At ANM Lawyers we understand that creating your Will and putting in place your care arrangements is a deeply personal experience. We will guide you through the process and provide expert advice regarding the options available to you. We will ensure your wishes are covered and you have peace of mind.
Considerations When Making a Will
Your Will should be carefully considered and prepared by a lawyer to ensure it accurately reflects your wishes and is properly signed and witnessed. You will need to choose one or more executors who will be responsible for administering your estate and finalising your affairs after you die.
Your beneficiaries are those who you wish to leave assets to, and your Will should name each beneficiary (or category of beneficiary) and state how your estate is to be divided between each (as relevant).
Your Will can also appoint guardians for minor children, provide directions for funeral arrangements and even express your wishes regarding the care of pets.
If you and/or your partner have children from a previous relationship, you will need to consider the provision you wish to make for them and how this might affect other family members. This can be quite confronting, as there is rarely a one-size-fits-all solution when it comes to estate planning for blended families. If there are certain individuals you wish to exclude, your decision might lead to a dispute. We can discuss these issues with you and provide guidance. We will consider your personal, family, and financial circumstances and recommend ways to achieve your estate planning goals and minimise potential challenges to your estate after you die.
What is a Testamentary Trust?
A testamentary trust is a trust made under a Will that commences on the death of the will-maker. Testamentary trusts can help protect assets and beneficiaries and can allow you to financially support someone after you die without giving that person direct control of the assets. This is particularly useful if you have minor children or vulnerable beneficiaries who depend on you financially.
Powers of Attorney
A Power of Attorney is a legal document you can make that grants another person (your attorney) the authority to act on your behalf regarding certain matters, for example your financial affairs. A Power of Attorney can be used in several ways. Your attorney can step in, for example, if you are overseas, have an accident, or if you simply reach an age when you need more help managing things.
An Enduring Power of Attorney takes this a step further, whereby an attorney can manage your affairs if you are found to have diminished mental capacity due to injury or illness. The Enduring Power of Attorney can be prepared so it comes into effect immediately, and continues if you suffer a loss of capacity, or so it only comes into effect if you lose capacity at a later time.
We can explain the options for structuring your Power of Attorney so you can make an informed decision and have documents prepared that are tailored to your needs.
Appointment of Enduring Guardian
An Appointment of Enduring Guardian is a legal document whereby you grant the right to make decisions regarding your health and living arrangements to another person. This comes into effect only when you are deemed to have lost the ability to make decisions for yourself. It also gives your guardian the right to speak to health professionals about your medical situation and to make the decisions necessary to carry out your wishes regarding medical treatment options.
Executors and Families Dealing with Deceased Estates
Whether you are the executor named in the Will of a deceased person, or a family member of somebody who has died intestate (without leaving a Will), we can help you through the legal process. Dealing with a deceased estate is one of the more difficult challenges in life – from mountains of paperwork, legal jargon and simmering family disputes, administering an estate is usually the last thing you want to deal with when you are grieving the loss of someone.
Before administering an estate, an executor may need to obtain a grant of probate from the Supreme Court. Probate “proves” the Will of the deceased person and authorises the executor to deal with the estate assets and distribute them according to the Will. If a person dies intestate, a family member usually needs to apply to the Supreme Court for letters of administration before the estate can be distributed and finalised. The estate will need to be dealt with according to the laws of intestacy.
As an executor or administrator, you may need to deal with unfamiliar processes and legal issues to ensure the estate is administered properly. There are many forms and processes required for transferring certain assets, and estate debts must be paid in a specific order. It is important to protect yourself from personal liability when finalising an estate and we can help with the steps involved and provide advice to ensure your legal obligations are met.
Dealing with an estate dispute or a family provision claim can be particularly confronting, and executors may face an uphill battle to defend a contest to the terms of the deceased’s Will. In such cases, our experienced team can help you decide if you should compromise or push back against the claim.