Estate planning is an essential part of life for any adult. Whilst the process is simple and inexpensive, only an experienced lawyer can ensure you receive the right advice so that your estate is managed just as you intended.
Taylor & Scott Lawyers are experts at drafting clear, unambiguous Wills and are committed to ensuring your wishes are clearly expressed.
The process of drafting a Will is relatively simple and inexpensive. Evelyn Gardis says a professionally drawn Will greatly assists in the cost-efficient administration of your estate and the smooth distribution of your assets to your beneficiaries.
WHY A PERSON SHOULD HAVE A WILL
Your circumstances may change overnight
Having a Will is extremely important. It is a means of ensuring as far as possible that your estate and assets are distributed as you would wish.
Without a valid Will, you are said to die ‘intestate’. Without a will a person’s estate may result in your estate being administered by someone you didn’t want to handle your affairs and your assets may be distributed to persons that you didn’t intend to give to. The implications for your loved ones can be complex and distressing. A Will ensures your wishes in respect of how your estate is to be administered.
You may have little in the way of assets and you may have young children. You should ensure your children are protected under your will by ensuring that a guardian is appointed to care for your children if both parents die. Your children may face difficulties without a legally appointed guardian, as guardians are required for educational, health and legal matters. It may also result in conflict in your family as to who will care for the children.
It is important to have a Will drawn whilst you are well and healthy. Making a Will while you have the mental capacity to do so means that it will be valid and binding even if at a later date your mental capacity is affected by an accident or disease. If you attempt to execute a Will when you are incapacitated the will may be challenged and declared invalid.
You should review your Will regularly. It may be that your circumstances have changed and your Will no longer suits your circumstances.
Appointing an executor or trustee
Taylor & Scott carefully explain the legal responsibilities and obligations attached to the role of your appointed executor and/or trustee.. You may select your child, a relative, or a close friend. You may even wish to appoint your legal representative. We guide you through your options and explain in plain language what you should expect to happen on your behalf.
WHAT IS PROBATE
Probate is an order declaring a deceased will is valid and that the person named in the will as the Executor can finalise the deceased’s affairs.
LETTERS OF ADMINISTRATION
When someone dies without a will this is known as dying intestate.
Applications have to be made to the Court to appoint someone to administer the deceased’s estate.
Your assets are then distributed according to the law of intestacy. By this, it simply means the government will allocate your assets according to a preset formula which may not consider your personal circumstances.
Letter of Administration are granted enabling the Administrator to legally undertake administration of the estate.
“Home made Will Kits” and online forms.
These maybe a cheaper alternative however these forms do not give you any professional advice with respect to your particular circumstances. They should be used only in the most basic of circumstances and there is no guarantee for you or your beneficiaries that they have been validly completed. In the end it is much cheaper and less stressful for your loved ones to get professional advice. Taylor & Scott are experienced in handling Wills The importance of a professionally-created will cannot be underestimated. “Most people do not realise that a badly drafted Will, such as a “homemade” Will -could be declared invalid, or lead to family disputes over your assets.
Powers of Attorney and Enduring Guardianship
You should also consider when doing a Will, the appropriate Power of Attorney and Guardianship document is included in your estate arrangements.
Whether you are single, married, de facto, or have a young family, maybe you are approaching retirement, or elderly and retired, whatever your stage of life, there are so many ways to live and so many more important reasons to have a Will and Power of Attorney and Enduring Guardianship.
Taylor & Scott can guide you through your options and explain in plain language the processes involved in nominating a Power of Attorney (someone who can make legal decisions on your behalf if you become incapacitated).
Appointing a Power of Attorney can be a difficult process and it is vital this process is explained to in a clear and unambiguous manner.
Taylor & Scott can ensure the procedure of appointing a Power of Attorney is made carefully and sensitively and that you feel in control during this decision-making process.
We can also advise individuals who have been nominated a Power of Attorney on their obligations and duties when making financial and legal decisions on behalf of someone who is unable to make their own decision.
You can trust Taylor & Scott Lawyers to have the experience, knowledge and expertise to ensure your estate is managed just as you intended.
Key Contacts:
At Taylor and Scott Lawyers, we care for you. Contact Evelyn Gardis on 1800 600 664 or email us by filling the contact box on the right of this page.