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.

Estates Services

Looking for a deceased estates expert to help you after the loss of a loved one?

If you want the safety and security of knowing that your will is going to be effective and distribute your estate according to your intentions, then you should talk to an estates expert.

Estate planning involves the organisation of a person’s legal and financial affairs so that your assets are distributed to your intended beneficiaries in an orderly and tax-effective manner.

You can contest a Will on the basis that you have not been adequately provided for your proper maintenance, education and advancement in life. The exact wording varies from state to state.

If you believe a Will is not valid, then the first thing you should do is to seek information from the executor or the solicitor who made the Will.

FGD can assist executors to defend contested Will claims or challenges to the validity of a Will.

A trust is a legal relationship between a trustee who looks after or administers the trust, and a beneficiary, the person who benefits from the trust.

Estate disputes or contesting a will is what happens if someone isn’t happy with what a will says, usually because they say they should have a greater share.

At Farrar Gesini Dunn we take innovation seriously. We have been operating for years in a way that has allowed us to work for you wherever we are and whenever you need us to.

McSpeddenHarvey

Our Estate and Wills Lawyers are here to help.

Get in touch today

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