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Wills & Estates
Wills and Estate Planning Lawyers Ipswich
When planning your estate there are so many important factors to take into consideration such as who is the best person to act as executor of your will, who you would like to inherit your assets on your demise, or the consideration of the future wellbeing of your children.
What we do
McNamara and Associates with their experienced and friendly staff, can guide you through the process of planning for the future for your loved ones and friends.
Our experienced estate planning lawyers can help you:
- identify the best person to act as executor of your will;
- consider the future well-being of your children;
- help you identify your assets and liabilities;
- manage the distribution of your assets/finances;
- appoint guardians of your children;
- establish testamentary trusts in your will;
- create enduring powers of attorney;
- create advanced health directives for complex health decisions and lifestyle matters should your capacity to make decisions be lost or become impaired;
- keep your will/power of attorney/advanced health directives in safe custody at no charge, and will only release with appropriate authority;
- Transfer property or other assets during your lifetime to defeat claims that may be anticipated to be made against your estate after your death; and
- Provide advice regarding superannuation and beneficiary nominations;
- Review of your companies and/or Trusts and provide advice regarding the setup of such entities and the assets they own when considering your estate plan.
As leading Ipswich will dispute lawyers we have many years of experience in handling a wide range of Estate Planning matters.
Make sure you take care of tomorrow, today by making an appointment to see McNamara and Associates experienced staff. Call 135 282.
Frequently asked questions
Frequently asked questions about Wills and Estate Planning.
If you do not have a will at the time of your death, then it is said that you have died “intestate”. The laws of intestacy then apply to determine who will benefit from your estate. Who that beneficiary, or beneficiaries, will be depends largely on your circumstances as at the date of your demise – whether you have a spouse or you are single, whether you have children or you do not. Often the laws of intestacy will mean that assets such as homes will be required to be sold when it may be your intention for the loved ones you have left behind to be able to live in the home.
You should never leave something so important to chance. Having an effective estate plan in place, which might be as simple as having a will, will be the best way that you can make sure your assets end up where you want them to, with minimal expense and delay.
If you pass away without a will, this is costly to your estate due to the fact that an application is required to be made to the Supreme Court of Queensland to appoint an administrator (similar role to that of an executor named in a will) given that you do not have a will appointing an executor.
A testamentary trust is established under a will but it does not come into effect until after the death of the will maker. Incorporating a trust within your will can provide significant flexibility, along with asset protection and tax minimisation for your intended beneficiaries.
A testamentary trust differs from that of a normal will because under the testamentary trust the trustee has the discretion to distribute capital and income between a group of beneficiaries named in your will. Including a wide number of potential beneficiaries will give greater flexibility to the trustee when distributing estate assets.
The benefits of a Testamentary Trust can include:-
- Better protection of assets for the intended beneficiaries who may be facing family law proceedings, at risk of being made bankrupt, have an addiction to drugs or alcohol or gambling, be spendthrifts, etc;
- Flexibility for your beneficiaries; and
- Tax benefits.
It is important to consider the ongoing administrative costs involved in maintaining a testamentary trust, such as accountancy fees, as well as whether the income generated by your estate would be sufficient to warrant a testamentary trust. Our team of wills and estates lawyers can provide advice as to whether a testamentary trust is for you and help you consider whether the costs associated with the preparation and administration of a testamentary trust are economical in your circumstances.
Power of Attorney:
A power of attorney is a legal document which gives another person the authority to make personal and financial decisions on your behalf.
Personal decisions include:
- where you live;
- who you live with;
- giving consent for any medical treatment.
Financial decisions mean the management of your finances including:
- payment of all accounts;
- all tax requirements;
- decisions regarding the purchasing and selling of property;
- payment of general everyday expenses; and
- reporting to Centerlink on your behalf.
An advanced health directive is a legal document in which you specify what should happen if your health deteriorates or you become incapacitated and you are no longer able to make decisions for yourself. In an advanced health directive, you are able to leave instructions regarding more complex medical treatment.
If you specify your medical preferences in an advanced health directive then you are taking the power away from your appointed attorney to have the discretion on that particular decision.
If you have any further queries or would like assistance in relation to wills & estate planning please do not hesitate to contact our wills and estates team at McNamara & Associates on 13 58 28.
Looking for more information?
Download our Wills & Estate Planning Guides.