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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.
Telephone: (08) 8296 2690