Estate Planning: Wills and Powers of Attorney in Queensland

Planning for the future is an essential part of securing your financial and personal legacy. In Queensland, two critical documents—Wills and Powers of Attorney—play a key role in protecting your interests. This guide provides a clear overview of to help you make informed decisions.

Understanding Wills

A Will is a legal document that outlines how your assets (your “estate”) will be distributed after your death.

Why You Need a Will

• Control: Specify exactly how your assets are to be distributed.
• Certainty: Provide clarity to your loved ones about your wishes.
• Minimising Disputes: A legally valid Will reduces the risk of family disputes.

What Can Be Included in a Will

• Distribution of assets (e.g., property, money, belongings).
• Appointment of an executor to manage the estate.
• Guardianship nominations for minor children.
• Funeral and burial instructions.

Making a Will in Queensland

To create a legally valid Will in Queensland:

• You must be over 18 and of sound mind.
• The Will must be in writing, signed by the testator, and witnessed by at least two adults.
• A Will can be drafted with the help of a legal professional or using a Will kit.

Updating Your Will

• Revisit your Will after major life changes (e.g., marriage, divorce, children).
• Revoke outdated Wills to avoid confusion or disputes.

Powers of Attorney (POA)

A Power of Attorney is a legal document that enables you to appoint someone to make decisions on your behalf if you become unable to do so.

Types of Powers of Attorney in Queensland

• General Power of Attorney: Allows someone to make financial decisions for a specified period or event.
• Enduring Power of Attorney: Authorises someone to make financial, personal, or health decisions if you lose capacity.

Making a POA in Queensland

To create a valid Power of Attorney:

• You must be over 18 and capable of understanding the document’s nature and effect.
• The appointed attorney must also be over 18 and cannot be your paid carer or a residential service provider.
• Use the approved forms available online, witnessed by a notary, lawyer, or other authorised individual.

Revoking a POA

• Can be revoked at any time while you have capacity.
• Must be done in writing, and all relevant parties should be informed.

The Importance of Estate Planning

Wills and Powers of Attorney are essential legal tools that provide peace of mind for you and your loved ones. By planning ahead, you can ensure that:

• Your wishes are carried out after your death.
• Trusted individuals are authorised to make decisions if you lose capacity.

While this guide offers a general overview, it’s always best to consult with a legal professional in Queensland. They can tailor these documents to your unique needs and ensure compliance with local laws and regulations.

Need Help with Estate Planning?

At Willow Wealth Partners, we take a holistic approach to reviewing your financial position, including evaluating your current estate planning arrangements. To ensure everything is in place, we collaborate with experienced legal professionals to help establish these essential documents tailored to your needs.

Secure your future and protect your loved ones. Book a consultation with us today to get started.