Proper Estate Planning means that your estates will be distributed according to your wishes even in your absence. It ensures that your estates are distributed in the most financially efficient and tax-effective ways.
To achieve this, you need an attorney who understands the essence of proper estate planning, like the Clayton Utz Lawyers. Lawyers who have spent the last 29 years assisting individuals transition through legal obligations. We do this with understanding, empathy, and expertise. Consult us to discuss more on Estate Planning.
Estate Planning
Estate planning is vital in the event of death and if you are unable to make sound decisions. You have to issue clear and precise instructions on how you want decisions concerning your assets and health.
Below are powers you can issue in this case.
- A general power of attorney for a particular time
- An enduring power of attorney, which becomes active when you are unable to make decisions yourself
- A medical power of attorney, which allows the making of medical decisions if you cannot make them yourself
If you wish to discuss your Estate Planning with a legal practitioner, you can contact us. Your first telephone advice is free of charge, and you can get details of upfront costs for all the services available.
Estate Administration
Sometimes the court might need to appoint someone to take care of the estates without an executor. The following are some circumstances that might necessitate an Estate Administrator.
- If the benefactor did not prepare a will
- If the court declares the existing will void
- If the will does not cover all the assets of the deceased
The administrator is usually the spouse or a direct family member. The individual applies to the court of appeal and obtains a letter of administration. With this letter, the individual can collect and distribute the assets like any executor.
The roles of an administrator and an executor are almost similar. The difference is that an executor acts according to the will while an administrator acts according to the law. The administrator distributes wealth according to the dictations of the Administration Act.
Estate Litigation
Estate litigation involves all the procedures to settle disputes over a deceased person's wealth. You can file an inheritance claim under the Family Provision Act 1972 within six months from the date of probate in Northern Australia. The executor or administrator has to be a defendant in the claim.
Involving competent lawyers in drafting your Will or Estate Planning can help solve these problems in advance. You can save your family disputes and ensure your property distribution goes according to your plan.
Estate planning involves several aspects as follows.
Preparing a Will
It would be best to work with a competent legal practitioner specializing in Will preparation. They will help you draft a professional will and pick the right executor to handle your assets upon your death.
Enduring Power of Attorney
You have to identify someone who can act on your behalf when you cannot do so due to either accident or illness. You will need to draft the document as proof that you delegate the power to make financial decisions to the person.
A testamentary “discretionary” trust
It allows the trustee to practice discretion when paying capital and income of the trust to beneficiaries. It is an assets protection and is drawn depending on the following factors.
- The size of your estate
- Your beneficiaries’ personal circumstances
A discretionary also assists in protecting your property against uncertainties. You may decide to put all your assets under a discretionary trust. In this case, the executor will manage and take care of the property until your children come of age.
We specialize in the following areas.
- Will preparation
- Estate planning
- Application for grant of probate
- Application of letter of administration
- Inheritance claims
- Probate litigation
- Disputed wills
- Testamentary trust
- Powers of Attorney