Insights & Education

A statutory will is one the Court makes on behalf of a person who doesn’t have the capacity to make one themselves. It’s not well known, but in the right situation it can make all the difference – and it’s exactly the kind of tool that an experienced estate lawyer knows to reach for when a standard will isn’t possible.

In blended families, couples often make wills together that look after the surviving spouse first, then provide for all the children once both have died. The problem: without something more, nothing stops the surviving spouse from later changing their will in a way that cuts out the other partner’s children.

No matter how carefully a will is drafted, eligible people can still challenge an estate. One way to remove that risk almost entirely is to make sure there’s little or no estate in your personal name when you die – for example, by holding assets in a family trust instead. In this clip, Danielle works through how a couple might restructure their assets that way.

A simple will leaves assets directly to your beneficiaries – and that’s it. A testamentary trust will keeps those assets inside a trust structure instead, which can shield an inheritance from being wasted, from bankruptcy or creditors, and from a beneficiary’s relationship breakdown, while also offering tax advantages when passing wealth to children and grandchildren.

If you own a business, a standard will often isn’t enough on its own. Your will might say one thing, but your company constitution or trust deed can say something entirely different – and where they conflict, the business documents can win. That mismatch is where families end up in lengthy disputes.

An advance health directive lets you record your wishes about medical treatment before a crisis happens, so that if you can’t speak for yourself, your family and your appointed attorney aren’t left guessing. You work through the detail with your doctor, document what you’d want in different situations, and your attorney can then follow your instructions rather than agonising over what you might have chosen.

A general power of attorney only works while you still have capacity – useful for something like travel or a temporary absence, but of no help in an emergency where you can’t make decisions. An enduring power of attorney continues even after you lose capacity, which is exactly when you most need someone able to act for you.

Your superannuation could be one of your largest assets – but it doesn’t automatically pass under your will. A binding death benefit nomination is what directs your super to the people you choose. Without a valid one, the fund’s trustee decides who receives it, and that may not match your wishes.

How do you protect your wealth, your family and your legacy? In this seminar, recorded live at the United Service Club in Brisbane and facilitated by Brock Fisher, three professionals work through a detailed scenario – a married couple with a blended family, business interests, investment properties, a self-managed super fund and a share portfolio.

Protecting your wealth when you have a blended family, business interests and investment properties is rarely straightforward. In this one-hour studio session, three Brisbane professionals work through a single realistic scenario – a couple named Ben and Jane, navigating a blended family, self-managed super, investment properties and a business.