WILLS, POWERS OF ATTORNEY, GUARDIANSHIP AND PROBATE
WILLS
Preparing a Will is the best way to ensure that our loved ones
are properly provided for when we die. In the event that you pass away
without a Will your estate will be divided according to the laws of
intestacy and this may not reflect your true intentions. This situation
also places an additional emotional burden on those you most care about.
It is important to keep in mind that every whenever your circumstances change you should update your Will to reflect those circumstances. There are many reasons to alter a Will. They include, but are not limited to, disposal of assets mentioned in the Will, the death of a beneficiary or executor, or getting married. What we wish to avoid is conflict arising from circumstances in which you have either not left a Will, or perhaps omitted a family member. Objective and practical legal advice from a lawyer will assist in mitigating such circumstances.
POWERS OF ATTORNEY AND GUARDIANSHIPS
A Power of Attorney is also an important consideration. In the
event that we become incapable of our own care it is important to have
planned for those people we most trust to have the power to make decisions
for our best interests. For example, they may need to sign documents
or make decisions about medical care or assets. There are various types
of authority that reflect different circumstances, such as Powers of
Attorney, and Enduring Guardianships.
PROBATE AND LETTERS OF ADMINISTRATION
With the death of a person, the executor needs to take a number
of steps in order to be able to gain access to bank accounts and superannuation
funds, transfer real estate and other assets, and to attend to the liabilities
of the estate. It is usually necessary to obtain a Grant of Probate
to enable the executor to do this. A Grant of Probate is the legal authority
that endorses the validity of the Will and allows the executor to administer
the estate and distribute assets according to the terms of the Will.
In circumstances where a person dies without a Will the law determines
how the estate will be distributed. In this event, application must
be made for Letters of Administration which allow a person (the Administrator)
to settle the estate.
The service offered by A R Walmsley & Co in this area of the law is personal, professional and costs affective. Our aim is to assist our clients in settling their loved ones' estates efficiently. Where disputes occur, our aim is to resolve them via mediation and without formal legal proceedings. This, we believe, mitigates stress on the family as well as keeping costs to a minimum.