It is hard enough losing a family member. But it can be even harder when a loved one dies without a Will or with a Will that is open to legal challenge.
Nobody likes to think about it too much, but one day you will have to leave your business or farm, whether by selling up, retiring or leaving for health reasons.
It is very important to have a succession plan in place that makes the transition easy not only for yourself but also for your family or employees and minimises the chances of the business or farm having to be sold up when you leave.
Estate planning goes beyond drafting a Will – it includes:
- The assessment of assets
- The assessment of likely taxation
- Advice regarding the possibility of claims against the estate by third parties
- The protection of assets
Estate planning is an active process of re-evaluating the estate when circumstances in life change, such as:
- Newly married couples or those divorcing
- A change to the family’s asset pool
- A change in working conditions such as the buying or selling of a business
- Changes to superannuation, insurance policies or taxation levels
- The establishment of discretionary trusts
A successful plan is made involving all family members as it will take into account not only provisions for your retirement income but also the plans, aptitudes and existing assets of younger generations.
I help clients:
- Draft Wills and Powers of Attorney
- Understand their obligations as executors and trustees
- Apply for Probate of the Will in the Supreme Court
- Deal with intestacy (where there is no Will)
- Apply for Letters of Administration (if the Will is deemed invalid or is absent)
- Identify estate assets and liabilities
- Obtain valuations of estate property
- Collect estate financial assets including superannuation, bank funds, shares, outstanding loans and insurance payouts
- Sell or transfer estate property including estate auctions
- Pay estate debts including mortgages, funeral costs, and testamentary expenses
- Advise in regard to family and testamentary trusts
- Administer trust funds
- Distribute bequests and inheritances to beneficiaries
- Take action under the family maintenance legislation if they have been left out of a Will.
Book a free chat with me and we can discuss how best to protect your family and your rights.