The 3 Must-Have Documents in Your Life

1: Will

A will is a legal document that lists all your wishes that should be executed when you pass away. If you have family or close friends you want to be the new owner of your financial or physical assets when you are gone, you can specify and break them down in your will. Having a will can give you peace and comfort, knowing your assets would be distributed to the right people. 

If you die intestate (without a will), your assets shall be divided between family members according to the law. If you disagree with any clauses in the law, you would have no power to argue about it.

2: Enduring Power of Attorney (EPOA)

The EPOA will protect your assets and yourself when you suddenly become incapacitated to make any financial or health decisions for yourself. Since you are still alive, your will would not be implemented yet. 

Let us say you got involved in an accident and became temporarily sick, injured, or you lost your mental capacity to make judgments and resolutions. With an EPOA, your trusted individual, family member, lawyer, or a trustee company would make the decisions and take action on your behalf. This document will give power to whomever you assigned to take over and care for your financial affairs and health decisions. 

They can take care of your bills, make investments on your behalf, access your cash, sell your property, and whatever things you give them the power to handle. 

3: Binding Death Benefit Nomination (BDBN)

The superannuation is one of the biggest assets any Australian can have. Unlike what most people think, the owner’s will has no direct power over it. Superannuation is not precisely an estate asset. You need to have a separate BDBN if you want to be specific about how you want your super fund death benefits to be distributed. Otherwise, your Trustee will distribute it however they want.

BDBN is a document containing all your specific orders related to your super fund, which a chosen trustee would enact. The document should be executed properly to be considered valid, and it can be lapsing or non-lapsing depending on your wishes.

Conclusion

While pertaining to the sensitive matter of death, these documents mentioned above are necessary to any asset owner. Acquiring them is a responsibility. Remember that you can no longer make decisions when you are gone, so while you are still here and healthy, take the opportunity to put things in order. 

As soon as you turn 18 years old or encounter huge life changes, such as buying property, getting married, having children, and acquiring more assets, consider updating your important life documents.

If you need help from wills and estate lawyers in QLD, contact us at Springfield Legals. Our firm will ensure that you would receive quality service expected from a leader in the field. We will help you create or contest wills, and ensure your final wishes are followed accordingly.

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When you speak to business owners, CEOs, and company founders, most of them will say that their business is their most valuable asset. For this reason, it may be challenging to share their concerns regarding retirement and moving forward, as well as who’ll succeed them. This is why most business leaders opt for legal assistance from will and estate lawyers to guide them through succession planning. 

Unfortunately, there are numerous myths surrounding succession planning, making business owners and leaders put planning aside. Doing this can ultimately increase legal issues in the future, especially when the unfortunate happens. In this article, we’ll list down the common myths surrounding succession planning so you can throw them out the window. 

Myth #1: “Succession Planning Is Focused on Retirement, and I’m Not Ready to Retire and Hand-Off My Business Just Yet”

One of the biggest myths business owners believe is that succession planning is solely focused on retirement and pushing the owner to retire immediately.

Think of succession planning as a way to develop an effective strategy that will help your business continue to grow and operate once you step down the mantle. Although retirement is part of the plan, the strategy’s most important parts include a development timeline, key successors and their roles, and how to finance the transition. 

Because there is a lot to consider in succession planning, you must get legal advice and guidance from will and estate lawyers to help you strategise this vital transition. 

Myth #2: “Just Sell Your Company, It’s Much Easier”

As mentioned earlier, succession planning is a gruelling task. That’s why inexperienced people would suggest just selling the company instead of strategising a transition. 

If you sell your company to a peer or competitor, you have a higher chance of getting a positive response from your market. However, if you have a niche business, it may be difficult, and you might be forced to put out a substantial amount of value to chance.

Besides the value of your business, there are other things you need to consider, such as your current clients, customers, patients, and other on-going relationships. Selling your company may harm them since you won’t have an internal successor to produce the outcome your market usually expects from you. 

Myth #3: “If I Give Up Ownership, That Means I’m Giving Up Control and Steady Income”

Sadly, many people think that there are only two ways to keep a business running – either the owner continues to run the business or sell it. 

While these are valid options, succession planning can give your business a more gradual shift. Additionally, you can take your time to adjust, allowing you to maintain control before the next successor proves their competence. However, the only way succession planning will work is if you give up control and have confidence with your team. 

The Takeaway: Succession Planning Will Give You Peace of Mind, Knowing That Your Business Is in Good Hands Once You’ve Stepped Down

Whatever it is you plan to do with your business, it’s worth delving into succession planning so you can prepare the best outcome for your company’s future. Working with will and estate lawyers will not only benefit your business, but all relationships involved, allowing you to help settle matters today so your business can flourish tomorrow. 

Why Should I Work With Springfield Legals?

Dealing with legal matters and issues can be frustrating and daunting, especially when presented with too much business and family complexities.

Thankfully, you can ask for legal assistance from reputable lawyers from Springfield Legals to guide you through your legal matters. Our will and estate lawyers specialise in family law, property and business conveyancing, income protection, and succession planning. Speak with us today!

