Wills and Estates

Wills and Estate Lawyers Gold Coast

Looking for wills and estate lawyers Gold Coast? QBM lawyers are in an excellent position to support and represent their client’s interests, We help our clients with challenging or preparing a will and helping to resolve a dispute.

As Gold Coast estate lawyers, we understand that in modern times, many individuals and families have complex business and personal arrangements.

Some assets are held by individuals, some are joint, some are owned by companies, some by trusts, and some in superannuation funds. Some of these assets cannot be effectively dealt with by a simple Will. The growth of “blended families” also raises complexities in both the drawing of a will and the administration of estates.

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So-called “bloodline trusts” can exclude from benefits persons who have been spouses for many years or their children. Similarly, the rise in the use of self-managed superannuation funds can result in the failure of intended gifts or a lack of appreciation that the bulk of a person’s wealth is in a structure regulated by the terms of the fund rather than what is in the will.

The use of testamentary trusts can give rise to disputes. All of these matters can result in consequences that are not intended. Sometimes those consequences are unfair, and sometimes those consequences can be devastating.

Mutual Wills

Some try to work through issues by creating “mutual wills”. A typical example of a mutual will is where (say) a wife has children from a prior marriage. She wants her husband to receive her estate but then for it to go to her children after he dies.

They might have very similar wills at the moment (“mirror wills”) in which they both leave their assets to each other, but then to the wife’s children if they have both passed, but there is nothing to prevent the husband from changing his will before or after his wife dies and leaving his estate to someone else – perhaps a new wife.

The mutual will is designed to avoid this by having the parties contract against changing their wills without the consent of the other party, or at least notice to the other party while they have the capacity to receive it. This contract can be enforced.

Issues with Mutual Wills

The problem with mutual wills in many cases is that parties do not think about (or cannot anticipate) what might happen 5, 10, or 20 years down the track. The children might be openly hostile with the surviving spouse and not deserve anything. The survivor could move on to a new relationship which could exist for 20 years but still be unable to give assets to the new spouse or children of that relationship.

The typical mutual will does not take those things into account. It is our view that couples need to be independently advised about those things and that it would be very difficult for a lawyer to act for both parties in creating mutual wills because of the risk of one party being tremendously and permanently disadvantaged. After all, it is not dissimilar to a binding financial agreement in a family law matter and lawyers cannot act for both parties in those.

QBM Wills and Estate Lawyers Gold Coast Help You Prepare Wills

Because of these matters, our wills and estate lawyers Gold Coast are careful to consider your circumstances when writing a will. Additionally, when the time comes, will provide you with solutions to protect your family that might be appropriate for your situation, including:

Binding death nominations for superannuation funds
Appropriate nominations for the position of appointor or principal in trust deeds
Testamentary trust wills
Expressions of wishes
Whether a mutual will is an option
Buy/sell agreements for business interests
The risk of a third party challenging a will
Means by which to reduce the risk of someone challenging a will
The use of enduring powers of attorneys

Contact Expert Wills and Estate Lawyers Gold Coast & Queensland

QBM wills and estate lawyers Gold Coast are familiar with these issues and have significant experience in administration. Thus, we can help guide you in your estate planning.

Our wills and estates services include;

Whether your financial and family affairs are simple or complex, our wills and estate lawyers will be able to make sense of them. Plus, we offer practical advice so that appropriate steps can be taken. QBM wills and estates lawyers work with your accountants or financial advisors. Hence, we can recommend reputable and competent advisors if you need them, to arrive at a structure that avoids unnecessary complexity and cost.

For all wills and estates advice please contact Peter Muller on 5574 0575 or Jessica Murray on 5574 0111.