QLD Estate Planning - Mother Keeping Funds Safe in Overseas Bank Account

[Jack Windsor]

My mother is holding some of my funds in her overseas bank account. To prevent these funds being claimed by my siblings in the event of her death, what should we do?
eg. Is it enough to make a statement to the effect that ... $500K belongs to [me].
Is it better to bequeath it in her will to me as an amendment / codicil.

 

[Tracy B]

Hi Jack,

It is always better to make a will.

A codicil is a document that amends an existing will. It must be executed in the same manner as the will itself (i.e. attested by specific number of witnesses etc.) Does you mother already have an existing will and merely wish to amend it?

If so, the codicil should mention:

• The existing will and that it remains in force except to the extent it is amended by the codicil
• Quote the part that is to be removed or amended (if any)
• Add the new bequeath
• State that in all other areas, the will dated [ ] is true and valid.