Victoria Point Law in Victoria Point, Queensland, Australia | Product/service

Victoria Point Law

Locality: Victoria Point, Queensland, Australia

Phone: +61 438 170 729

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• Estate planning solicitor
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06.01.2022 Estate planning - Interesting and Important Reading. What is estate planning? Estate planning is the overarching term used for making decisions in relation to: ... preparing a will which allows you to nominate how your assets are to be distributed, who will act as guardians for your children and who will act as the executors and trustees of your estate preparing an enduring power of attorney which allows you to nominate how you would like to have your personal, financial and health care matters managed, should you lose capacity to make those decisions. What is a will? A will is a legal document which, as far as possible, ensures your assets are distributed according to your wishes, after you die. Your will can cover all of your assets in your own name your house, land, car, shares and bank accounts. It does not cover life insurance or superannuation. A will allows you to appoint an executor to distribute your assets to beneficiaries (the people or other recipients who you choose to receive your assets). Your choice of an executor should be carefully considered as the role can be very demanding and often complex. It can require legal and financial knowledge or guidance. Any person of sound mind from the age of 18 years or, in certain circumstances, under 18 years, can make a will. What happens if I don’t make a will? Dying without a will (called intestacy) means your assets will be distributed according to rigid formulae set down by the laws of intestacy. Those laws may: force the sale of the family home or family car so that the debts can be satisfied and allow other beneficiaries to claim their share of your assets not provide future financial protection for your children and grandchildren give your assets to the government, if you have no relatives or any other persons who are entitled to benefit. Furthermore, you lose your autonomy as to who will administer your estate. Produced from the Qld Law Society estate planning brochure. The information in this brochure is merely a guide. It is not meant to be a detailed explanation of the law and it does not constitute legal advice. Queensland Law Society recommends you see your solicitor about particular legal concerns.