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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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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16/08/2019

Is there a way to come back from infidelity?

My view on infidelity was questioned when I read an article by The Independent titled “Cheating can make your marriage STRONGER”. I thought, “What could this possibly say?” What I found intrigued me. Hidden in the article was a reference to Ms Esther Perel, a psychotherapist who works exclusively with…

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30/07/2019

4 Tips to Financially Survive a Divorce

Most couples don’t plan for divorce, but the fact is, one in three marriages in Australia end. It’s a financial stress that most people aren’t prepared for, but when it does happen they want the process dealt with swiftly. There are no winners in a marriage breakdown, but you do…

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