A Will is a document that sets out who you wish to administer your estate and who will receive your assets and belongings after you die. Having a Will is the only way you can tell those you leave behind how you want your assets to be distributed.
A badly prepared Will could mean that:
- your assets are not distributed as you had intended;
- assets are left exposed to creditors;
- tax advantages are lost;
- the formalities required for a valid Will may not have been complied with;
- your estate may be compromised by family members who are not satisfied with their share of your assets.
Your Will should always be kept in a safe place and copies should be kept to a minimum. At Baker O'Brien Toll Solicitors we can keep your Will in our Safe Custody Safe, a service that is provided free of charge to our clients.
In some circumstances an Estate shall need to obtain Probate of the last Will. Those circumstances can arise where the estate holds property, or cash (including life insurance and superannuation) above certain monetary thresholds. Probate is a process which culminates in the last Will of the deceased person being certified as a valid Will. The process includes:
- a requirement to advertise and put creditors on notice that the executor shall be seeking Probate of the Will;
- advising the Public Trustee that Probate of the Will shall be sought; and
- making an Application to the Supreme Court of Queensland for a certificate of Probate.
Estate Planning will ensure that your estate is passed to those you intend to benefit. It has two main focuses:
- passing the assets of the estate as you had intended; and
- attempting to minimise the risks associated with a family member contesting your Will.
At Baker O'Brien Toll Solicitors our Solicitors listen to your objectives and guide and advise you on the best ways to ensure your estate planning objectives and outcomes are achieved.
EXPERT ADVICE INGeneral Law tel 07 4152 4555