For truly effective estate planning, Cairns residents may require more than preparing a valid Will. It’s important to consider various, unique aspects of your life including financial and personal circumstances when planning estate documents, and an experienced wills lawyer in Cairns can assist you to do just that.
At WGC Lawyers, our wills lawyers in Cairns provide estate planning advice tailored to your individual circumstances, from writing a simple, straightforward valid will to complex processes involving trusts through to mediating disputes over deceased estates.
Writing a Valid Will
A valid will determines who should benefit from your estate when you die and who will be responsible for administering it – those chosen as your executors / trustees. A Will can be straightforward or complex and can also appoint guardians for minor children and provide directions for funeral arrangements.
What is a Testamentary Trust?
A testamentary trust is a more complex will that creates a trust or trusts after the testator dies. The trust assists in safeguarding assets from third-party creditors, protects at-risk beneficiaries and provides potential tax advantages. WGC’s trusted wills lawyers in Cairns can advise you on the potential benefits of a testamentary trust.
Power of Attorney
A power of attorney appoints a trusted family member or friend to look after your legal and financial affairs should you be unable to do so yourself. The power of attorney can specify the extent of powers an attorney is authorised to exercise. It can operate for a limited time, such as while you are travelling overseas, for a one-off transaction or take effect indefinitely from the time you lose mental capacity.
Appointing a power of attorney is an essential aspect of estate planning Cairns residents must all go through when preparing a valid will. There are two different powers of attorney, a general power of attorney and an enduring power of attorney.
Unless you decide otherwise, the nominated individual under an enduring power of attorney will only act if you are no longer able to make decisions for yourself. For example, if you were to become incapacitated due to a medical condition. An advance health directive goes one step further and sets out your wishes for health care and medical treatments and procedures.
Probate is a grant made by a Court that proves the Will of a deceased person, vests title to estate assets in the executor and authorises the executor to deal with the estate. The executor is responsible to pay estate liabilities, distribute gifts, sell and transfer property, arrange estate tax returns and generally finalise the estate in accordance with the Will.
There is no legal requirement to obtain probate and applying for a grant may not be necessary for small estates or where property was held jointly with a sole beneficiary. In such cases, the deceased’s share of jointly held property can be transferred to the surviving owner by completing the required documents with the relevant authority or institution.
Dying without a Will is referred to as dying intestate. In such cases the deceased person’s estate is distributed in accordance with a statutory formula. The rules of intestacy provide for a specific order of distribution to the deceased person’s next of kin and in what proportion they will benefit from the estate.
However, they may not consider the real wishes of the deceased nor his or her unique circumstances such as the whole of your estate will not necessarily go to your spouse on your death. This can result in undesired consequences such as:
- a disproportionate distribution of assets between family members or leaving out more needy beneficiaries
- a distribution to a family member with whom the deceased shared no significant or meaningful relationship
- family members or friends missing out from an inheritance
An application for Letters of Administration is made by an interested person when a person dies intestate or the executors named in a valid Will are no longer alive or are unable to fulfil the role.
Letters of Administration
A grant of Letters of Administration will appoint the applicant as administrator of the estate, allowing him or her to deal with the estate assets and liabilities in the same manner as an executor.
Dealing with a deceased estate can be distressing and often involves complex issues at a time of grief and loss. Executors and administrators may need to liaise with a range of stakeholders to ensure the terms of the Will are upheld and to defend any family provision claims made against the estate (often referred to as contesting the will).
Consult a Wills Lawyer Cairns Depends On
Contact WGC Lawyers to speak to an wills lawyer Cairns residents can trust to assist with your unique circumstances. Whether you need to write a valid will or contest a will you’ve been left out of, we can help. Contact us today.