No one knows when illness or an accident might happen.
Who will keep paying your bills or make decisions about your medical treatment?
What will happen to your loved ones and your estate after you have gone?
McNamara Law knows that an expertly written will and a well-planned estate brings true peace of mind for your future. It is one of the most important things you can do for your family’s security.
At McNamara Law, we have a team of dedicated practitioners who practice exclusively in the area of Wills and Estates law. This expert team can assist you in all areas of estate law including:-
When planning your estate there are so many important factors to take into consideration such as who is the best person to act as executor of your will, who you would like to inherit your assets on your demise, or the consideration of the future wellbeing of your children.
McNamara Law with their experienced and friendly staff, can guide you through the process of planning for the future for your loved ones and friends.
Q: What if I do not have a will?
A: If you do not have a will at the time of your death, then it is said that you have died “intestate”. The laws of intestacy then apply to determine who will benefit from your estate. Who that beneficiary, or beneficiaries, will be depends largely on your circumstances as at the date of your demise – whether you have a spouse or you are single, whether you have children or you do not. Often the laws of intestacy will mean that assets such as homes will be required to be sold when it may be your intention for the loved ones you have left behind to be able to live in the home.
You should never leave something so important to chance. Having an effective estate plan in place, which might be as simple as having a will, will be the best way that you can make sure your assets end up where you want them to, with minimal expense and delay.
If you pass away without a will, this is costly to your estate due to the fact that an application is required to be made to the Supreme Court of Queensland to appoint an administrator (similar role to that of an executor named in a will) given that you do not have a will appointing an executor.
Q: What is a testamentary trust?
A: A testamentary trust is established under a will but it does not come into effect until after the death of the will maker. Incorporating a trust within your will can provide significant flexibility, along with asset protection and tax minimisation for your intended beneficiaries.
A testamentary trust differs from that of a normal will because under the testamentary trust the trustee has the discretion to distribute capital and income between a group of beneficiaries named in your will. Including a wide number of potential beneficiaries will give greater flexibility to the trustee when distributing estate assets.
It is important to consider the ongoing administrative costs involved in maintaining a testamentary trust, such as accountancy fees, as well as whether the income generated by your estate would be sufficient to warrant a testamentary trust. Our team of wills and estates lawyers can provide advice as to whether a testamentary trust is for you and help you consider whether the costs associated with the preparation and administration of a testamentary trust are economical in your circumstances.
Q: What is the difference between a power of attorney and an advanced health directive?
A: Power of Attorney:
A power of attorney is a legal document which gives another person the authority to make personal and financial decisions on your behalf.
An advanced health directive is a legal document in which you specify what should happen if your health deteriorates or you become incapacitated and you are no longer able to make decisions for yourself. In an advanced health directive, you are able to leave instructions regarding more complex medical treatment.
If you specify your medical preferences in an advanced health directive then you are taking the power away from your appointed attorney to have the discretion on that particular decision.
Contact us to discuss your situation and best course of action. We understand your time is valuable and offer consultations via Zoom, Skype, Microsoft Teams or phone call. Let McNamara Law help you find your legal solution today!
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