To ensure that your estate is given to the people that you care about when you die, it is a good idea to prepare a Will. A Will is a legal document that sets out how your property and assets are to be divided after you pass away. It is one part of the Estate Planning process.
The preparation of your Will is certainly not a one size fits all process! It is something that is obviously very personal to you and your needs. Therefore, Northcote Lawyers will work closely with you, keeping your personal and financial circumstances front of mind and providing advice based on the consideration of your individual needs. We provide a full service and aim to make this process as streamlined and stress free as possible.
If you choose to not make a legal Will, after your passing, your estate will be distributed using a fixed formula determined by the Government. As you will not have an executor, the court will appoint an administrator. It can take months for this process to be completed and there is no guarantee that your dependents will receive what you may have intended.
A well drafted Will provides an effective defence against claims and ensures that your assets are distributed according to your wishes.
These changes emphasise the importance of regularly reviewing your Will to ensure it continues to comply with your wishes.
If you would like to arrange an appointment with us to discuss your options and to see whether this is something you would like to organise, your initial consultation is free – just contact us here.
When leaving a Will, you must decide:
Your nominated executor will look after your estate. The executor must:
While you may not feel powers of attorney to be necessary at your stage in life, having an attorney in place should give you peace of mind that if something unexpected happens you have a trusted individual to act on your behalf and in your personal interests.
Northcote Lawyers is able to prepare a power of attorney for you, advise how the power operates and ensure you take into consideration the matters that are relevant and important.
An estate plan has several elements:
Northcote Lawyers will work with you to design and implement a tailored plan that incorporates all your assets and has the flexibility to accommodate future changes, risk minimisation, tax minimisation and succession issues.
Creating an estate plan is a continuous process due to the ever evolving legal and economic strategies as well as the continually changing tax and superannuation laws. We will update your plan to reflect these changes accordingly so that it will protect your assets both now, and for generations to come.
If you would like to arrange an appointment with us to discuss your options and to see whether this is something you would like to organise, your initial consultation is free – contact us now.> View all Services