Experienced Estate Lawyers Adelaide, SA & Tasmania
Everyone needs a Will, Power of Attorney and Advance Care Directive. Our Estate Planning Lawyers in Adelaide, South Australia and Tasmania make the process quick and easy.
Don’t leave estate planning til it’s too late.
YOUR ESTATE PLANNING LAWYERS
FREQUENTLY ASKED QUESTIONS
What Is a Will and do I need one?
A Will or Testament is a legal document by which a person, the testator, expresses their wishes as to how their estate administration is to be handled, and names one or more persons as the ‘executor’ to manage the estate until its final distribution.
You can describe your wishes regarding how your assets are distributed, and how any minor children are cared for after your death.
Whilst everyone’s needs can vary depending on their circumstances a Will, Enduring Power of Attorney and Advance Care Directive are essential. Our expert lawyers for estate planning matters can help by providing practical legal advice to ensure your wills and estate are less likely to be challenged.
Your Enduring Power of Attorney
You can appoint a person of your choice by filling out a form to manage your Wills and Estate, if you are unable to do so due to illness, an accident or an absence.
Before appointing your Enduring Power of Attorney, you should seek legal advice from an experienced lawyer for Estate Planning as the form can significantly influence your legal rights.
Your Advance Care Directive
Advance Care Directives give you the option to make arrangements for your future health care, medical decisions, living arrangements and other personal matters.
This will come into effect should you no longer have the mental capacity to make decisions for yourself; whether it be permanent incapacity or temporary incapacity. It can be difficult to plan for the worst case scenario, however, our seasoned Estate Planning lawyers in Adelaide, wider SA and TAS can help throughout the whole process.
Why Make a Will?
The process of making a Will, and just having to think about planning for a life for your family without you, can be incredibly stressful and overwhelming. This is why you should allow a legal Estates services team experienced in deceased estate and estate planning law to help you.
Who May Make a Will?
Any person over the age of 18 can make a Will and it can be altered at any time. In certain very limited circumstances, a person under the age of 18 can make a Will.
One of our Wills and estate planning law team can guide you throughout the process.
Am I Required to Make a Will?
No, there is no legal requirement for an individual to prepare a Will in South Australia. However, it is strongly recommended. As a leading succession planning law firm, our experienced Estate lawyers have seen the heartache and additional costs associated when there is no legal Will put in place.
Without a Will, the Estate Administration and Probate Act will apply. Deceased estates are not automatically distributed to the spouse and dependent children, which could result in undue financial hardship and complicated financial matters for the family. Disputed Wills can lead to additional legal costs and complicated inheritance claims.
If you do not currently have a last Will, speak with an Estate Planning lawyer in Adelaide, South Australia and in Tasmania today to start drafting a Will as soon as possible.
Can I Make a Will Myself?
The best way to ensure that your wishes are fulfilled after your death is to speak with one of our professional lawyers who is an expert in Estate Planning in Adelaide, wider South Australia and Tasmania.
Should I Review or Renew My Will?
Yes, you should review your Will every two to three years and as soon as any personal circumstances change. This may include the birth of children or grandchildren, the death of a beneficiary or Executor, a large windfall, land purchase or sale, marriage, separation or divorce.
Wills and Estate Lawyers can help you manage your Estate Administration which includes any changes or edits to your Will. Any family law issues and changed real estate transactions should also be discussed with our Wills and Estates team.
Are there rules about who I can leave my Estate to?
You can give your Estate to whomever you wish. However, if your decision results in financial hardship for a spouse, child, someone in your family who may have special needs, or (under certain circumstances) another relative, then the Court could award them part of the Estate under the Inheritance (Family Provision) Act. Careful consideration or hiring an Estate lawyer when writing your Will can assist in avoiding the Will being contested after your death.
To help avoid contested Estates and Wills, get the best Estate lawyer in Adelaide, SA and Tasmania by contacting our law firm today.
What Is an Executor?
The Executor is responsible for looking after the deceased Estate. This means gathering the assets of the deceased person, paying any debts, and ensuring the terms of your Will are carried out lawfully.
You can appoint a family member, trusted friend, professional advisor or a trustee company. An Executor can be a beneficiary and they do not need legal or business expertise, as a lawyer can guide them through the process.
What are the costs of administering the Estate?
Upon your death your Executor will typically instruct an estate lawyer to administer your Estate on their behalf.
The costs are paid by the Estate and will vary depending on complexity, but typically are less than 1% of the total value of the Estate.
Can I appoint a Trustee Company?
Yes, but it adds an unnecessary cost to your estate. Trustee Companies often charge a sliding scale of costs for Estate administration which can total over 6% of the value of the Estate. The services of a Trustee Company are not necessary when you have Wills and Estate lawyers guiding you for a much smaller cost.
Our trusted Estate Lawyers in Adelaide, SA and TAS have years of experience in Estate planning law and can help you throughout the whole process.
ENDURING POWER OF ATTORNEY FAQ
What is an Enduring Power of Attorney?
