Proper Estate Planning ensures your Estate is distributed according to your wishes in the most financially efficient and tax effective way possible.
At Perth Law Firm Macdonald Rudder, we understand the importance of proper Estate Planning. During the last 29 years, we have been helping our clients transition through the legal obligations with understanding, empathy, and expertise.
Contact Macdonald Rudder today to discuss your Estate Planning.
Estate Planning
Estate planning is a way of ensuring that a person’s estate is passed onto their beneficiaries in the most financially efficient and tax effective way possible. This is done not only for the event of death, but also for any situation in which you are unable to make decisions about your assets or your health. It is imperative to issue clear and precise instructions on how you wish decisions to be made. For this type of service you can issue either:
- A general power of attorney for a given period of time;
- An enduring power of attorney which is active when you become unable to make decisions yourself;
- Medical power of attorney for making medical decisions in case you are unable to make them yourself.
If you would like to discuss your Estate Planning with one of our Estate Planning Lawyers, please get in touch, there is no charge for your first initial telephone advice and we provide full details on our costs up front.
Estate Administration
In the case that the deceased did not leave a will behind, or the will does not cover all of the assets or if it is pronounced void, then the Court must decide upon a person to be in charge of taking care of the estate in the absence of the executor. This person is called an Administrator. Usually it is the spouse or another direct family member who applies to the Supreme Court to obtain what is called Letters of Administration which allows them to collect and distribute the assets just like an executor. The duties of an administrator are same as of the executor. The main difference is that an administrator distributes the Estate in accordance with law as set out in the Administration Act, instead of the Will.
Estate Litigation
In WA an Inheritance Claim is made under the Family Provision Act 1972 . Remember, in WA you only have 6 months from the date Probate was granted to make a claim, or such further time as the Supreme Court might allow. There is no guarantee that time will be extended. The executor (or administrator) of the estate must be defendants to the claim. The practice in WA is to join all beneficiaries named in the Will or, if there is no Will, entitled to a share of the estateIt is always recommended that all parties take legal advice.
As you can see, it is vital that you Estate Planning and Will is prepared by a lawyer experienced and competent in this area of law, like the team at Macdonald Rudder Lawyers. It will save a lot of stress for your loved ones following your passing and will maximise the chances of your Estate is distributed how you intended.
Contact Perth Lawyers Macdonald Rudder today to discuss your options.
Estate planning encompasses:
Will
The preparation of your Will and in so doing choosing an executor. That is, someone you trust to manage your affairs upon death.
Enduring power of attorney
Appointing someone now to manage your affairs in the event you are unable to do so through accident or illness. This is called an enduring power of attorney.
Discretionary or testamentary trust structure – asset protection
Depending on the:
- size of your estate; and
- personal circumstances of your beneficiaries
you may wish to place all or part of your assets into a discretionary trust. This will enable your executor to manage your estate until your children reach adulthood, or on an ongoing basis if that is required. A discretionary may also assist in protecting assets in the event of unforeseen circumstances.
Our Wills & Estates service includes:
- Preparing Wills;
- Estate Planning;
- Advising on how to proceed if a loved one dies without leaving a will (intestate estates);
- Applying for a Grant of Probate – ie Registering a will with the Supreme Court;
- Applying for Letters of Administration (where there is no will or no executor);
- Inheritance Claims – if you have not been adequately provided for there is legislation that will allow the Supreme Court to vary the will;
- Probate Litigation;
- Contested Wills;
- Powers of Attorney – temporary and enduring, including enduring guardian; and
- Testamentary Trusts.
Contact Macdonald Rudder today to discuss your Estate Planning.