How you plan things now can make a difference to how you live in later years for those you leave behind. Our team can talk you through the options they think best suit your situation so everyone is taken care of.
We also provide the following ancillary services:
Having a will ensures that your assets are dealt with in the way that you want after you die.
There are a number of ways that your will can be challenged.
We recommend turning your attention to your will at least every 5 years, but also after any major change in your family circumstances.
If there is a will the people who have been appointed as executors distribute the assets in accordance with the will. If there are assets over a certain level, probate will be required.
This means the executors will need to apply to the High Court to have the will approved. Following that the executors attend to the management of the estate in accordance with the will.
Once expenses and other matters are dealt with, they distribute the assets to the beneficiaries.
Enduring Powers of attorney allow you to appoint people to act on your behalf while you are living if you are not in a position to act for yourself. This can include where you have no legal capacity to make decisions.
There are two types:
It is important to appoint someone to act for you as if you have not, and decisions need to be made, an applications needs to be made to the Family Court to appoint someone.
This can be expensive and time consuming.
An executor is a person, you appoint in your will to stands in for you after you have died.. They deal with the legal transfer of your assets to the people you specified in your will.
They may hold those assets for some time if children need to reach a certain age to inherit.If your will is challenged, they (with advice) decide how to defend that challenge, or if they should reach a settlement.
If your assets are over a certain level ($15,000) probate is needed. This involves an application to the High Court where the Court approves the will and your appointment of executors.
The Court needs to be satisfied of a number of things including the person has died, the will is their last will and the people applying are the same people referred to in the will. If you are an executor you will need to swear an affidavit confirming these things.
When the court is satisfied all of the necessary proof is with the application, it will grant probate. Probate is an order approving the will and the appointment of executors under it.