Many of us don’t like to think about making a Will, but there are times throughout our lives when we do need to think about the future and about how our family would cope financially in the event of our death.
Estate Planning does not commence on death. Those who do not effectively plan their personal and financial affairs could leave their loved ones with an unpleasant legacy.
Why do I need a Will?
A Will is the cornerstone of an effective transfer of assets on death – it puts you in charge of important decisions now about what you want to happen to your affairs after you pass away. It is a legal document which can ensure your intentions are carried out.
A well drafted Will can stipulate that your assets will be given:
to the people you want;
to support your beneficiaries’ needs;
in the way you want;
as quickly and simply as possible; and
as tax-effectively as possible.
McKays Estate Planning team will provide you with clear and easy-to-understand expert advice and will be able to answer all of your questions, including:
What sort of Will do I need?
What happens if I die without making a Will?
What happens to jointly owned property?
When should I make a Will?
What happens to my superannuation and life insurance?
Who would be the best person to be an executor?
Who will look after my children?
Can I say how I want my body disposed of?
What if I want to leave a dependant out of my Will?
What will happen to my interest in my business?
Our friendly and expert team will provide you with advice to help ensure that you have done everything you can so that your family benefits in the best possible way from your estate when you pass away.
Do I also need an Enduring Power of Attorney?
It is also important to have an Enduring Power of Attorney. An Enduring Power of Attorney can be used during your lifetime (whereas a Will operates when you pass away). One example is where you are unexpectedly injured or become unwell and are unable to make financial and health decisions for yourself or your children.
By signing a Power of Attorney you may grant someone (your attorney) the legal power for that person to sign or to take some action on your behalf.
An Enduring Power of Attorney is not only used when you are incapacitated.It can become a useful document if you plan to travel overseas – for example if documents such as transfer documents for a property need to be signed during that time.
See our Wills and Powers of Attorney client guide for more information.
Estate and Business Succession Planning
Your Will is not always the only way to maximise the opportunities to pass on your wealth to your family. The financial structures and arrangements you enter into now, particularly if you are involved in a business, can be much more significant than the effect of your Will when you die.
Being a full-service legal practice means McKays will ensure that you have the best personal asset and business structure in place to minimise the risks to you and your family, when you are alive, when you die and after you die.
Download our Asset Protection client guide for more information.
Deceased Estates
Few people, even those who have been named as Executors in Wills, know exactly what has to be done when a loved one passes away.
There are many questions beneficiaries, Executors and family members may have including:
Who pays for the funeral costs?
Is there a “reading of the Will”?
Where do I get the death certificate from?
When should I start dealing with administration of the estate?
If there is no Will who is entitled to the estate?
What should I do if I have been left out of a Will?
The McKays Estate Planning Team will be able to provide you with the answers to these questions and will also provide expert advice and guidance regarding what steps you need to take, and when.
Finalising the Deceased's Estate
Our experienced Team can explain to an Executor exactly what has to be done, how long it will take and how much it will cost. We will look after all the steps that have to be taken to ensure that the intentions of the deceased are carried out or, if you prefer, we can let you carry out as much of the work as you feel comfortable with and simply assist you as and when requested.
With the professional help of our Estate Administration Team, you will be able to fulfil your important duty as an Executor with the least possible stress and/or hassle and ensure the estate is distributed to the deceased's family as quickly as possible.
Challenging a Will
Being left out of a Will or being the Executor of, or a beneficiary under a Will which is under challenge can be a very stressful experience.
Spouses, former spouses, de facto spouses, children, adopted children, stepchildren and dependents, may be entitled to share in a deceased person’s estate, even if they are not included in the Will.
We will help you and your family understand what your rights are when:
someone has been unfairly left out of a Will, or,
someone tries to challenge the Will, in terms of what is involved in defending such a claim in your capacity as Executor.
Importantly however, there are very strict time limits that must be complied with. You should seek advice as early as possible as delays can lead to problems.
