If you want assistance or simply want more information about Wills and Deceased Estates… we are here to help you.

Making a Will - all Wills are not the same

Having a simple Will is sometimes appropriate but more often than not a simple Will does not provide the best financial outcome for a person’s family and sometimes can cost them thousands, if not tens of thousands of dollars in tax, which would not otherwise be payable.

For example: assume John dies leaving behind his wife Mary and three infant children. Mary invests $300,000 inherited from John’s estate and receives $18,000 extra income each year. She already earns income from her job and ends up paying $8,370 tax on the extra income, leaving only $9,630 to spend on the family.

Another example: assume that Peter dies leaving behind his wife Sue and three infant children. Sue invests the $300,000 inherited from Peter’s estate and receives $18,000 extra income each year. She already earns income from her job but ends up paying no tax on the extra income leaving $18,000 to spend on the family. This is $8,370 more than Mary, not just in one year, but she will make this saving year after year.

Why is Sue $8370 a year better off? The answer…a Will prepared with the benefit of specialist advice from a lawyer who knows and understands the details of good estate planning.

Our advice can help ensure that you have done everything you can to make sure your family benefits in the best possible way from your estate when you die. A properly considered and written Will is one of the most important things you can do for your family.

Powers of Attorney
It is also important to have an Enduring Power of Attorney. A Will operates on your death but an Enduring Power of Attorney operates during your life, where you or your partner are injured or become too ill to make financial and health decisions for yourself or your children.

By signing a Power of Attorney you may grant someone (your attorney) the legal power for that person to sign or to take some action on your behalf. For further information go to our Wills and Powers of Attorney…Client Guide.

Estate and Business Succession Planning
Surprising as it may be, your Will is not always the only way to maximise the opportunities to pass on your wealth to your family. The financial structures and arrangements you enter into now, particularly if you are involved in a business, can be much more significant than the effect of your Will when you die. To fully benefit, you need expert advice from a lawyer with a thorough knowledge in these areas.

We can help ensure that you have the best personal asset and business structure in place to minimise the risks to you and your family, when you are alive, when you die and after you die. For further information go to our Asset Protection & Business Structuring section.

Finalising the deceased's Estate
Few people, even those who have been named as executors in Wills, know exactly what has to be done when someone dies.

The first thing you need to do is to contact a law firm experienced in the administration of deceased estates. Our team can explain to you exactly what has to be done, how long it will take and how much it will cost.

From there we can look after all the steps that have to be taken and ensure that the intention of the deceased is carried out or, if you prefer, we can let you carry out as much of the work as you feel comfortable with and just assist you as and when requested – it is your choice.

With the professional help of our estates team, you will be able to fulfil your important duty as an executor with the least stress and hassle and ensure the estate is distributed to the deceased's family as soon as practicable.

Challenging a Will
We can help you and your family understand what your rights are when someone has been unfairly left out of a Will or, where you are the executor of a Will someone tries to challenge the Will you are to administer. For further information go to our Challenging Wills section.

As our client, you will receive, at no additional cost:

• Free, secure and completely private storage for your Will and other

   important documents
• Executor's Information Kit, to assist your executor in administering your

   estate after you die
• Wills and Powers of Attorney…Client Guide
• Advanced Health Directive forms

For more information on this subject please see our brochure Wills & Powers of Attorney…Client Guide.

Who can help you...