Estate Planning
It is important that you give consideration to Estate Planning, particularly, where you have a significant pool of assets to protect, children to be provided for and, given the changing shape of the family unit, special consideration for combined, divorced and de facto families.

Effective Estate Planning gives you:

• Choices
• Protection for yourself, your family and friends
• Control over your estate, finances and personal issues.

When you do not effectively plan your estate in life and after death, the Government deals with it according to their guidelines, which may not take into account your wishes.

DON’T PUT YOUR DECISIONS OFF UNTIL YOU DON’T HAVE ANY!

Estate Planning needs to be reviewed if:

• You don’t have any
• Your documents are old
• Your circumstances have changed

Wills
It is vital that everyone has a professionally prepared and up-to-date Will. This is the only way to ensure that your property is distributed in accordance with your wishes.

Your Will should be professionally prepared to avoid errors. Any mistakes will have to be rectified by your executors at great cost your estate.

Responsible family members or friends whom you can trust should be appointed as executors and trustees. Your lawyer will assist you with practical and legal considerations.

If you do not have a legal Will, your property and possessions will be disposed of in accordance with State legislation.

Certain events affect the validity of your Will. If you marry or divorce since you last executed a Will, you will need to execute a new Will. Similarly if you have a child that is not contemplated by your current Will and you do not alter it to include the child, that child will have to apply to the Court to have the Will varied in their favour.

Enduring Power of Attorneys
An Enduring Power of Attorney appoints a person of your choice to represent you during absence or legal incapacity (due to illness or accident), for the purpose of dealing with your financial and legal affairs.

If you do not have an Enduring Power of Attorney, all of your assets will be frozen (even those held jointly by husband and wife) and the Government will appoint a legal representative to act on your behalf.

If your family and friends want to act as your legal representative and you have not appointed them by Enduring Power of Attorney, they will have to go to considerable expense to apply for a Court Order appointing them to look after your affairs.

If the Government appoints an Attorney, you will be required to obtain Medical and Psychiatric reports and attend Court to regain control of your estate.

Enduring Power of Guardian
An Enduring Power of Guardian appoints the person of your choice to make decisions regarding your personal welfare if you are legally incapacitated.

If you do not have an Enduring Power of Guardian, the Government will appoint a guardian for you, usually the Public Advocate.

Again, it will involve considerable expense if your family or friends wish to apply for a Court Order to become your Guardian.

Similarly, if the Government appoints a Guardian, you will be required to obtain Medical and Psychiatric reports and attend Court to regain control of your estate.

Deceased Estates
Peter Fisher Lawyers specialise in administering deceased estates. Calling in the assets and preparing the documentation can be a complex and lengthy process that we are well equipped to handle with sound legal expertise and experience.

Grants of Probate
When you or a family member passes away with a valid Will, it is important that legal advice is sought in regard to administering the Estate. Though circumstances vary, most will need to apply to the Supreme Court for a Grant of Probate, so that the Will may be proved valid and the assets of the Estate passed to the beneficiaries according to the terms of the Will.

To prevent extra charges being incurred it is wise to begin this process as soon as possible.

Letters of Administration
When someone dies intestate (without a valid Will) legal advice must be sought swiftly so that an Administrator may be appointed to administer the estate. Without a Will, the estate must pass according to a list of priorities detailed in the State legislation.

Estate Claims
Dealing with your Estate as you wish is very important and in many situations affected by emotion. If a family member is omitted, for whatever reason, there is strong possibility that they may make a claim against the Estate.

In this event, Peter Fisher Lawyers can advise the Executor of the Estate or the omitted family member in how to deal with the claim and negotiate an outcome that satisfies all parties concerned.

Common Pitfalls

Trustee Companies
You may have heard of, or currently hold a Will with, a Trustee Company. Trustee Companies offer free Wills provided you name them as your Executor and Trustee. This seems like an attractive option at the time however, Trustee Companies take a significant percentage of the total value of the Estate as their fees rather than charging for the amount of the work done in respect of the Estate. This more often than not works out to be far more expensive than appointing an Executor of your choice in a solicitor-made Will.

Do-It-Yourself Kits
Do-It-Yourself Kits are a cheap alternative to having a formal Will drafted by a solicitor, however it is very easy to make any error that will cost the Estate far more than having a Will properly drafted in the first instance. Rectification of Wills must be done by application to the Supreme Court and is a lengthy, expensive and often distressing process for your executor and beneficiaries.

Furthermore, these Kits are basic in the structure and do not allow for too much variation. Your personal Estate choices can be far better served by having a custom-drafted Will and thorough explanation by an experienced solicitor to save your family and friends time and further distress, and to ensure that your assets pass to them and are not spent on Court fees.