Main residence (house) in Nundah – If your Will states “I give my main residence in Nundah to …”, but at the time of death you do not own a property at Nundah as this was sold before death to fund a residential accommodation bond, then this gift could fail (in law, known as ‘ademption’). Perhaps a discussion about an alternative gift in lieu of the property, or discussing your estate in terms of percentages as opposed to discrete assets, could assist to give your Will more longevity despite changes in how your estate is comprised. 
  • Superannuation – Superannuation does not automatically fall under your Will and so this clause may not be effective if say there was a valid Binding Death Benefit Nomination already in place direct to a person. 

Both example 1 and example 2 above could be avoided by having an expert Will lawyer in Brisbane prepare your Will and related estate planning documents. Estate First Lawyers ensures that any documents and legal advice covers all the relevant legislation, cases and legal intricacies so that you have peace of mind that your estate will be well handled. 

Control over estate  

A well drafted Will gives you control as to how your assets will be distributed after your passing. If you pass away without a Will, your estate would be subject to the laws of ‘intestacy’, meaning that the law will dictate who receives your estate based on a set formula. This could result in your assets ending up in the hands of people you never wanted to benefit, or others who you might want to have included could be overlooked.  

A Will carefully crafted by Wills and estate lawyers ensures that your estate is distributed in accordance with your wishes and will give you the peace of mind that your hard-earned wealth is being passed to your loved ones. 

Avoiding stress and uncertainty for loved ones  

The emotional toll on family when they lose a loved one is significant, and as Wills and estate lawyers, we have seen how much more stressful this can become when there is a poorly drafted Will, or no Will, in place. Having a properly drafted Will can help alleviate this burden on your family and provide clarity regarding your instructions and wishes. Your family will have a clear roadmap for how to proceed which can help minimise stress and confusion for them in a very difficult time.  

Protecting your family  

Every family is different, and no matter how simple or complex your situation is, Estate First Lawyers will be able to help you navigate your particular questions and wishes. We can provide you with strategies and solutions at a fixed fee.  

Some common situations that we see include where an estate is being left to children. 

Adult children  

Simply leaving your estate to your children in your Will might not be enough to ensure that your hard-earned wealth is protected for them. The increasing rates of divorce and bankruptcy mean that your children are at risk of potentially losing their inheritance. As Will lawyers in Brisbane that exclusively practice in this area, we can advise you on strategies to help protect your legacy and greatly reduce the risk of your children’s inheritance being lost or wasted. To read more, click here.

Young children 

If you have young children they would be in a vulnerable position should anything happen to you and so it is more important than ever to have a comprehensive and correctly drafted Will in place. As Will lawyers in Brisbane, we can help you have a robust Will and estate plan in place to ensure your family is protected if the worst were to happen. To read more, click here.

What else do wills and estate lawyers think is important in an estate plan?  

 A Will lawyer in Brisbane would not only prepare a Will, but would also provide advice on other areas relating to your estate planning, such as who would control your assets and make your health decisions if you lose capacity. Further, it is important to receive superannuation and tax planning advice as well. We recommend that you watch our video series ‘Why a Will is not enough’.

As dedicated Will lawyers in Brisbane, Estate First Lawyers can provide you with expert advice on the best way to structure your Will to achieve your goals, as well as navigate more complex issues such as estrangement with key family members, superannuation and tax planning advice, as well as estate planning for companies and trusts. No matter how simple or complex, Estate First Lawyers can create a comprehensive and tailored estate plan that addresses all aspects of your legacy. We offer affordable fixed fee pricing and fast turnaround times on completing any legal work so that you can move on with living your life knowing everything will be taken care of.