1300 529 529
Properly planning for the future and looking out for the best interests of you and your family does not have to be a long and complex process. Our expert legal team offers expert estate planning, including the preparation of Wills.
What is a Will?
A Will is a document that contains your instructions on how you want your property to be distributed after you have died.
How old do I need to be to make a Will?
You need to be eighteen (18) years of age or older (there are some limited cases where a person younger than 18 can make a Will, but in such cases you need expert legal advice).
Why make a Will?
Without a Will, on your death your assets may not go where you wanted them to go.
If a person dies intestate, rules contained in legislation decide how your assets are distributed taking into account your family situation. In Queensland the division of your assets is made according to rules outlined in the Succession Act 1981. Some examples of the rules are as follows:
- If you die survived by a spouse (a spouse includes a de facto partner provided you lived together for a continuous period of 2 years ending at the time of death) without leaving children, then your spouse will receive the first $50,000.00 of your estate and 50% of the balance with the other 50% going to your parents (if they survive you) or if your parents do not survive you, your surviving brothers and sisters.
- If you die survived by a spouse and children, your estate is divided in set shares between that spouse and your children. If you have 1 child, your spouse and your child will share your estate equally. If you have more than 1 child, your spouse will receive one third of your estate and the children the remaining two thirds (to be divided equally among them).
- If you die and you are not survived by a spouse or children but you are survived by parents, your parents will inherit your assets.
- If you die and you are not survived by a spouse, children or parents but you are survived by brothers and sisters, then your Estate will be divided equally among the brothers and sisters who have survived you.
What are the disadvantages of dying without a will?
Disadvantages of dying without a Will include:
- You will be denied a say in the division of your property.
- Your estate maybe administered by someone you disapprove of.
- Your children may receive property/assets when they turn 18 and not at some later time that you may have wished.
- You will not be able to ensure that any favoured charities or other beneficiaries receive any part of your estate.
The rules set out in the succession act in relation to the distribution of a person's estate when they die without a Will do not suit everyone. It is therefore very important that you plan ahead and prepare a valid Will.