PROBATE AND ESTATE ADMINISTRATION
1. What happens when a person passes away?
When a person passes away, sombody has to deal with the deceased's estate the executor or executrix will have a responsibility for administering, various assets and liabilities that are left behind by the deceased.. It is up to the executor to collect the deceased’s assets, pay any outstanding debts and distribute the remained of the estate to the persons entitled to it.
This process of administering a deceased’s estate can be lengthy and complicated, particularly if the deceased held diversified assets, belonged to a blended family or if the estate is subject to a claim. At Suzanne Jones Lawyers, we aim to guide you through the complexities of estate administration by providing compassionate legal advice and assistance. Recognising that every deceased estate is unique, we tailor our assistance to suit the circumstances.
2. Wills and Estate planning:
Nobody likes to think about it too much, but inevitably one day you will have to leave your business or farm, whether by selling up, retiring or leaving for health reasons.
It is very important to have a succession plan in place that makes the transition easy not only for yourself but also for your family or employees and minimises the chances of the business or farm having to be sold up when you leave.
- Estate planning goes beyond drafting a will – it includes:
- The assessment of assets
- The assessment of likely taxation
- Advice regarding the possibility of claims against the estate by third parties
- The protection of assets
Estate planning is an active process of re-evaluating the estate when circumstances in life change, such as:
- Newly married couples or those divorcing
- A change to the family’s asset pool
- A change in working conditions such as the buying or selling of a business
- Changes to superannuation, insurance policies or taxation levels
- The establishment of discretionary trusts
A successful plan is made involving all family members as it will take into account not only provisions for your retirement income but also the plans, aptitudes and existing assets of younger generations.
The last thing that most people want to do is to leave a legal and financial mess behind after they die. By putting your affairs in order and keeping your Will up to date you can ensure that your estate is dealt with according to your wishes, not according to the wishes of the State Government.
Sensible estate planning can consider a myriad of issues such as taxation consequences and asset protection for those who you most want to benefit. Why take risks with the assets that you worked a whole lifetime to create and cultivate?
We can assist you in:
- Preparing Wills
- Preparing testamentary trusts
- Advising on estate planning issues such as taxation, superannuation, succession planning and trusts
- Establishing family trusts.
3. Grants of Representation
A Grant of Representation is a legal document issued by the Supreme Court of Victoria that gives a person legal authority to deal with the assets of a deceased estate. It allows money held in banks to be collected, property sold, shares to be transferred and so on. There are several types of Grant that can be applied for depending on the situation, the two most common being a Grant of Probate and Letters of Administration.
Grant of Probate – Applied for if a person dies leaving a valid will. One or more of the executors named in the will can apply for the Grant. An application for Probate involves proving to the Court that the deceased’s will is in fact the valid and the last will.
Letters of Administration – Applied for if a person dies intestate (without a valid will). There are specific laws about who can apply for Letters of Administration. A person who successfully applies for Letters of Administration becomes the Administrator of the deceased estate and has similar duties to an executor.
Nguyen Do Lawyers can assist you in applying for a Grant of Probate or Letters of Administration.
4. Estate Claims:
Nguyen Do Lawyers acts for both claimants (those making a claim on an estate) and executor or administrators (who must defend a claim). We seek effective and efficient outcomes in estate disputes and can arrange for mediation between the parties involved.
Following the death of a loved one there are a miriad of legal and financial issues that need to be attended to. For generations Henderson & Ball has been a trusted advisor to people following the loss of family members or friends.
We can assist you by:
- Obtaining the original Will.
- Advising the Executor as to his/her responsibilities in respect to the Estate.
- Advising beneficiaries about their rights.
- Applying for a Grant of Probate or Letters of Administration.
- Dealing with assets such as real estate, bank accounts, shares and personal items.
- Dealing with government agencies such as Medicare, Centrelink and Veteran’s Affairs
- Dealing with taxation and other financial issues.
- Taking the stress and worry out of the whole estate administration process.
Lan Phuong
Nguyen Do Lawyers
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