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Why is it necessary to contest a will?

A person can contest a will for two reasons. Contesting a will allows you to question a will’s legitimacy or if you feel that your inheritance from the deceased’s estate isn’t enough. An executor’s copy may not be the final and most recent will, which is enough grounds to contest the validity of its contents. 

Alternatively, you can question the deceased’s mental capacity in drafting a specific version of the will. In this scenario, you must have enough proof that they weren’t mentally apt at the time of writing.

You must prove evidence through credible sources, such as documents that show income, assets, expenditures and other lifestyle needs if you feel that you don’t have enough compensation as a benefactor. Contrary to popular belief, contesting a will doesn’t always mean revising the entire document. In some cases, you can prove that specific provisions were only made after the passing of the deceased. The Court can grant or refuse the grant probate of will, depending on the evidence you can present. Otherwise, the executor will proceed to the distribution of the estate according to the legally accepted version of the will.

Who can contest the contents of a Will?

Before you can even contest a Will, you should first consider your eligibility to do so. You will be eligible if you classify as the deceased’s spouse, child or dependent. Although the immediate family members’ definition is straightforward, there are more loose qualifications for being a dependent. However, if you’re financially supported by the deceased even upon their date of death, you may be eligible to contest their Will.

Until how long can I contest a Will?

Different nations have varying rules on how long you can contest a will after the deceased’s date of death. In Queensland, a person planning to contest a will must submit a document in writing within 6 months of the deceased’s passing. If the executor receives no notices for a potential claim after that period, they can legally distribute the estate accordingly.

However, a claimant can submit an application “out of time” under the Court’s discretion. This can occur if the estate hasn’t been distributed and even if there’s a justifiable reason for the delay submission from the claimant. Besides dismissing the claim due to its lateness, they can also deny a claim if the claimant is proven to have engaged in unconscionable conduct.

Conclusion

The complicated issues with a person’s passing occur due to the deceased’s lack of transparency in communicating with the concerned parties. It’s better to resolve these issues with your immediate family and dependents before you pass on. However, if you’re an inheritor who has issues with a person’s last will, it’s necessary to file your claims with sufficient evidence of your right to their assets.

At Springfield Legals, we ensure our clients that we’re well-equipped to defend their case in court. We’re specialists in handling family law, criminal law and commercial legal provisions. If you’re looking for reliable wills and estate lawyers in Ipswich, contact us today!

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For instance, trustees might need guidance on dealing with a third party who has failed to repay a documented loan. They might also not know how to deal with beneficiaries who refuse to pay rent on a home owned by the deceased. A third scenario where they might need guidance is if they are in the middle of executing a complicated estate subdividing gifts among several beneficiaries.

In these situations, a trustee might not know their executory powers’ scope and fail to act. These and similar situations can put the trustee in a risky position, particularly when taking action means incurring costs for the estate.

How Should A Trustee Address Situations Like These?

Section 96 of the Trusts Act 1973 (QLD) states that trustees have the right to apply for directions. The law says:

“Any trustee may apply upon a written statement of facts to the court for directions concerning any property subject to a trust, or respecting the management or administration of that property, or respecting the exercise of any power of discretion vested in the trustee.”

In situations where trustees are unsure how they can carry out tasks for the estate’s welfare, they should make an application to the Court, seeking directions on how to proceed. Seeking help from a wills and estate lawyer will make this process easier.

Why Should A Trustee Make This Application?

In Section 97 of the Trusts Act 1973 (QLD), trustees get assurance that they shall receive protection while acting under the Court’s direction. The Act says:

“Any trustee acting under any direction of the court shall be deemed, so far as regards the trustee’s own responsibility, to have discharged the trustee’s duty as trustee in the subject matter of the direction, notwithstanding that the order giving the direction is subsequently invalidated, overruled, set aside or otherwise rendered of no effect, or varied.”

When a trustee seeks directions from the Court and acts under those directions, the Court will deem them to have carried out their duty. If there is an argument against the trustee, especially by a beneficiary, the Court will provide its protection. This protection extends to activities the trustee undertakes to carry out their obligations while fulfilling their role.

Can Trustees Apply For Directions On Their Own?

If you are a trustee and in a situation where you need an application to Court, you should seek legal advice. Applications for directions can be expensive; as such, you need to get it right in the soonest possible time. Also, the directions’ wording must be precise, and there should be ample supporting material for the application.

The wording is important because it should plausibly cover all situations that could arise. If a situation comes up after you seek directions, and the directions do not cover it, you would have to return to the Court for additional directions. Preparing comprehensive material avoids delays and additional costs.

Conclusion

Trustees have the job to satisfy the deceased’s Will and execute their wishes. Sometimes, this is a straightforward affair, but it could also be complicated. Seeking help from a lawyer will allow trustees to prepare for anything that could arise as they fulfil their roles.

Get expert legal advice and representation at Springfield Legals. We are wills and estate lawyers in Queensland specialising in family law, property and business conveyancing, succession planning, and income protection. Make an appointment today for more enquiries.

