Estate Planning & Administration
Wills & Power of Attorney
In the age of large families, old age pension, life insurance or remarriage, you need to know what the law is and the options available to you to protect your hard-earned assets for your spouse and/or your family.
Having a simple Will is the best method to protect your assets and ensure that your loved ones are adequately cared for after you pass away. It’s also less likely that an estate dispute will arise.
The cost of doing a Will or Enduring Power of Attorney is insignificant compared to the costs, delay and possible trauma suffered by the family if you die without a valid Will.
Estate planning is the term used for the process of ensuring that your fortune is distributed according to your wishes after you. Proper Estate Planning is required to safeguard vulnerable family members and reduce the risk of losing significant assets. Among the measures included in formal estate planning are:
- Superannuation – binding agreement for death benefit nominations;
- Securing succession – the defined role of trustee and appointor for trusts, specific provisions in the event of death or incapacity; and
- Securing business assets – securing control of companies and partnership interests in the event of death or incapacity.
Estate administration is the term used for the process of administering a deceased person’s estate according to their Will or, in the absence of a Will, the Rules of Intestacy.
Our knowledgeable solicitors can assist executors with the estate administration process. This process may entail communicating with financial institutions, superannuation funds, and life insurance companies, transferring property, shares, and other assets to beneficiaries, and obtaining a Grant of Probate or Letters of Administration from the Supreme Court.