Wills & Estates Law

Sedley Koschel Law is a recognized Queensland Law Firm.

This service solidifies our reputation as a one-stop-shop for all of your financial and now estate planning needs.

Along with financial advice, financial planning, Investment Advice, Tax returns, Wealth Advice, Conveyancing, wealth management and SMSF superannuation we provide:

Wills

A Will is a legal document that outlines your wishes for how to distribute your assets after your death. If you tick any of these – you should make a Will:

• You are a human adult and will die one day
• You have a job
• There are people or causes you care about
• You live in a country with laws about taxes and dying

If drafted properly, a Will can help to avoid family disputes and ensuing legal costs. It is important to have a Will even if you think your circumstances are very simple.

When deciding what to include in your will some things to consider are:

• Guardianship of minors
• Identify all your assets and which ones will form part of your estate
• Decide if you want to leave any specific assets to certain individuals
• Decide who you wish to benefit from your estate – the Family Provision Legislation may require you to provide for certain family members so you should ensure they are all considered
• Choose someone you trust to be your executor

These are only a few questions to start thinking about before signing your Will.

If you do not have a Will or your Will is invalid, your estate will be divided under the government’s intestacy laws which differ for each state/territory. This means the legislation in your state/territory will determine how your assets are distributed. This may not be consistent with your wishes.

You should review your Will regularly to ensure it continues to reflect your wishes. Make sure you consider any changes in your personal situation, e.g. marriage, divorce, the birth of a child, death of an executor or beneficiary,  purchase/sale of assets, or if you take up residence in another state or overseas..

Power of Attorney

A Power of Attorney is a legal document that allows a person you trust to make a specified medical and or financial decision on your behalf. This person should be someone you trust who is willing to take on the responsibility.

A General Power of Attorney may be for a specific action (such as selling an asset while you are overseas) or broad powers (such as being able to deal with all your financial affairs).

An Enduring Power of Attorney allows a person to act on your behalf when you are no longer able to do so yourself due to mental incapacity.

The legislation for powers of attorney varies across the states/territories and you should seek legal advice. You may also wish to discuss Powers of Enduring Guardianship and medical directives to give power to someone to make decisions about where you live and your health care.

Testamentary Trust

Instead of leaving assets directly to another person, you may wish to include a Testamentary Trust in your Will.

• Testamentary Trusts aren’t just for the old, wealthy, or at risk – they are for everyone who has at least $500,000 (including super and life insurance)

Some benefits of a Testamentary Trust include: 

• Saving your family tax after you die
• Protecting your inheritance from divorce and bankruptcy risks
• Protecting vulnerable beneficiaries

When writing instructions in your Will you need to consider who will take on the roles of:

• The Trustee – day to day management of the Trust and decides who will receive distributions
• The Appointer – can remove the Trustee and appoint a replacement

Testamentary trusts are not administratively burdensome – any extra compliance should be far outweighed by the tax savings.

Speak to us about ‘single’ v ‘multiple’ trusts

Estate Planning

Probate

Estate Administration

Electronic conveyancing

Leases

Business Transfers

Advance Health Directives

Super & TPD/Trauma claims

 

Please contact us for further information on 1300 00 11 08 or law@sedleykoschel.com.au.