Wills, Succession Planning and Estates

Wills

When to get a will Whilst Bell Dixon Butler have long focussed on elder law and Legal Care for Seniors, succession planning should embrace every member of the community so that they have a say in how their assets and children are cared about in the event of an untimely death.

In a time of extended families, superannuation, life insurance, or remarriage, you need to know what the law is, how to arrange your affairs so as to secure for your loved ones the best possible outcome of these competing areas. For example, superannuation without a nominated beneficiary is a discretionary matter for the Trustee of the fund. Do you know how the Trustee of your fund is likely to distribute the superannuation benefits. Is it the same for the life insurance component attached to your fund.

This is equally important for any person over 18 because many superannuation funds have a life insurance component and given the vulnerability of people under the age of 25 to traffic accidents and other calamities, it is important they have regard to these matters.

Even if you don’t believe you have an obvious dependent, you may still prefer to decide how assets are left rather than allowing the intestacy rules to stipulate what occurs, or the government agency managing that estate.

The cost of doing a Will or Enduring Power of Attorney is miniscule in comparison to the costs, delay and possible trauma suffered by the family if you die without a valid Will. The trend of do it yourself we find creates more work for lawyers and the Court in trying to understand what was really intended. Lawyers don’t build their houses or do their own surgery and we do not recommend that clients do their own Wills or other legal transactions.

What is a Will?

A Will is a legal document which records your intentions as to who receives your assets, who will manage your affairs and who will look after your children after your death. If you do not have a Will at the time of your death, you risk the Government taking some or all of your assets when you die.

When to Make a New Will

Even if you already have a Will, you should consider making a new Will:-

If you have just got married as marriage revokes all earlier Wills . You can however make a Will in contemplation of marriage.
If you have separated from, divorced or lost a spouse.
If you have ended a de facto relationship.
When you have a child.
If you have recently inherited money, shares, a house, etc.

Definitions of Terms Used in Wills

Beneficiary	Person entitled to receive assets from a testator/testatrix's estate.
Bequest	Specific item left to someone under a Will - e.g. an item of jewelry, a painting, etc.
Estate	Term used to generally describe testator/testatrix's possessions, assets and affairs on death.
Executor	Male person appointed to handle the testator/testatrix’s affairs on death.
Executrix	Female person appointed to handle the testator/testatrix’s affairs on death.
Legacy	Amount of money left to someone under a Will.
Legatee	Person left an amount of money under a Will.
Residue	Remainder of assets once any specific bequests, legacies, expenses, etc have been paid.
Testator	Male person making a Will.
Testatrix	Female person making a Will.
Trustee	Another term used for the Executor holding assets in trust for a beneficiary of the Will.

What is a Power of Attorney?

In the event we can no longer care for ourselves it is important to have in place a method of ensuring that those people we trust the most have the power to look out for our best interests. A Power of Attorney grants those people we trust the most, the power to do this. It is the legal step that grants important powers to ensure that the care, welfare and administration of your financial and legal affairs are managed by those you most trust. Preparing these documents well in advance assists you and your family to prepare for your future care. It also may avoid conflict between loved ones as you have set a clear path for your care.

Our teams have extensive experience dealing with all aspects of Wills , succession planning, probate and estate litigation including:-

Preparing a Will (with a call out service where necessary)
Powers of Attorney
Probate
Will & Estate dispute resolution and litigation
Guardianship and administration
Superannuation death benefit claims
Business succession planning
Advice to trustees on trust administration

We have worked with generations of families in our region to address their concerns, assess relevant issues and provide sensible, practical and candid advice about the full range of options available to them. Our service is professional, cost effective and personal.

If you need further information please do not hesitate to Contact Us.

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Attorney Information Sheet (PDF)

Larry Bell Email: Click Here CV: Click Here				Margarett Kummerfeld Email: Click Here CV: Click Here


Nikki Greenwood Probate Clerk Email: Click Here

"Bob and I have been clients of Larry since 1988 and Pam on front desk. We have had excellent service since that time, and nothing has changed!" - Bob & Pat

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"Larry Bell's understanding & compassion of our situation, was nothing less than outstanding. He went above and beyond the call of duty and we will always be grateful to him."