Wills & Estate Planning Gold Coast

What is a Wills & Estate Plan?

A Wills & Estate Plan is a strategy developed to manage your affairs in the case of death or incapacity.

An effective Wills & Estate Plan  can include a combination of

• A will and/or
• An Enduring Power of Attorney.

In addition, it may also include:

• An Advance Health Directive, this form makes specific medical directives.
• Death Benefit Nomination: this form is recommended where the person making the Will is a member of a superannuation fund.
• Other documents are intended to guide the executors of an estate, such as a Memorandum of Wishes &/or Statement of Intentions, Nomination & Direction to Guardian, List & Allocation of Personal Chattels and List & Allocation of Digital Assets.

In other states/territories of Australia, or in other countries, a Wills & Estate Plan may comprise different documents, or the documents may have different descriptions. For example, in New South Wales, an Enduring Guardian form may also be necessary in addition to an Enduring Power of Attorney.

We recommend that if you reside in or hold assets in Queensland, you obtain legal advice from a solicitor admitted in Queensland and experienced to practise in Wills & Estate Law.

Call Rhys at Real Time Law on 0480 648 796 or email admin@realtimelaw.com.au to arrange a Wills & Estate Planning consultation.

Why do I need a valid will?

In Queensland, when someone dies intestate without a will, the estate technically vests in the Public Trustee until an administrator is appointed. The Succession Act determines which next of kin are entitled to be the administrator and the beneficial entitlements to the estate.

By putting in place an effective Wills & Estate Plan , you are leaving behind a legacy of empowerment for your loved ones.

This legacy of empowerment by having an effective Wills & Estate Plan can promote the following:

• Family harmony
• Fair & equitable distribution of assets
• Income streaming to those that need it most
• Creation of generational wealth
  Development of tax minimization strategies
• Flexible structure for transition of control.

Those that fail to create an effective Wills & Estate Plan often leave their loved ones with a stressful, costly and time-consuming problem to address.

Call Real Time Law on 0480 648 796 or email admin@realtimelaw.com.au to discuss your Wills & Estate Plan 

What if I don’t have a valid will?

Dying without a valid Wills & Estate Plan means that an estate is intestate. In Australia, an intestate estate results in the provisions of state/territory legislation determining which family member receives the distribution of assets in an estate. This can sometimes produce unforeseen consequences, particularly when the state/territory definitions in Australia of

• “child” includes biological children, stepchildren and adopted children and
• “Spouse” includes married partner, de facto partner and civil marriages.

It is quite possible that in certain circumstances a deceased may have more than one spouse, where a deceased at the time of death was separated and not divorced and also had a de facto relationship.

The position of an estate can be even more complicated where the children of a de facto partner can possibly claim an entitlement to an estate of a step-parent under state/territory legislation (known as a family provision claim).

An effective Wills & Estates Plan is an opportunity for you to ensure that your loved ones are best empowered to create outcomes which honour the legacy that you leave for them.

If you have a Wills & Estate Plan and would like us to consider its contents with you, please email it to admin@realtimelaw.com.au and arrange for a Wills & Estate Plan consultation.

Wills with Testamentary Discretionary Trusts

At Real Time Law we frequently recommend Wills with testamentary discretionary trusts, as this type of will promotes the greatest fairness and equity for an estate.

A traditional will typically creates a series of gifts for the surviving members of a family. Yet to do this assumes that all family members would or should be treated the same way at the time of death as when the will was created. Yet if there are changes within the lives of family members, such as an unexpected illness or tragedy or an unforeseen windfall, then an equal outcome may not be an equitable outcome for all concerned.

A will with a testamentary discretionary trust allows the trustee to assess the needs of a family and to determine what outcome is appropriate, bearing in mind all of the facts and circumstances that apply at the time of the decision.

To avoid family disharmony and unnecessary expense, we recommend every adult have an effective estate plan.

We have seen many families in conflict and incurring significant expenditure when a loved one passes away without a current and effective estate plan.

We recommend that the complexity of ‘blended families’ be best addressed with a tailored will with a testamentary discretionary trust.

If you would like more information on wills with testamentary discretionary trusts, please call Rhys at Real Time Law on 0480 648 796 or email admin@realtimelaw.com.au and arrange for a free Wills & Estate Plan consultation.

What is a Wills & Estate Plan ?
Wills & Estate Plan is the process of preparing your will and associated documents to create a legal framework which protects you during your life and your family after you pass away.

The most important decisions you will need to make during a Wills & Estates Plan include choosing the person or group of people or organisation.

• who you would consider to be best trusted to carry out your wishes and manage the administration of your estate
• that you wish to receive the benefits of your legacy.

At Real Time Law, Wills & Estate Planing is the process of working with you to put in place the appropriate legal documents to protect your interests and the interests of your family members.

Sometimes it may be appropriate to consult with your family and/or advisors during this process.

Having a current and effective Wills & Estate Plan tailored to your circumstances is vital to protect your interests and the interests of your family members should you either die or suffer a legal incapacity and become unable to manage your affairs.

At Real Time Law we tailor your Wills & Estate Plan based on your personal and financial circumstances.

Whatever your age and personal and financial circumstances are, we are equipped to advise you and provide you with real solutions.

If you would like us to work with you to prepare your Wills & Estate Plan , please call Rhys at Real Time Law at 0480 648 796 or email admin@realtimelaw.com.au, and we will arrange for a free Wills & Estates Plan consultation.

Wills & Estate Plan

With the cost of living rising, protecting the legacy you pass down to future generations is becoming more important.

Yet sadly, this area is often overlooked by working parents and business people. Often we become so focused on working towards our personal or business objectives that we forget about how to best protect our loved ones after we have gone. Often this is overlooked, which can cause unintended and very unfortunate consequences to occur.

Passing your legacy to your loved ones
An effective estate plan is important to ensure your legacy is passed to those that you wish to benefit the most. Ideally you should review your Wills & Estate Plan every few years to ensure it is up-to-date.

A will is the most common document used to create your estate plan.

If you do not have a will and you are 18 years or older, then you should contact us immediately, particularly if you:

• own property
• raise children
• operate a business

Apply for a free consultation, and we will consider your needs for an obligation-free assessment.