CLO Lawyers Estate Planning

Estate planning is about having peace of mind

Wills and estate planning is a sensitive topic. This is why we take the time to fully understand your unique circumstances and wishes for the future of your loved ones. At CLO Lawyers, we explain the issues in plain English and are able to provide our clients with a sense of control in the face of one of life’s most uncertain events.

Toowoomba Wills and Estate Planning

Your “Estate” refers to the property owned by you at the time of your death.

A “Will” is the legal document that says what you would like to happen with your money and other assets (your estate) when you pass away.

Your Will names those persons or organisations you want to give your estate to (your beneficiaries) and who you would like to administer your estate when you die (your executor).

Planning ahead to transfer your assets to your beneficiaries upon your death is known as “estate planning”.

What can our estate planning lawyers do for you?

Estate planning is the process of planning ahead for the efficient transfer of your assets upon your death. Don’t be tempted to put it off to another day. A professionally prepared Will can avoid the horror story scenario you have experienced or heard about, resulting in family trauma and expense.

Your executor is responsible for carrying out your wishes specified in your Will. Estate administration is another term used for executor responsibilities.

If you die without a Will, with a poorly drafted Will, or a Will that is out of date, your executor will have difficulty fulfilling your wishes. An already difficult situation will become much more stressful and costly.

Our Toowoomba-based estate planning team at CLO Lawyers will respect your wishes. We can ensure that your hard-earned assets are effectively transferred to your beneficiaries after your death without unnecessary delay and expense.

Wills & Estates Planning Lawyers | CLO Lawyers, Toowoomba QLD

Wills & Estates Planning FAQ: Frequently Asked Questions

A Will is a legal document that sets out how you wish your property, money, and personal items to be distributed when you pass away.

By making a Will, you are protecting the interests of your loved ones. You will save them from unnecessary distress during their grief.

Your Will can cover all assets in your own name, such as your home, land, car, shares, and bank accounts. However, it does not cover life insurance or superannuation unless paid to your estate.

You can make a gift to a favourite charity or philanthropic organisation in your Will or even make a provision for the care of a beloved pet.

In your Will, you appoint an executor to distribute your assets to your nominated beneficiaries (those you choose to receive your assets). Your choice of an executor should be carefully considered, as the role can be very demanding and often complex, requiring legal and financial knowledge or guidance.

Any person of sound mind aged 18 years, or in certain circumstances, under 18 years, can make a Will.

You may alter your Will at any time and as often as you wish. It is advisable to regularly review your Will, as your circumstances and those of your executors and beneficiaries can change over time.

You should consider reviewing your Will if any of the following occur:

  • Marriage or commencement of a de facto relationship;
  • The birth of children or grandchildren:
  • Separation (of married or de facto couples) or divorce;
  • You buy or sell property; or
  • Your financial circumstances change significantly.

Dying without a Will (called ‘intestacy’) means your assets will be distributed according to the rules of intestacy. These rules determine how your estate will be distributed and may not align with your wishes.

Furthermore, you have no say who will administer your estate under intestacy. And you will incur additional complexity, expense, and stress to the administration of your estate.

A Will is a complex legal document that should be prepared by a solicitor. As qualified legal practitioners, we will advise you about the options available to you and guide you through the process of making a Will.

Before visiting your solicitor, you should consider:

  • Who to appoint as executors and trustees and their powers;
  • Who to appoint as the guardian of your children, and how you would like to provide for their future;
  • What are your current assets and liabilities;
  • Who should receive your assets;
  • Your life insurance;
  • Your preferred funeral arrangements;
  • Organ and tissue donation; and
  • Your superannuation and binding death benefit nominations.

When preparing a Will, several legal requirements must be followed to avoid it being invalid. If this occurs, and no valid earlier will exists, you may be presumed to have died intestate. In those circumstances, the laws of intestacy will apply unless invalidity is rectified by the court process. This can be a costly and stressful exercise.

Should your Will fail to express your wishes clearly, the court may need to interpret the Will, placing a financial and emotional burden on your loved ones.

An enduring power of attorney is a legal document that allows you to appoint someone you trust to make decisions for you during your lifetime, if you no longer have the capacity to do so. An enduring power of attorney usually takes effect when you lose capacity to manage your own affairs.

Losing capacity does not just happen to people who are ageing. It can happen at any time, and it may be temporary or permanent. People can lose capacity for decision making due to intellectual or psychiatric disability, acquired brain injury, dementia or temporary illness.

Under an enduring power of attorney (EPOA), you may give your attorney the power to deal with all or any part of your financial, personal and health affairs. An EPOA for financial matters can come into effect immediately if you lose capacity, or on a specific date, or on the happening of a specific event.

A Will is only one aspect of the estate planning process.

Estate planning may include the consideration of a Testamentary Trust Will, an Advance Health Directive, a Will for blended families, a Statutory Will, Superannuation Binding Death Nominations, and Business or Farm Succession Planning.

The CLO Lawyers estate planning team will provide advice on the following estate matters;

  • Funeral arrangements and payments;
  • Locating all estate assets;
  • Whether a grant of Probate is required;
  • Advice when a Will cannot be found, or the deceased did not have a Will;
  • Liquidating estate assets;
  • Distributing estate assets;
  • Taxation matters;
  • Ensuring that the beneficiaries are not bankrupt (the inheritance of the bankrupt beneficiary should be paid to the Trustee in Bankruptcy);
  • The time frame during which the estate can be contested; and
  • Advertising for creditors.