Good estate planning usually involves more than preparing a valid will, especially with complex family structures as is quite common these days. We can structure your affairs to help make your wishes clear to your family, protect your assets and loved ones, and minimise potential disputes after you die. If you are the executor of a deceased estate, we can guide you through the administration process and help you carry out your duties to finalise the estate.

Preparing a Will

Every adult needs a will. For those who are young and healthy, a will is quick and inexpensive insurance against the unexpected. If someone dies without a will they are “intestate”, and the law will decide how their assets are distributed. Although this distribution is designed to be in line with community standards, everyone’s situation is different, and the one-size-fits-all rules of intestacy will not suit everyone. The family of the deceased is left without clarity and administering an intestate estate takes additional time, energy, and money, often when the family can least afford it.

Even someone who does not have much property to distribute still needs a will. One of the most important functions of a will is to nominate an executor. An executor has the authority to take care of all the things that must be done when someone dies, such as arranging the funeral, liaising with financial institutions, closing accounts, and distributing any assets according to the will. When someone dies without nominating an executor, their loved ones must apply to the Supreme Court for the power to administer the estate.

The need for a will becomes especially pressing for people who have children or other dependents. Importantly, a will can create financial arrangements to hold money in trust for the care of children.

Powers of Attorney and Enduring Guardians

In addition to having a will, you may wish to appoint an attorney who may act on your behalf and make certain legal and financial decisions for you if you are unable to do so yourself. A person who is granted power of attorney is required to act in your best interests, however it is important to choose wisely and have your power of attorney drafted so it is tailored to your needs. We can explain the various options for structuring your power of attorney so you can make an informed decision.

If you want someone to make decisions about your health and lifestyle when you are unable to do so, you need to appoint an enduring guardian. Of course, you may choose to appoint the same person to both roles. You get to decide what type of decisions your enduring guardian can make on your behalf. For instance, you may want them to decide where you live, and what medical treatment you receive.

Succession Planning

Succession planning in a family business, including farming and agricultural businesses, should address how an unexpected death, disability, divorce, or disagreement will be managed. While nobody expects or desires one of those situations to become relevant to their business, an appropriate plan addressing these circumstances can reduce their negative impacts, such as additional stress or financial problems for you and your family. Beyond family members, a good succession plan can also help protect your employees, or any business partners you have. We can assist you with tailored advice to ensure that you have an appropriate succession plan in place.

Obtaining Probate and Administering an Estate

If you have lost a loved one and have been named as the executor in a will, you will be responsible for settling that person’s estate. In order to do so, you may need a grant of probate from the Supreme Court. A grant of probate gives you the legal right to gather the assets of the estate, settle the estate’s debts, pay the appropriate fees, and distribute property and gifts to the intended beneficiaries. We can advise whether a grant of probate is necessary or recommended in your circumstances, and help you carry out your responsibilities as an executor to finalise the estate.

If the deceased person died intestate, the next of kin will usually have to apply for letters of administration before administering the estate.

Estate Disputes

Legal disputes can be stressful and estate disputes are no different. Sometimes estate disputes arise because somebody hasn’t been left what they think they deserve after a person dies. Other times, the dispute arises because somebody thinks that a will is not authentic, or there was some pressure on the testator to make certain gifts. Regardless of how a dispute starts, or whether you are a beneficiary or an executor, obtaining the right representation to guide you and protect your interests is essential.

Most people do not look forward to estate planning. It is not enjoyable to think about a time when your will or power of attorney might be needed, but planning your estate is a gift that you can give to your loved ones.

If you need any assistance, contact [email protected] or call 02 8005 6577 for expert legal advice.