Creating a Will

Wills are legal documents which provide a range of instructions (from you) to be implemented in the event of your death.  Some of the common areas covered by wills include, but are not limited to nominating:

a) How any assets you own are to be distributed

b) Who are to be the guardians of your children (under 18)

c) Who are to be appointed the Executors and Trustees of your estate

d) Whether you want to be buried or cremated or any other funeral related matters

….and many other options. 

Wills do not cover all circumstances and your CLO lawyer will advise you on all limitations, if any, at the time of discussing and preparing your new will.  

In terms of some general information relating to wills, there are some important considerations:

a) The role of the Executor.

The Executors role is to distribute your assets to your beneficiaries (the people you nominated to receive your assets) and liquidate any assets into cash, if required, before distribution.  The Executor is a very important role and can be both demanding and complex.  You need to carefully consider who is the best person to undertake that role, which often requires a reasonable understanding of legal and financial issues.  

b) Estate Administration.

The term ‘Estate Administration’ generally refers to the actions of the Executor in gathering and assessing the assets of the estate, finalising any debts involving the deceased and then distributing the remaining assets.  Estate Administration very much falls within the roles and responsibilities of the Executor.

c) What happens if I die without a will?

Where a person dies without having a valid will in place, it is known as dying intestacy.  In such cases, your assets will be distributed according to a set formula that is outlined by the laws of intestacy.  Again, this can be a complex area of law and your CLO lawyer will advise and answer any questions relating to these issues.

The Queensland Law Society has a range of resources and information available to consumers in relation to wills.  The Law Society has published an informative brochure that outlines basic information relating to wills, powers of attorney and estate planning in Queensland.  Follow the link below for further information and contact CLO Lawyers for a cost effective and fixed price quote for your professional conveyancing services.