It is important to have a valid will detailing your beneficiaries and the wishes you want carried out after your death, particularly of you have children or other family members depending on you. If you have not made a legal will, the time of your passing could cause a great deal of stress for your loved ones as they go through court to administer your estate.

At MCG Legal we take the time to discuss and advise you when it comes to such an important decision as preparing your will.

There are many aspects to any legal Will and it’s important you allow us the time to thoroughly discuss these with you. These include the important times to update your will, such as when your marital relationship has changed, there are deaths in the family or the birth of children.

Wills

A Will is a document which sets out how your property is to be divided after you pass away. Having a valid Will can help reduce stress for your family and friends, reduce costs in the administration of your estate and limit the possibility of disputes over your estate.

If you do not make a legal Will then your estate is distributed undyer the laws of intestacy. This applies regardless of your situation and your family and friends may not be provided for as you wish. Not having a Will can increase the legal, financial and emotional burden involved in administering your estate.

Reviewing Your Will

MCG Legal recommend that you review your Will regularly to ensure a change in circumstance is not overlooked. You may need to update your Will if:-

Testamentary Trust

A Testamentary Trust may need to be established to look after the beneficiaries. A Testamentary Trust allows your assets to be held on trust and financial distributions to be made to the beneficiaries. Contact us to discuss this in more detail.

Power of Attorney

Just as important as your Will, a Power of Attorney is a document wherein you appoint someone to manage your financial and legal affairs whilst you are alive. Your Attorney does not need to be a lawyer.

A General Power of Attorney allows you to appoint someone to act as your Attorney for financial matters for a specific period or event whilst you have capacity.

Your Attorney is appointed to manage your affairs as per your instructions so you do not lose control over your finances. You can revoke a Power of Attorney at any time.

An Enduring Power of Attorney allows you to appoint Attorney/s for both financial and personal/health matters if you lose the capacity to make your own decisions eg. if you are incapacitated due to illness or injury.

Advance Health Directive

An Advance Health Directive allows you to state your wishes of directions regarding your future health care for various medical conditions. The Advance Health Directive comes into effect only if you are unable to make your own decisions.

The Advance Health Directive can apply at any time you are unable to decide for yourself or you may want it to apply only if you are terminally ill.

More Information

Contact us at MCG Legal for more information about power of attorney and why it’s an important part of your will.

Recent Articles

Resolving Financial & Property Issues

Sadly, not all relationships last. Many couples are able to successfully negotiate the division of their assets and care of their children without legal intervention. But, there are some who cannot and that’s where we get involved. This article will explain the general court processes and the...

Read More

Resolving Financial Matters in Family Law

In resolving property matters arising from the breakdown of either a marriage or a de-facto relationship, the Family Law Court and the Federal Circuit Court of Australia have jurisdiction to resolve these matters pursuant to the Family Law Act 1975. With regard to de-facto relationships, there are a...

Read More

Copyright Law for New Business Owners | Gold Coast

5 When starting a new business, Copyright Law and its associated protections are probably the furthest considerations from your mind. After all, you’re not writing a novel, directing a movie or producing new music. So, the most obvious question is: “What is Copyright Law and how does it affect m...

Read More

When is the Best Time to Review Your Will?

Many people believe a Will is a once and forever document. Unfortunately, this is not the case. Your Will should reflect your wishes which may change during your lifetime. There are several significant life events which coincide with the time to revise your Will. Read on to discover which life event...

Read More

What Is Domestic Violence? | Gold Coast

There has been an enormous amount of publicity recently on the issue of domestic violence. Domestic violence can have serious impacts on people enduring it. Anyone can be a victim of domestic violence, but statistics demonstrate that domestic violence is overwhelmingly perpetrated by men against wome...

Read More

Why You Need A Good Family Lawyer | Gold Coast

When separating from your partner resolving both children’s and financial matters and even organising a divorce, it is important to get good legal advice. Family Law is a complex area of law and you should engage legal representation. It is important to engage legal representation you can trust. R...

Read More

8 Things To Consider Before Buying a Home | Gold Coast

Purchasing property is often the most significant purchase you will make.  If you are purchasing property for the first time, this can be a very daunting experience.  We have prepared the following tips to make moving into your dream home much easier. Very few lenders will offer a mortgage if there...

Read More

Helping Children Cope With Divorce

It’s a sad fact that almost half of all marriages end in divorce. To complicate the situation even further, many of these couples have children. During the divorce process, couples are preoccupied with property, and financial division. The children’s emotional and physical well-being can som...

Read More

The Difference Between A Will & Estate Planning

Most people believe a legal Will adequately covers this and while it’s essential, a Will is only part of the process. Estate planning covers every facet of the distribution of your estate following your death. A Will is a legally binding document that details your wishes regarding the dist...

Read More

Driving Under the Influence, Know Your Limits

It’s summer, which for many means party season. The time of year to drink, be merry and enjoy the summer sunshine. Unfortunately, this carefree time of year is also a time for an increase of people driving after they have had too much to drink. Alcohol and driving are a fatal combination. There are...

Read More

Intestacy - Dying Without A Will

The complexities surrounding Wills and Probate can be difficult to anyone other than a highly trained lawyer. These complexities combined with the uncomfortable feelings often associated with making a Will, all combine to make it an unpleasant task which people tend to avoid. Our intent is not to con...

Read More

Conveyancing: Obtaining Legal Advice

By Matt Gill It has become normal practice on the Gold Coast when purchasing or selling property, that contracts are often signed by the buyer and seller prior to obtaining legal advice from a qualified conveyancing lawyer. Personally I think this occurs for one of the following reasons: Because of...

Read More