What is a will?

It’s a document that sets out how your property is distributed when you die. The purpose of a will is to make sure that the right person gets the right property and there is no dispute. If you don’t have a will then the law says how your property is distributed. This may be different to what you would want or it may be a more expensive way of achieving the same thing.

Even when people take out wills, many people who think they have provided for beneficiaries in the way they intended are unaware of the pitfalls that can arise if a will is not prepared correctly.

What is an estate plan?

A will is often part of an estate plan but an estate plan also looks at other assets that can’t be dealt with in a will. This might include superannuation or a business or a trust. The purpose of an estate plan is to make sure that all of your property no matter how you own it ends up with the right people in a tax effective way.

What is estate administration?

It’s the process of putting a will into effect. It includes obtaining probate, finding assets, transferring or selling them, paying debts and making sure that everything is finalised. Sometimes it’s relatively easy and sometimes it is not. Whether easy or hard it has to be done properly or the executor can be liable or people can miss out on what is rightfully theirs.

We’ve written some articles below about wills, estate planning, estate administration, and some of the issues that arise in these areas.

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15/11/2019

Do grandparents have rights?

By Kasey Fox Family Lawyer Kasey Fox discusses what the law says about the rights of grandparents to have a relationship with their grandchildren Do grandparents have rights? Recently, while watching a reality tv show (don’t judge me) I heard someone arguing about “Grandparent’s Rights”. A short while later, another…

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06/11/2019

2019 FGD Golf Day Wrap Up

Rewind to last Friday, 1 November 2019. To set the scene, it was a beautiful Canberra day, 31 degrees with a slight breeze under the huge trees at Federal Golf Club a crowd had gathered together polishing up their golf clubs and dousing themselves in sunscreen preparing for an afternoon…

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04/10/2019

Farrar Gesini Dunn’s Estates Team Recognised Again in Doyle’s Guide

We have built and developed our practice to offer the highest quality legal advice in the areas of Wills, estate planning, probate and estate administration. We are committed to doing things differently and providing the kinds of services our clients want.

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25/09/2019

Top Ten Things to Consider When Making a Will

Your beneficiaries are those who will inherit your estate assets when you pass away. You should also consider substitute beneficiaries in the event your primary beneficiaries do not survive you.

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