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What is Succession Planning? 

Just like the moniker suggests, succession planning refers to identifying future positions that would lead your business – from developing corporate leaders, managers, and other advanced roles that will impact your operations on the horizon. 

What Planning Your Succession Entails 

Planning a succession is a time-consuming process, one that every business needs to have a head-start on since it can take two years or more to develop. This is because the succession plan requires regular review and must be flexible enough to shift when the situation demands it. Choosing a successor generally falls under two paths:

• Family Succession Plan – this is the right choice for family businesses since it passes on the responsibility to family members, which you can do by setting up a trust fund, giving it as a gift, or selling it;

• Non-Family Succession Plan – this involves a process called management buyout, which involves selling the company to an employee or other owners;

Keep in mind that the most successful succession plan should involve key figures that are well-equipped for a leadership or managerial role. It should also tackle financial, legal, and operational challenges that will pop up once you leave the company to ensure the next owner can pick up the slack. 

Crucial Factors to Consider in an Effective Succession Plan 

When it comes to developing a fool-proof succession plan, it’s best to check off the following milestones: 

• Identifying the ideal successor; 
• Determine business housekeeping, such as the timetable for fixing financial obligations and legal requirements);
• Successor training;
• Transfer of responsibilities;
• Final handover; 

Understanding the day-to-day influence of certain positions in a company can help you determine the important roles and responsibilities you need to include in the succession plan. Other questions that can help define your needs in a succession plan include the following: 

• What are the operational issues that need to be addressed?
• When do you plan to retire? 
• Will you have any semblance of involvement after you leave the organisation? 
• What are the responsibilities of your successor? 
• What are the training programs offered for your successor?
• What are the risks involved in the succession? 
• What are the financial or legal issues that will come up with the succession plan?

The Bottom Line: The Importance of Succession Planning for the Future of Your Business

Without a succession plan, a company can suddenly lose its way and crumble in the event of a sudden loss of a vital team member. This puts businesses of every niche and scale at risk of weakening their competitive position, that’s why it pays – literally – to develop an effective succession plan for the sake of your company’s sustainability. 

How can Our Springfield Solicitors Help with your Succession Planning?

If you’re looking for the best solicitors in Australia that specialise in property and business conveyancing, succession planning, family law, and more, our expert attorneys at Springfield Legals help get you through this tough time. Get in touch with us today and see what we can do for you to keep you on the side of the law!

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Essentially, it’s a legal document that certifies the party you choose to be liable for your well-being. A POA is a helpful document for you, especially if you’re having difficulties making decisions for yourself or simply preparing for the worst.

Understanding a Power of Attorney’s responsibility

People generally get their POA before they suffer from milder symptoms of neurological conditions like Alzheimer’s or Huntington’s. These diseases prevent the person from making educated and rational decisions, which may be critical as you get older. However, you can still assign your POA if you want to entrust your well-being to an appointed attorney.

The limitations of what your appointed attorney can do with your POA will vary, depending on your specifications. Additionally, you can limit the control a person will have on your assets and decision-making by choosing several people with your POA. Ideally, people choose a separate person for someone who will handle estate matters and another for your personal needs and well-being. However, you should be mindful of who you choose.

Reviewing the qualifications for an appointed attorney

There are only a few prerequisites necessary for your appointed attorney to receive a POA. If you’re issuing a POA in Queensland, your appointed attorney must be 18 years old or above. They must also not be your paid caretaker or health provider. Beyond these objective qualifications, you must choose someone who can execute different personal and business decisions. You should be confident enough to entrust these integral aspects of your life to these people.

Knowing special provisions for POA in Queensland

In Queensland, there are two kinds of POA you can appoint to a particular person: a General and an Enduring POA. A General POA will take effect only on a specific period, depending on your restrictions. This is common for business owners or estate owners who cannot respond to their legal obligations due to attending other businesses or being overseas. A person with a general POA can handle responsibilities like paying for bills and other financial decisions.

In contrast, an enduring POA allows someone to make personal and financial decisions on your behalf. Their ability to make financial decisions takes effect immediately after signing the legal document. However, the authority to handle your personal matters will only take effect if you’re no longer capable of making these decisions yourself.

Revoking your appointed attorney’s POA

In some cases, people may revoke a general or enduring POA to adjust or change the terms of their appointed attorney/s authorisation to their assets. Like appointing a POA, you must also complete the required paperwork accessible on the Queensland Government website if you want to revoke a POA that’s currently in effect.

However, keep in mind that you can only push through with this process if you can prove that you have the rational and mental capacity to demand a revocation.

Conclusion

Appointing someone with a POA is necessary to safeguard your estate and assets, especially if you have ongoing legal and business agreements. This is why it’s best to seek out professionals who can help you draft a comprehensive POA for your benefit.

Springfield Legals is a Springfield-based law centre that can help you draft your POA to assign your appointed attorney. Schedule an appointment with our professional solicitors today, and we’ll ensure precision and expertise in handling your legal needs.

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