Do you want to leave a legacy your beneficiaries can enjoy long after you’re gone? The truth is, without an effective Will, your chosen beneficiaries may not receive their legacy as it was intended. We’re here to help make sure they do.
You have worked hard to achieve what you have today – don’t let it go to waste!
Although death is never an easy topic to talk about, it is important to plan ahead to ensure that your wishes are carried out when you pass away.
A well written Will ensures that those whom you care about are looked after. It safeguards your assets and will help protect your loved ones at that most vulnerable time.
Some helpful definitions
A Will is a written and signed legal document that sets out how the Will maker wants property and assets to be divided after their death.
An Executor is the person responsible to administer your estate. The executor should be someone you trust and feel is capable and available to take on the role of supervising your estate. Often the executor will be one of the major beneficiaries of your estate and it is often wise to appoint more than one executor. If there are complex assets or long-term arrangements, Kells will offer specialist advice.
A beneficiary is a person who receives money or property under your Will. Marriage and divorce will impact on how you provide for family and affect any existing Will. The Succession Act also gives a statutory remedy to certain persons including your spouse or eligible dependants if they are not adequately provided for (See Family Provision Claims for more details).
Estate planning is a complete review of your personal and business circumstances including:
- How you currently hold your assets
- Superannuation nominations
- Life insurance policies
- Pensions and other entitlements
- Capital gains tax implications
- Consideration of the financial, taxation and personal position of your beneficiaries.
A guardian can be appointed to care for children who are minors in the event of both parents dying.
Probate is an Order from the Supreme Court stating that the Will has been proved to be the last and proper Will of the Will maker and permits the executor to sell, collect and distribute the estate assets to the beneficiaries.
Today, more than ever, your Will must take into account a range of complex assets, structures and methods of ownership.
Our estate planning team can help address issues such as:
- Selecting a suitable executor to manage your estate
- Guardianship of infant children
- Mitigating against unexpected personal or family events
- Blended families
- Protecting your estate against potential claims for further provision by family or friends
- Identifying assets that do not automatically form part of your Will and how to address these to still achieve your goals.
Kells makes estate planning easy. Whether you’re making a Will or changing one, executing a Will or disputing one, Kells is your cornerstone. Call us today and let our expert estate planning lawyers assist you.
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