Have you considered what may happen to your family if you pass without a will?

In Queensland, if you die without a valid will it is deemed that you have passed away “intestate” and your assets will be distributed among your family by the State Government according to the Succession Act 1981 (Qld). In short, Queensland legislation sets out how your estate and property will be divided. If an argument arises between beneficiaries, the court will make the final decision regarding your estate. This means that a person or charity you wish to benefit may miss out altogether.

Now is as good a time as any to review your existing will or prepare a new will for the first time. A will is a document that sets out your instructions on the distribution of your assets in the case of your death. This includes everything you own such as land, shares and property, and some things you may not consider such as debt owed or intellectual property. A will also considers who should care for your children when you are no longer around, a preference for your desire to be cremated or buried, whether you want a service or not – it is your explicit guidelines to your loved ones following your death.

Given the importance of a will, it’s surprising that it is one of the few documents that we tend to put on hold for whatever reason. A will can go a long way to easing the distress, anguish and burden of those around you. Provided you are of sound mind and over the age of 18, you can make a will.

“By preparing your will, you reduce the potential for conflict and spare your loved ones the angst of having to deal with this trauma.”

In preparing your will you will need to give thought to who will be the executor or executors of your will and who you wish to name as your beneficiary or beneficiaries. This can be complex given the blended nature of families these days.

If you already have a will, it might be time to update your details; have you recently divorced or remarried? Has a beneficiary died? Have you sold or purchased a property?

These are just a few issues that may affect the validity of your will. If you’re unsure of the details of your will, ask your lawyer for a copy and review it to see if any adjustments need to be made to account for changes in your circumstances.

By preparing your will, you reduce the potential for conflict and spare your loved ones the angst of having to deal with this trauma. It also means you make the decision for how your assets should be divided, rather the court deciding for you.

At Grace Law, we understand that a will is one of the most important documents you will ever prepare. We can offer legal expertise in drafting and amending existing wills to ensure your wishes are carried out exactly as you want. Whether you’re preparing your will for the very first time or you wish to change aspects of what was previously drafted, our professional lawyers can help. Contact Grace Law today.