Penrose Lawyers

Wills, Estate and Succession

NSW wills, estate and succession planning

QLD wills, estate and succession planning

You know what they say about the only certain things in life. Advance planning can make that sad time easier on your family, and ensure that your wishes are carried out after your death. By getting a properly drafted will in place now, you can care for your loved ones long into the future. You may also wish to contest someone else’s will. Australian law recognises that sometimes, the terms of a will may be unfair. It gives people the right to make a claim against an estate if they are eligible. A will is part of your estate planning, but estate and succession planning go far beyond a will.

Estate and succession planning mean that you look at all of your assets and liabilities, decide what you want to happen to them in the future, and put the most effective strategies in place to achieve that. It takes into account taxation issues, inheritance law and risk management to protect your assets. It also anticipates a range of scenarios. For example:

  • What happens if you become incapacitated and are unable to deal with your estate?
  • Who do you trust to make medical decisions on your behalf if you cannot do so yourself?
  • Do your current business structures meet your needs, and will they protect your assets against liability, divorce or bankruptcy risks?
  • If you own a business, do you have documentation in place to determine what happens to it when you retire or become incapacitated?

A comprehensive estate planning strategy may include some or all of the following:

  • A will. This could be a simple will or one that is more complex. If you and your partner have a blended family, there are additional options to consider, including a testamentary trust or mutual will.
  • A power of attorney (POA). Depending on the terms of the POA, your attorney may be able to deal with your finances and other assets for a set amount of time or on an ongo-ing basis. An enduring POA operates after you have lost mental capacity.
  • An Enduring Guardianship document. This allows your guardian to make medical and lifestyle decisions for you if you lose mental capacity. It is designed to operate alongside and in complement to a POA.
  • An Advanced Health Care Directive. This sets out your wishes for medical treatment if you become unable to communicate your decisions.
  • A trust. There are many types of trust that can be adapted for almost any scenario.
  • A binding nomination for your superannuation accounts to ensure that they pass with your estate. Without a binding nomination, the trustees of the account will decide to whom it passes. This may not be in line with your will.
  • A comprehensive review of your current business and trust structures and terms. If you share a business with one or more other partners, and you don’t have a shareholder’s agreement, the shares may pass to someone you haven’t chosen. For succession planning purposes, it’s vital to discuss the issue with your business partner/s.

What do I need to do to prepare for will, estate and succession planning in NSW?

What do I need to do to prepare for will, estate and succession planning in QLD?

Before you see our experienced wills, estates and succession lawyers in NSW, there are several things you can do. Of course, these can feel overwhelming. Don’t worry: we’ll be happy to help at every step.

First of all, gather all the information you have about your assets. You might be surprised at what is and isn’t actually yours.

This includes:

  • Any interest you have in a trust, as well as details of the trustee/s and the terms of the trust if you know them.
  • Any shares you hold in a company, and any shareholder agreements.
  • Details of your superannuation fund/s and any current binding death benefit nominations.
  • Standards assets and liabilities owned solely or jointly in your name.
Before you see our experienced wills, estates and succession lawyers in QLD, there are several things you can do. Of course, these can feel overwhelming. Don’t worry: we’ll be happy to help at every step. First of all, gather all the information you have about your assets. You might be surprised at what is and isn’t actually yours. This includes:
  • Any interest you have in a trust, as well as details of the trustee/s and the terms of the trust if you know them.
  • Any shares you hold in a company, and any shareholder agreements.
  • Details of your superannuation fund/s and any current binding death benefit nominations.
  • Standards assets and liabilities owned solely or jointly in your name.

You should also collate basic details about your family members and the contact details of anyone you nominate as executor of your will, POA or who will be given guardianship powers.

Sometimes, despite our best efforts, a will is contested. For this reason, it’s also useful to know details of other family members who you don’t intend to inherit. We can discuss stages for minimising the risk that your will is contested after your death.

How Penrose Lawyers
can help you with your NSW estate planning

How Penrose Lawyers
can help you with your QLD estate planning

Our NSW Wills, Estates and Succession team are experienced in handling all the legal issues that might arise in relation to your estate. We will discuss your needs and wishes in detail, and prepare the documents you need.

These include:

  • Wills
  • Powers of Attorney
  • Enduring Guardianship documents
  • Testamentary Trusts
  • Grants of Probate
  • Issues relating to blended or second families
Our QLD Wills, Estates and Succession team are experienced in handling all the legal issues that might arise in relation to your estate. We will discuss your needs and wishes in detail, and prepare the documents you need. These include:
  • Wills
  • Powers of Attorney
  • Enduring Guardianship documents
  • Testamentary Trusts
  • Grants of Probate
  • Issues relating to blended or second families

We can also provide advice and step by step guidance if you wish to contest a will. We have acted in hundreds of matters where unexpected issues have arisen. For that reason, we’re focused on proactive advice and support. We’ll work with you to identify any potential issues and make sure that your wishes are carried out after your death.

At Penrose Lawyers, the well being of you and your family comes first. Comprehensive estate and succession planning services, done in accordance with NSW law, can ease the emotional toll of your passing on your family. You’ll get peace of mind knowing that your legacy is intact.

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