Wills, Estates, and Trusts

Wills & Estates [read more…]
Trusts [read more…]

YOUR LAST WILL AND TESTAMENT

Is your family’s future secured? Imagine the heart-wrenching scenario of a loved one passing away without a valid and up-to-date will. The emotional turmoil, legal battles, and financial stress that follow can be overwhelming. Don’t let this nightmare become a reality for your family!

At ADS Law, we understand the importance of having a comprehensive will that reflects your wishes and protects your loved ones. With over a decade of experience in Queensland estate law, we are your go-to experts in wills and estate planning.

When you need an expert estate law firm to handle your Will, your  Estate, or your Trust Administration or recovery, trust A.D.S. Lawyers to help you provide the best protection for your loved ones (before and after you go).

Our offices are located at Suite 12, 104 Gympie Road, Strathpine 4500.

When it comes to handling your Will Estate, or Trust Administration, it’s important to ensure your intentions are made clear, regardless of how simple or complicated your circumstances.

We also handle these key areas as part of your Estate planning needs:

• Guardianship

• Powers of Attorney

• Advance Health Directives

• Superannuation Death Benefit Nominations.

CASE STUDY:

Imagine *John, a hardworking family man in his 40s, unexpectedly passed away without a will. His grieving family was left to navigate the complex legal system, and the consequences were devastating. John’s estate was distributed according to the intestacy laws, which didn’t align with his wishes. His assets were tied up in lengthy legal proceedings, causing unnecessary delays and financial strain. The family was torn apart by disputes and disagreements, adding to their emotional distress during an already difficult time. If only John had updated his will, his family could have avoided this painful ordeal.

*details changed to protect privacy

 

YOUR WILL IS HELD IN OUR SAFE STORAGE

Your Will and the Will of your Loved Ones can be (or may already be) held securely in our SAFE Storage. Contact us for more information.

 

ALTERING YOUR WILL

If you have an existing Will, is it accurate and up to date? Updating or altering your Will so that it properly reflects your current circumstances is so important. Often times, an old Will may not adequately deal with the current situation of your family or your estate.

Without an accurate and up to date Will in place, everything you worked for may not go where you intended. Parents may have children with acute financial problems or who are going through personal relationship matters. Relationships can also break down with spouses. When circumstances change, it’s time to update your Will.

We recommended you revisit your Will at least every five years, or whenever your circumstances change.

 

Here are 7 compelling reasons why you need to update or create your will today:

• Getting Married or Divorced: Marriage or divorce can have significant implications on your estate planning, including changes in beneficiaries, assets, and distribution preferences. It’s crucial to update your will to reflect your new marital status accurately.
• Having a Child or Grandchild: The birth or adoption of a child or grandchild is a joyous event that may necessitate updates to your will. You may want to include provisions for their care, education, and inheritance, ensuring their financial well-being.
• Buying or Selling Property: If you buy or sell a home, investment property, or other real estate, it’s important to review and update your will. This can help ensure that your property is distributed according to your wishes and that any new assets are properly accounted for.
• Changes in Financial Circumstances: Significant changes in your financial situation, such as receiving an inheritance, winning a lottery, or starting a business, may require updates to your will to reflect these changes in your estate plan.
• Changes in Relationships: Changes in relationships with beneficiaries, executors, or guardians may necessitate updates to your will. For example, if you have a falling out with a family member or if your chosen executor or guardian becomes incapacitated or passes away, it may be necessary to revise your will accordingly.
• Relocating to a Different State or Country: If you relocate to a different state or country, it’s important to review and update your will to ensure it aligns with the laws and regulations of your new location. Estate planning laws can vary significantly between jurisdictions.
• Changes in Personal Preferences: Your personal preferences for the distribution of your assets or the handling of your estate may change over time. It’s essential to periodically review and update your will to reflect your current wishes and intentions.

 

We make updating your Will easy. Contact us to make a time to discuss updating your Will for you, on 07 3088 3777, or click Free Consultation button in the top menu to book your Free 15 minute initial consultation – it can be in person in our offices in Strathpine, or over the telephone to save you time.

MAKING A NEW WILL

The question is often posed “Do I need a Will?” This can be a common question asked by many young people, single people and those who believe they have limited assets. It is important that everyone, no matter what their individual circumstances, should spend time with a lawyer making an accurate and up-to-date Will.

Most people don’t realise that even within their normal superannuation fund, they have several hundred thousand dollars in superannuation life insurance. This is a significant asset that most people will not have considered how they want it dealt with after they pass away.

Not having a Will could mean any assets you do have are held by the Public Trustee while your Estate is dealt with. This can put a significant delay in administering your Estate after you pass away and worse still, may result in your Estate passing to relatives whom you did not intend to benefit from your Estate.

Making a Will is a fairly easy process and one you should definitely spend the time to do, and do right.

Whether you would like to alter an Existing Will or set up a new Will, A.D.S. Law can provide a free 15-minute Will consultation in our Strathpine offices on Brisbane’s Northside.

This will help you understand what’s going to be involved in making your Will.

Our free 15-minute Will Consultation involves sitting down with one of our lawyers, who will determine how simple or complex your Estate is, and from there determine what kind of Will is best going to suit your circumstances.

Contact us on 1300 ADS LAW or visit our link below.

What is a ‘Standard’ or ‘Simple’ Will, and what isn’t?

A Standard Will is one that provides for standard estate distribution, that is:

• Initial: 100% to spouse/partner if alive.
• If spouse/partner not alive then.
  • Specific gifts to nominated beneficiaries, then
  • 100% of residue shared equally between the children.
• If a child predeceases parents, then that child’s share of residue goes to their children (i.e.; grandchildren), if any.
• If no children or grandchildren then for example to siblings and siblings-in-law equally (or their children if beneficiary predecease will makers). If there is no surviving spouse/partner then second, third and fourth distributions apply.
  • Estate: everything that you own at the date of your death;
  • Beneficiary: to whom you have left a share of your estate;
  • Residue: everything left over after payment of your debts and expenses.

Armstrong Doessel Stevenson Lawyers also include the following in our Standard Will Packages:

1. Enduring Power of Attorney
2. Advance Health Directive
3. Superannuation binding death benefit nomination advice
4. Safe storage of original documents
5. Annual Will checkup (if required)

 

A Non-Standard Will includes all of the above, plus:

• Non-standard distributions; and/or
• Clauses drafted to address particular circumstances;
• Blended families;
• Control of trust structures;
• Ownership of company structures;
• Ownership of business interests;
• Ownership of a SMSF;
• Dealing with interfamily loans;
• Life estates.
• Testamentary Trusts

 

TRUSTS

At its simplest, a Trust is created when someone (the Trustee) holds something of value (like money) given to them by someone else (the Settlor) not for the Trustee themself, but on Trust for someone else (the beneficiary).

A very common example is when someone dies, their deceased estate is held in Trust for the Beneficiaries named in the Will.

Indeed the powers of the Trustee of the deceased estate are regulated not only by the Succession Act but also by the Trusts Act.

You may be the Beneficiary of a Trust without You even being aware of it.

For example, unclaimed monies are held by, say banks, on Trust for whoever turns out to be entitled to the funds.

Trusts are often used for tax planning and business structuring.

The deeds creating trusts can range from relatively straightforward to exceedingly complicated documents.

We also assist in connecting Monies held on Trust with the correct Beneficiary.

BOOK A FREE 15-MINUTE WILL CONSULTATION

To read more about the finer points of making a Will and general Estate planning, you can read our article here: Where there is a will, there’s a relative.