An Enduring Power of Attorney is a document by which you appoint someone to look after your financial affairs, even if you become incapacitated. Your Attorney can do financial things on your behalf that they could not otherwise do such as operate your bank account for you, pay your bills, arrange insurance for you, or even sell your house for you. You can, of course, still do these things yourself.
You can revoke an Enduring Power of Attorney at any time while you are mentally capable of managing your own affairs, and it is automatically revoked by your death.
What does an Attorney NOT have authority to do?
An Attorney does not have the authority to make a Will on your behalf, make personal, lifestyle or medical decisions, act illegally, deal with any property held in trust by you, perform the functions of a director or secretary of a company on your behalf, or delegate their authority.
However, you are not alone. Our seasoned lawyers for Estate Planning specialists will advise and support you throughout the process so that every step you take is timely and lawful.
Who should I choose as my Enduring Power of Attorney?
What should I consider when choosing the Enduring Power of Attorney?
It is important to ensure the person is: 18 years of age or over; willing and able to take on the responsibilities; will act in your best interests and is competent to deal with all financial and property matters.
Are there any restrictions to me when appointing the Enduring Power of Attorney?
You must have ‘full legal capacity’. This means knowing and understanding the details of your own Estate; and that the Enduring Power of Attorney will have authority to appropriately deal with all aspects of your property and financial affairs. People with a psychiatric condition, mental illness, dementia, intellectual disability or an acquired brain injury may not be able to execute an Enduring Power of Attorney. If there are any questions about whether you have capacity to appoint an Attorney, then discuss this with your lawyer. In some cases, a written report from your Doctor will be required.
Boylan Lawyers are the leaders in Estate Planning in Adelaide, SA and TAS with trusted specialists who can assist you or your chosen Enduring Power of Attorney understand the responsibilities of the role.
When does an Enduring Power of Attorney come into effect?
The Enduring Power of Attorney can come into effect immediately or after you lose your capacity to make decisions. The Enduring Power of Attorney ends upon your death and the provisions of your Will take over.
ADVANCED CARE DIRECTIVE FAQ
What is an Advance Care Directive?
An Advance Care Directive is a written record of your preferences for future care. Having an Advance Care Directive means that, prior to developing or suffering an illness or injury which may impair your decision-making capacity, you can choose one or more Substitute Decision-Makers and provide them with directions about the medical and lifestyle decisions you want them to make for you. It cannot be used to make financial decisions.
When will it be used?
Do I need an Advance Care Directive?
Can I change my Advance Care Directive?
Who can be my Substitute Decision-Maker?
You choose who you wish to be your Substitute Decision-Maker. If you are married, it is usual to appoint your spouse. It is also common to appoint an adult child or children if your spouse cannot act for you, or in addition to your spouse. Due to the nature of the decisions your Substitute Decision-Maker may be making for you, only a trusted person should be appointed to carry out your wishes.
Talk to an Estate Planning Lawyer from our team who is a trusted specialist to advise both you and your choice of Substitute Decision-Maker.
When does an Enduring Power of Attorney come into effect?
SUCCESSION PLANNING ADELAIDE FAQ, SA & TASMANIA
What is Succession Planning?
We are the leading Succession Planning law firm in South Australia and Tasmania having helped thousands of South Australian families navigate their Wills and Estates planning and inheritance claims.
Know your choices
It takes a lot of time, effort and resources to build a successful business. Succession Planning considers some of the issues surrounding a future change of ownership or change of control.
- What will be the business viability?
- Is sale an option? Should transfer of assets be considered?
- How can economic security for all family members be achieved?
A Succession Plan will consider a range of details:
- Appropriate business structures
- Insurances to consider putting in place.
- Retirement plans for the older generation.
- A review of Wills to ensure they are current and consistent between family members.
- Evaluating whether Testamentary Trusts are beneficial.
- Appointment of Enduring Power of Attorney.
- Advance Care Directives.
The best way to engage the family or other parties in Succession Planning depends on personal circumstances, but there are a few options to consider.
- Encourage all family members to contribute to the planning.
- Have an independent facilitator help everyone constructively share their views.
- Share a copy of the draft Will for family members to comment on, enabling any concerns to be addressed before the Will is finalised.
Our experienced team at Boylan Lawyers can provide expert advice for all your business succession planning needs.
TESTAMENTARY TRUST FAQ
What is a Testamentary Trust?
A Testamentary Trust is incorporated in a Will to provide more control over the distribution of assets to beneficiaries. There are also potential tax benefits too, making them an effective Estate Planning tool.
Upon your death, the Trustee (or Trustees) takes effective control of the trust and its assets. The Trustee must act within the guidelines of the Trust Deed which are determined by the Will maker.
When is a Testamentary Trust considered?
A Testamentary Trust may be considered if beneficiaries:
- cannot manage or protect the assets themselves;
- could face bankruptcy or legal action;
- are experiencing, or are at risk of, family breakdown;
- face potential tax consequences from the income generated by the assets.
What assets can be part of a Trust?
Who can be a Trustee of a Testamentary Trust?
The best way to understand this often technical area of law is to speak with one of our trusted Estate Planning Lawyers in Adelaide, throughout South Australia and Tasmania who will make the process understandable and easy.