Wills:-
Most people know that a Will is a legal document which is prepared to reflect a person's wishes as to what happens with their Estate/Assets upon that persons death. For some people it is one of the most important documents that they will ever make, particularly if they have young children, or have remarried during thier lifetime.
Not only does a Will put on record what you want to happen, it avoids the need for a State Government to become involved with your estate when you die.
Our service includes providing you with full advice about your rights and the obligations of the people mentioned in your Will, such as the Executor, Trustee Testamentary Guardian as well as any potential beneficiaries.
Please note that there are many other matters you should consider. It is likely that you will require much more specific advice and assistance.
Estate Administration:-
Estate Administration is a broad term given to work performed in finalising a person's affairs after they have died.
Hopefully a deceased will have left a Will which indicates what direction must be taken in order to administer their affairs after their demise. If the deceased has not left a will, the matter becomes much more complex.
Sometimes with a large Estate, or upon Bank requirements Probate may be required. Probate is the recognition that the Supreme Court gives the Executor/Executrix mentioned in the Will, the authority at law to act on behalf of the estate of the deceased. Accordingly with Probate, Banks that retain investments, or larger deposits can request Probate be obtained in order to release the assets for distribution in accordance with the direction of the Will.
A brief list of tasks an Executor/Executrix can be required perform in order to administer the Estate includes:
- Arranging the Funeral of the deceased;
- Secure the Property of the deceased prior to distribution;
- Arranging the Death Certificate;
- Notifying Creditors of outstanding bills and ensuring the payment;
- Collecting Bank accounts, Insurance policies and Superannuation held be the deceased at the time of death;
- Distribute the Assets to beneficiaries in accordance with the last Will of the deceased.;
- Ensure a final tax return islodged for both the deceased and the Estate.
The death of a loved one is a very sad and stressful time and many people would rather not concern with added stress during these times.
Please contact us if you would rather have us handle the complete administration.
