Wills and Estates Lawyers Melbourne

A Will is a legal document that outlines how a person’s assets will be distributed after their death. A Testamentary Trust, on the other hand, is a trust established by the Will, taking effect after death, to manage and protect assets for beneficiaries. Unlike a simple Will, a Testamentary Trust provides ongoing control over assets and can offer tax advantages.

Probate is required when a person dies, and their assets need to be legally distributed under a Will. To apply, the Executor must file an application with the court, including the death certificate and Will, to obtain a Grant of Probate. Once granted, the Executor can access the deceased’s assets and distribute them according to the Will.

Yes, you can contest a Will if you believe it was made under undue influence, which may invalidate the Will. Estate litigation lawyers often handle such contested wills by gathering evidence and presenting the case in court. The law requires that the Will be legally valid and reflect the deceased’s wishes without external pressure. Expert advice from wills and estates lawyers can help determine the strength of the claim.

The Executor manages the deceased’s estate, including collecting assets, paying debts, and distributing the estate according to the Will. They may need to apply for probate or letters of administration, depending on the circumstances. Estate administration involves dealing with financial institutions, filing tax returns, and ensuring compliance with the deceased’s wishes.

A Testamentary Trust can protect beneficiaries from creditors by keeping the assets within the trust rather than transferring them directly to the beneficiaries. This means the beneficiaries’ personal interests are shielded, and the trust’s assets cannot be claimed by creditors. Estate planning lawyers often use Testamentary Trusts to provide asset protection, especially for blended families or those with potential financial risks.

If someone dies without a Will, their estate is distributed according to the laws of intestacy. This usually means that the assets are divided among the closest relatives, such as a spouse or children. The court appoints an administrator to manage the estate, and the process may take longer than if there was a Will in place.

An Enduring Power of Attorney is created by completing a legal document that appoints someone to manage your financial and legal matters if you lose mental capacity. It covers decisions about property, financial affairs, and in some cases, personal welfare.

An estate plan should include a Will, an Enduring Power of Attorney, and tax planning strategies. Asset protection tools like family trusts or Testamentary Trusts may also be necessary, especially for complex estates or blended families.

A Family Provision Claim is a type of estate litigation made when a family member believes they were inadequately provided for in a Will. Eligible claimants include spouses, children, and dependents. The Supreme Court considers factors such as the deceased’s obligations, the claimant’s financial needs, and the estate’s size.

Tax obligations, such as inheritance tax or capital gains tax, must be settled before distributing the estate. An Executor must manage these tax responsibilities carefully to avoid complications. Estate lawyers often provide expert advice to ensure tax-effective distribution, helping to minimise tax liabilities and maximise the assets passed to beneficiaries. Proper tax planning during estate administration is essential for avoiding delays and disputes.