Peninsula Law is expereinced in all areas of estate planning and management.
Estate planning is a relatively straight forward process and can be achaived by follwing the below steps:
- Take stock of your assets. Create a list of all your personal assets, as well as other assets that form part of your estate (trusts, superannuation, life insurance etc.).
- Identify risks. Identify any potential risks you want to plan around before and after your death, such as divorce, mental incapacity or your early death.
- Creating a plan. You should now work with us as your solicitor, along with your accountant and financial planner to work out an estate plan that is tailored to your needs and incorporates all your assets to ensure a amooth and cost effective transition of your assets to the intended beneficiaries in the event of your passing.
For help developing a comprehensive estate plan that covers all necessary issues, we recommended that you contact our office to obtain the rel;evant advice tailored to your personal needs.
A will is a written and signed statement, made by an individual, which provides for the disposition of their property when they die.
For those making a Will, there can be many questions, such as:
- How can I distribute my assets to my beneficiaries in the manner I want?
- How can I protect my Estate?
- How can I protect my beneficiaries?
- What conditions can I impose upon my Estate?
- How do I provide for a member of my family who suffers from a disability?
- How do I prevent a member of my family from inheriting from my estate?
Knowing that, in the event of your death, your property will be disposed of according to your wishes can give you peace of mind. Let Peninsula Law help with your estate planning and put your mind at ease.
Power of attorney
Power of attorney is a document which gives a person the right to make binding decisions for another. For instance, an elderly parent who fears they may become mentally incapacitated may choose to give power of attorney to one of their children.
An Enduring guardianship is a document that appoints someone you trust to make health, lifestyle and medical decisions for you when you are not capable of doing this for yourself.
Probate is the name given to the legal process most people must follow, once the Supreme Court makes an order for a deceased person’s assets to be distributed.
It is usually the executor of their Will who administers the estate and handles the disposal of their assets and debts. In order to get authority to do this, the executor generally needs to obtain a legal document called a Grant of Probate.
To protect the interests of those who hold the deceased's assets (for example banks) the executor may be asked to prove they are authorised to administer the Will before the assets can be released. The Grant of Probate is the proof required.
Letters of Administration
A grant of Letters of Administration is a legal document issued by the Court, which allows the administrator(s) to manage and distribute the deceased's assets in circumstancxes where a GRant of Probate cannot be issued for the estate.
There are two distinct types of applications for Letters of Administration:
- Letters of Administration – the deceased died without leaving a will ( died intestate)
- Letters of Administration with the Will annexed – the deceased left a Will but there is no executor available to apply for a grant of probate. For example, if the will did not name an executor, or the sole executor has died or is otherwise unwilling or unable to act. A separate fact sheet is available in relation to applications for Letters of Administration with the will annexed.