Estate planning Estate planning

A well prepared and executed estate plan can not only save your estate unnecessary costs in the future but can also save your loved ones from unnecessary stress after your death.

Estate planning is the process in which you discuss with a legal practitioner what you want to happen with your estate, known as your assets, when you die.

It is a plan which involves you considering who you want to be in charge of your Will, who you want to benefit from your estate, your funeral wishes and who you want to look after your financial and personal/health matters if you were to lose capacity during your lifetime, for example by way of dementia or stroke.

Effective estate planning ensures your assets are protected and distributed to the right people according to your wishes.

A properly drafted, up-to-date Will is the only way that you can be sure your assets will be dealt with as you wish when you die.

Executors and administrators

In Queensland, you must name an executor of your Will who will carry out the terms you have laid out in your Will after you die.

The executor of the estate can apply for a probate from the Supreme Court for permission to take control of the estate.

This means that the Court has recognised the Will as legally valid and will allow you to deal with the estate.

You don’t always need to get a probate, however, there can be situations where you may require a grant of probate. For example, an organisation may not release assets of the estate if they do not first see a grant of probate.

It’s important to update your Will regularly, for instance, if you get married your Will is automatically revoked.

On the other hand, getting a divorce does not revoke your Will but it does prevent them being appointed as a trustee or receiving any gifts through your estate.

In Queensland, if you die without a valid Will, your estate will be treated as an ‘Intestate’ and the Public Trustee will be responsible for the estate unless someone is granted a letters of administration.

If you decide to make a Will through a DIY Estate Planning kit, it can save you money now, but can often add to the costs of your estate administration.

The only way to ensure that your loved ones are protected is to obtain proper legal advice regarding your estate planning.

To find out more information, visit the website of the Queensland Public Trustee at pt.qld.gov.au or contact the Queensland Office of the Public Guardian on publicguardian.qld.gov.au .