Category: Wills and Estates

In the intricate tapestry of legal frameworks governing personal finances and estate planning, two crucial documents often stand at the forefront: Binding Financial Agreements (BFAs) and Wills. While both serve distinct purposes, their intersection can significantly impact individuals' financial security and estate distribution, particularly in Queensland, Australia. Understanding Binding Financial Agreements Binding Financial Agreements, commonly referred to as BFAs, are legal contracts entered into by parties to formalise financial arrangements, especially concerning property, spousal maintenance, and financial resources. In Queensland,...

Estate planning is often considered a complex and daunting task, yet it is a crucial aspect of ensuring your assets are distributed according to your wishes after you pass away. In Cairns, a city nestled in the tropical paradise of Far North Queensland, estate planning in Cairns takes on unique considerations due to the diverse range of assets and the legal landscape. Whether you're a long-time resident or new to the area, understanding the fundamentals of estate planning is essential...

Nestled in the tropical paradise of Far North Queensland, Cairns boasts not only stunning landscapes and vibrant culture but also a growing need for careful estate planning. While many residents may associate estate planning with the elderly or affluent, the truth is that everyone, regardless of age or financial status, can benefit from a well-thought-out estate plan. In this blog post, we'll explore the unique considerations of estate planning in Cairns and why it should be a priority for individuals...

A will is a legal document that outlines your wishes regarding the distribution of your assets and the care of your dependents after your passing. In Cairns, Australia, writing a will is a fundamental step in estate planning, ensuring that your assets are managed according to your desires. In this blog, we will guide you through the process of writing a will in Cairns, addressing key considerations and steps to follow. Why Write a Will? [caption id="attachment_17516" align="alignright" width="300"] Writing...

What is a Mutual Wills?  Mutual wills are considered a ‘legally binding contract’ between two people that are drafted in terms agreed upon by both parties and cannot be revoked or amended by either party without the agreement of the other. This means that following the death of the first party, the wills are irrevocable and changes can never be made by the surviving party (unless otherwise provided for).  Most commonly, mutual wills are used in circumstances where parties have remarried with children from a former marriage. This...

Binding Financial Agreements & Will drafting essentials Will drafting is an important skill to possess as a junior solicitor. Unfortunately, you don’t always get the opportunity to refine your drafting skills in university which makes the leap into real-life practise particularly daunting.  The key question here is; what components are necessary to appropriately prepare wills as a junior solicitor?  After all, a negligence claim down the line could carry dire consequences for you and your principal, especially at the outset of your career.  Making a formal will  It is...

It is very important that your Will is always current and up to date. Why? If the Coronavirus Pandemic has taught us anything, it’s that the future is unknown and preparation is key.  So, why should you update your Will? There are a number of reasons why this important task should be a priority for you. If anyone in your Will has died (i.e. Executor or Beneficiary), they should be removed. If your financial position has changed. If you have...

Australian family law act determines your entitlements to property James Noble is a familiar face and expert family lawyers in Brisbane have suggested some way to get your Property by the Australian Family Law Act. If you are searching for legitimate advice before divide family property. This article can be a cool source to help you make the thing happen legally and by the Australian Family Law Act. The four-step approach of the Family Law Act which was adopted by...

HELP! I've Got An Executor Dispute: Can I Remove an executor of a will? It is not uncommon for clients to raise they are frustrated with how the executor of a will is administrating a deceased person’s estate. These complaints typically arise from beneficiaries to a Will, being the category of person who benefits under the will. Before dealing with these issues, it is necessary to understand the nature of the executor of will, their position, and the responsibilities this...

If the Billionaire Kobe Bryant Died in Australia, Who Will get his Properties? If Kobe Bryant was an Australian, resided in Queensland, and died without a valid Will (“intestate”) the laws of Queensland would decide how his vast estate would be divided. Because he had a wife and children it would work like this; His spouse would receive the first $150,000 of his overall estate and all of the household furniture and chattels.  The remainder of his estate would then...

Australian divorce law property settlement, How Your Ex Can End Up With Your Estate? "Australian divorce law property settlement", says A breakdown of a relationship can be one of the hardest times in a person’s life. During this time, individuals often undergo immense changes to routine, living environments, and lifestyle. In the midst of grieving, possibly moving to a new residence, organizing your affairs, and trying to get your life back on track, it’s easy to forget some of the...

Contesting A Deceased Estate If you believe that a deceased friend or family member’s Will does not reflect their last wishes or are concerned with the circumstances and nature of an updated will, you may challenge the validity of the Will. This situation commonly arises where the deceased friend or family member may not have been in the right state of mind to understand what they were doing, or if a fellow family member has manipulated the person's wishes. To...

For a will to be valid and binding in Australia, the testator (the person making the Will) must have testamentary capacity at the time the Will was created. Testamentary capacity occurs when the testator is of sound mind and must understand:  The nature and effect of the Will; What encompasses the estate; The claims others might have upon their estate. To provide a practical example any individual with advanced dementia, amnesia or severe mental disability will unlikely have the requisite...

How To Be an Executor of a Will or Will Administrator of an Estate? When a person creates a Last Will and Testament, they are required to appoint a will executor or Will Administrator who acts to administer the person's estate upon their death. Although many ask: How To Be an Executor of a Will or Will Administrator of an Estate? A will executor or Will Administrator is responsible for ensuring that all outstanding debts and taxes are paid to...

Are you thinking about doing getting a DIY Will Kit? DIY will Kit: The letters “DIY” seem to apply to just about everything these days, and one area of 'do it yourself that is growing in popularity is the DIY will kit. It’s advisable that we all have some type of will (no matter what), and with the internet making everything so accessible in the modern world, DIY will kit seems to be all the rage. Is a DIY Will...

Problems while Drafting A Will? Your last Will and Testament are perhaps the most important document you will ever sign. As the nature of this document is so important, it is necessary to ensure drafting a will is done correctly so any assets collected over your lifetime are properly accounted for. Assets such as superannuation, life insurance, and shares of jointly held assets (such as the family home) do not automatically fall into your estate when you pass away. Furthermore,...

Firstly, what is a property settlement? When it comes to property settlement, Put simply, the division of assets when a relationship breaks down, enabling both parties to sever financial and material ties with one another so they can better move on with their lives, requires a property settlement. A property settlement will also include the distribution of liabilities, such as unpaid loans and credit card debt. Some confuse a property settlement with who gets the house, but there’s more to it than...