Wills, Estates and Probate
Empire Law understands that nobody likes to plan for the worst, but equally, that it is essential that everybody does. Wills and probate deal with the distribution of your assets and estate should you become too unwell or injured to organise them for yourself or in the event of death. Planning your estate will make sure that it ends up with the people that you want to have it and with as little amount as possible ending up with the tax man.
It is important that you have control over your assets. It is especially important to make decisions regarding the care of your children should something happen to you. This is so they don’t end up being left with someone that you don’t want them to be left with.
Banks and other institutions will often refuse to deal with an estate until the court has issued a grant. A grant is applied for and the type of application will depend if there is a valid will and the terms of the will. This process itself can be complex. If there is no will or an invalid will, the process only becomes more complicated.
If you were to ask a family member that has lost a loved one without a will, they will tell you how difficult it was to execute the estate at a time of sadness and distress. The more organised your estate planning is the easier it will be for your loved ones when they are already dealing with the upset of no longer having you in their lives.
What does having a will allow me to decide?
Having a will allows you to choose
· Decide who will receive your assets.
· Avoid family disagreements over entitlements with regards to your estate.
· You can choose who will be your executor.
· Decide who will look after your children
· Exclude somebody who would otherwise get part of your estate
· There is also the option to leave something to charity
· Avoid needless taxes
· Plan your funeral
· Decide about organ donation
Who can I leave my assets to?
You can leave your assets including property to anybody you want, including a charity. It's important to think carefully about who you would like to leave your estate to. You should consider the people that currently depend on you so they can live comfortably after you’ve gone. If you don't, it is not unusual for them to take legal action to get a bigger share of your assets.
You can leave assets to a person under eighteen however, these will be held in trust until they are eighteen.
We provide advice and drafting of:
- Enduring Powers of Attorney
- Enduring Powers of Guardianship, and
- Advanced Health Directives.
- We handle all applications for Probate for these documents.
- We can also support and representation with probate applications and contested estate matters.
Please feel free to Contact Prue at Empire Law today if you would like to discuss anything to do with estate planning and wills, on 08 6311 9644.