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Wills & Estates

When we work hard to acquire assets, it makes sense to invest in sound advice to make sure they are protected. Whether your ‘net worth’ is substantial or modest, it is important to take steps to protect your wealth and to ensure it is left to those you intend to benefit.

We should also consider ways to simplify the management of our financial affairs for convenience.  As we age it is important to predetermine the type of healthcare that we are comfortable with if we become incapacitated.

Our experienced estate planning lawyers can provide tailored Wills, Enduring Powers of Attorney, Advance Health Directives and estate planning advice suited to your circumstances.

Preparing a Will

Preparing a valid Will is essential to outline who should receive your assets (your beneficiaries) and to appoint somebody to be responsible for finalising your affairs (your executor) after you die. To be valid, a Will must be in writing and properly witnessed.

Retaining a lawyer to draft your Will can help to protect your assets and beneficiaries and make sure that the most tax-effective distribution of your estate is considered. Your lawyer can also advise on ways to help minimise potential disputes regarding your estate when you die.

We recommend reviewing your Will regularly, particularly when your personal and financial circumstances change. Important life events such as marriage, divorce, and the birth of a child; or financial changes like receiving an inheritance or buying a business or property, are milestones that could trigger the need to update your Will and overall estate plan.

Estate planning for blended families

There is no one-fit solution when it comes to estate planning for the blended family. The dynamics and needs within families evolve and personal assets may change from year to year. By identifying the potential issues that might arise within each family unit, and considering some options to address these, an effective estate plan can be implemented. The important thing is to discuss your circumstances and objectives with your lawyer so that your wishes can be properly set out in your Will and other estate planning documents.

Powers of Attorney

A Power of Attorney is a legal document authorising another person to make personal and/or financial decisions on your behalf. Personal decisions relate to your care, welfare, and health (for example, deciding where or with whom you live or consenting to medical treatment). Financial decisions relate to managing your finances (for example, paying your bills, selling or renting your home, using your income to pay for your needs or investing your money).

There are two types:

  • a general Power of Attorney which ceases if you lose capacity
  • an enduring Power of Attorney which will continue if you lose capacity

We can help you to determine the type of Power of Attorney that is right for your circumstances, any specific restrictions you wish to include, and prepare the documents for you.

Advance Health Directives

An Advance Health Directive is a formal way to give instructions about your future health care. It comes into effect only if your cognitive health deteriorates and you become unable to make your own decisions. An Advance Health Directive outlines what medical treatment or health care you want if you are in the final stages of a terminal illness and you can no longer make decisions for yourself.

Obtaining Probate

If you have lost a loved one and been named as the executor, you will be responsible for managing and finalising that person’s estate. We can guide you through the administration process to ensure the estate is distributed as efficiently as possible.

You may need to apply for probate which is an order granted by the Supreme Court. Probate gives you the legal right to gather the assets in the estate, settle the estates debts, pay the appropriate fees, and distribute the assets to the beneficiaries according to the Will.

What happens when somebody dies without a Will?

If you do not have a Will, instead of seeking a grant of probate, your next of kin may need to apply to the Supreme Court for letters of administration which can be a more cumbersome and lengthy process than if a Will had been left.

Estate disputes

Legal disputes can be stressful and estate disputes are no different. Sometimes these disputes arise because somebody has not been left what they think they deserve. Other times, the dispute arises because somebody thinks that the Will is not real, the person lacked capacity at the time they signed the Will 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. If you believe you have not been adequately provided for under a Will or are the executor of a Will facing a family provision claim or estate dispute, it is important to discuss your circumstances promptly with an experienced lawyer.

If you or someone you know would like more information, needs help or advice, please contact Gina Hagan on 07 5576 6009 or 0426 288 899 or email [email protected]