Wills and Estate Planning
Wills
Having a valid, properly prepared Will that is up to date not only ensures that your assets are distributed in accordance with your wishes but will assist your loved ones to better manage the process of handling your assets in the event of your death, during what is already a very difficult time.
Having a Will made by an experienced solicitor will provide you with peace of mind that your assets will be distributed in accordance with your wishes, and will avoid unnecessary stress, delays, and costs to those who will be responsible for managing the administration of your estate following your death.
At LGee & Julius Lawyers we will properly prepare your Will, giving appropriate consideration to estate planning measures to ensure that your assets are distributed as you intend them to be, whilst being mindful of financial and tax considerations, incorporating asset protection strategies, and taking any necessary risk management measures.
Our solicitors are skilled in preparing customised Wills and other estate planning documents.
Power of Attorney
A Power of Attorney is a legal document which gives a person (or trustee organisation) the legal authority to make financial and legal decisions on your behalf, and to act for you to manage your assets.
There are two types of Power of Attorney documents, a General Power of Attorney, and an Enduring Power of Attorney.
A General Power of Attorney is a legal document which allows you to appoint a person or persons to manage financial and legal decisions on your behalf, whilst you have the ability to make your own decisions.
An Enduring Power of Attorney is a legal document which allows you to appoint a person or people to manage financial and legal decisions on your behalf, however this power will continue even if you lose the ability to make decisions for yourself.
Having a Power of Attorney is important in the event that you happen to suffer from any temporary or permanent loss of capacity due to illness, an injury, or a disability.
LGee & Julius Lawyers are experienced in the preparation of both General and Enduring Power of Attorneys and can ensure that your affairs will be managed in accordance with your instructions, in the event of incapacity.
Advance Care Directive
An Advance Care Directive allows you to appoint another person to make decisions about your health care and welfare if you become unable to make those decisions in the future. It allows you to set out your wishes for how and where you will live, and lets you nominate the types of medical treatments you may wish to have. If something does go wrong an Advance Care Directive will ensure you are being cared for in accordance with your own directions.
LGee & Julius Lawyers can assist with the preparation of your Advance Care Directive to provide you with peace of mind that in the event you become unable to make decisions concerning your health, welfare or medical treatment, such decisions will continue to be made in accordance with your own directions.
Probate and Estate Administration
The administration of a deceased estate can be a highly complex process. Even if a person dies with a valid Will, a Grant of Probate by the Probate Registry of the Supreme Court is required before an estate can begin to be administered.
Where a person dies without a legally valid Will, this can pose even greater difficulties, as Letters of Administration will need to be obtained from the Public Trustee before an estate can begin to be administered.
Preparing an application for Probate, or applying for Letters of Administration, and subsequently completing the complex task of administering an estate can be a highly challenging process, with significant obligations being placed upon the Executor of an estate.
LGee & Julius Lawyers can alleviate the anxiety and pressures encountered by Executors in the administration of deceased estates, through assisting with the Probate application process, and by managing the administration of the estate on behalf of the Executor, including the collection and sale of all assets, and subsequent distribution of the proceeds to beneficiaries.
Family and Testamentary Trusts
Establishing a trust allows you to pass your assets to a trusted individual to hold on behalf of your family or friends. Trusts enable you to transfer assets out of your own name and then direct how those assets are to be managed.
There are significant tax benefits associated with family trust structures. A family trust is created during your lifetime and can be useful in situations where the benefits to not having an asset in your name are sought.
A testamentary trust is created by a Will and will arise upon your death. Testamentary trusts are often used in scenarios where you would desire a property or business asset, for example, to remain in the family, so that it is able to be passed on to your children over time.
LGee & Julius Lawyers can assist you in the establishment and ongoing management of family and testamentary trusts to ensure that your assets are and remain adequately protected.
Frequently Asked Questions
What is a Will?
A Will is a legal document that lets you make your wishes known when you are no longer here. By having a Will, you can leave instructions about how your estate is distributed.
You can also name someone to carry out these instructions; this person is called “the Executor.”
What happens if there is no Will?
Where someone has died without a valid Will, they are said to have died “intestate.” In these cases, the person's estate will be distributed in line with the Administration and Probate Act 1919 (SA).
Why have a Will?
If you want to ensure your loved ones are catered for when you pass away, then a professionally drafted Will is the best tool at your disposal.
Without a Will, your wishes have no way of being known, and the administration of a deceased estate without a Will can be a complicated and an expensive process for those you leave behind.
Who prepares my Will?
Our Wills and Estate Planning solicitors at LGee & Julius Lawyers will help you to prepare a Will that meets all the formal requirements of Wills Act 1936 (SA).
What are the benefits of having an experienced solicitor prepare my Will as opposed to completing an online or home-made Will kit?
Whilst it might seem like a more cost-effective solution to purchase an online or home-made Will kit, these kinds of Wills are often found to be low-quality and can result in significant financial implications upon a deceased estate.
The relevant legislation which sets out the requirements of a legally valid Will is rigorous, hence online and home-made Wills are often found to be invalid for failing to comply with legislative requirements.
Having an online or home-made Will increases the chance of a successful inheritance claim being made on an estate if the Will is contested. If a Will is found to be invalid, additional legal documents may be required after death, and in some cases, estate disputes can result in lengthy and expensive Court cases.
Who can be an Executor?
The Executor is the person named in your will who will be responsible for dealing with your estate after you die. This should be someone over 18 who you trust and who is prepared to take on this responsibility.
You can also appoint a professional, such as a solicitor or even the Public Trustee (in South Australia), in which case you will be charged fees.
Talk to us at LGee & Julius Lawyers about being appointed as your executor.
What can a person do if they have a Power of Attorney?
Both Power of Attorneys and Enduring Power of Attorneys give a person the power to act for you regarding legal and financial matters.