Preparing a Will and Estate Plan
A Will is a legal document that sets out how your assets will be distributed after you die. Your Will nominates your beneficiaries and appoints an executor to manage your affairs and ensure that your wishes are upheld. Your Will can also make guardianship arrangements for any minor children and provide funeral and burial instructions.
While preparing a Will is generally the first step in planning your estate, it is important to consider other financial and legal matters. This might include your superannuation, looking after vulnerable beneficiaries, tax planning, and appointing an attorney to manage your affairs if you are incapacitated. We work closely with our clients to understand their individual needs and develop comprehensive estate plans tailored to their circumstances.
What is a Testamentary Trust?
If you pass away leaving minor or vulnerable beneficiaries, a testamentary trust made under your Will might be the right tool to help you look after them. Trusts enable you to financially support your beneficiaries, through the appointment of a trustee, without giving the beneficiaries direct control of the assets. You can look after your children, grandchildren, and even great-grandchildren. In some cases, testamentary trusts can also help protect your estate from third-party claims, ensuring that your assets are used to benefit those you love.
There can also be potential tax benefits of using a testamentary trust which you should discuss with a solicitor and accountant. As with all forms of estate planning, a testamentary trust is not right for everyone. The administration of a trust costs money each year that the trust operates. This will include annual tax and auditing costs and could also include the trustee’s professional fees.
Probate and Estate Administration
We can help with the administration of an estate after a family member or loved one passes away. This may include managing the distribution of assets, dealing with any outstanding debts or tax liabilities, and fulfilling any other obligations.
If you are the executor of a Will, you may need to apply to the Supreme Court for a grant of probate. Probate is the legal process which involves obtaining a court order to confirm the validity of the Will and authorise an executor to manage the estate. If somebody dies without leaving a valid Will, they die ‘intestate’, and their assets will be distributed according to the laws of intestacy. If this happens, the next of kin may need to apply to the Supreme Court for letters of administration before dealing with the estate.
Applying for probate or letters of administration can be complex, however, an experienced solicitor can help with the necessary steps to ensure that the correct documents and processes are followed.
Estate Disputes
In some cases, disputes may arise over the distribution of an estate. This can occur if a family member or beneficiary feels that they have been unfairly treated in the Will, or if there are questions about the validity of the Will itself. Disputes of this nature can be emotional and difficult to resolve, and it is important to seek professional advice and assistance to help navigate the process.
Whether you are planning for the future, applying for probate, or dealing with a deceased estate, we are here to help. We provide comprehensive and personalised legal services that meet the unique needs of each of our clients, no matter what their circumstances.
For quality legal services and advice, contact [email protected] or call 02 88660188.