Wills + Succession Planning

By having a Will prepared by a solicitor, you are doing everything you can in order to make sure your assets are distributed the way you want them to be.

We have prepared thousands of Wills and know exactly how to ensure you leave a healthy financial legacy to your loved ones.

A valid Will allows you to include the following important matters:

• To choose an executor (they will be in control of making key decisions and may also have the financial control over any money held for your children);
• To make specific gifts to beneficiaries (such as heirlooms and other important property);
• To nominate guardians for your children;
• To set up ways in which your estate can be distributed in a tax-effective manner;
• To ensure any beneficiaries who are disabled or need protection are provided for and the assets protected for their needs;
• To avoid costly and protracted administration of your estate.

Kelly Kelly Legal make preparing a Will easy and ensure that the document complies with the relevant laws.

There are many very strict technical rules to ensure compliance for a valid Will. Preparing your own Will is like “playing with fire”.

You would expect lawyers to have a dim view in relation to home-made Wills as they take work away from them. However, home-made Wills and/or Legal Kits often result in extensive work for lawyers.

This means that a home-made Will can result in your estate paying considerable legal fees in order to distribute your assets.

The law provides that when you marry, your Will is revoked.

It is therefore very important that when you marry, you make a new Will.

We strongly recommend you review your Will when you have children.

Kelly Kelly Legal have significant experience in drafting trusts in Wills which can ensure your children are adequately provided for financially if you die, whilst also protecting your legacy until they reach a certain age.

It is not always necessary to update your Will if you change your address, however we recommend you contact Kelly Kelly Legal to provide us with your updated address.

If you die without a Will, the law dictates how your estate is distributed which can be contrary to your wishes.

Relatives that you have not had anything to do with may benefit from your hard-earned financial legacy and some of your loved ones may miss out entirely.

Extra and significant costs can be incurred in finalising an estate without a valid Will.

It is very important that you have a valid and up-to-date Will.

Life changes so rapidly and therefore, we recommend reviewing your Will every 2-3 years to ensure it reflects your wishes.

It’s also important to update your Will when there are changes in your life, such as:

• Marriage
• Separation
• Death of a family member or executor
• If you have children
• If you purchase significant assets
• If you set up a trust, company or new business

A Power of Attorney is a legal document which enables you to appoint an ‘Attorney’ to manage your financial affairs.

A Power of Attorney document operates while you are alive, but unable to manage your own financial affairs.

The Power of Attorney document is a necessary part of your personal estate planning. It empowers the person/s you appoint to manage your affairs:

• Banking and investments
• Real Estate
• Regular payments including rates, taxes, insurance, medical, personal & household accounts

An Advance Care Directive is a legal form that allows people over the age of 18 to:

Write down their wishes, preferences and instructions for future health care, end of life, living arrangements and personal matters and/or

Appoint one or more Substitute Decision-Makers to make these decisions on their behalf when they are unable to do so themselves.

It cannot be used to make financial decisions.

The new Advance Care Directive Form replaces the existing Medical Power of Attorney Anticipatory Direction and Enduring Power of Guardianship with a single Advance Care Directive Form (however any of these existing forms will continue to have effect post 1 July 2014).

A grant of Probate is an order made by the Court which confirms that a particular executor or administrator has the right to administer the estate of a deceased person.

The grant also confirms  which Will was the last Will of the deceased or, that there was no Will at the time the deceased died.

If there is no Will, this is referred to as Letters of Administration.

The sorts of circumstances where a Grant of Probate is necessary are:

• Where a deceased owns real estate either solely or as a tenant in common;
• Where a deceased holds bank accounts, the bank may require the executor to have a Grant in order to access the funds for the beneficiaries (usually this is where the funds exceed $50,000 but this can be less depending on the bank):
• In circumstances where one of the beneficiaries of the estate wants to “challenge” the Will.

Of course we can!

The choice of solicitor is up to the executor(s).

You do not have to instruct the solicitors who prepared the Will to be the executors of the estate.

If you are the executor of a Will and you would like Kelly Kelly Legal to act for you, make an appointment and we can assist you to obtain the original Will and make an application for a Grant of Probate or Letters of Administration.

It can sometimes be a challenge for families to locate the last Will of a loved one. We can assist you to search for the last Will as we appreciate that it can be a difficult time.

We recommend undertaking the following searches:

• Contacting the solicitor(s) that the deceased dealt with and if unknown, contact local solicitors near where the deceased live.
• Contacting the deceased’s accountant or financial planner to see if they have a copy on file.
• Contacting the deceased’s bank to see if they hold any safe-custody documents.

The executor names in the last Will has the responsibility of the administration of the deceased’s estate.

Some of the key responsibilities of an executor include:

1. Locating the last Will of the deceased.
2. Check the Will to see if there are any funeral directions that have been made by the deceased.
3. Safe-guarding the deceased’s assets. The sorts if things to consider are securing the house and contents of the decease, advising relevant institutions of the death such as Centrelink, Banks, share companies etc.
4. Making sure assets remain insured;
5. Locating and valuing all assets;
6. Engaging a solicitor to prepare the Grant of Probate or Letters of Administration (if required).
7. Attending to the deceased’s taxation affairs.
8. Undertaking a final accounting for the consideration of the beneficiaries prior to distributing the estate.

This checklist is not exhaustive and we would strongly recommend making an appointment to discuss your role as soon as possible.