Wills & Estates
Your Will
All adults should have a professionally prepared Will.
Your Will is a legal document that takes effect upon your death and identifies who will manage your estate and who should benefit from your assets. There are various legal requirements to ensure your Will is valid and that your wishes can be carried out by those you have appointed. Significant financial and emotional hardship may be suffered by your loved ones if your Will is not professionally prepared by an experienced solicitor. As your personal circumstances change you should consider reviewing your Will.
Can I use a DIY Will kit?
'Do It Yourself' Will kits are becoming more popular. They are potentially dangerous, particularly where inadequate legal knowledge in relation to Wills, estates and all associated matters. The saving of some legal fees now may result in much more significant financial and emotional hardship to your loved ones if your Will is not professionally prepared by an experienced solicitor.
Contesting a Will
Only certain individuals are entitled by legislation to contest a Will. There are many reasons to contest. The most common is insufficient provision made in a Will. There are various legal approaches that may protect a person’s entitlement to an estate before distribution occurs. If early advice from an experienced solicitor is not sought you may lose the opportunity to make a claim or be successful.
Generally all legal costs of the parties contesting a Will are paid by the assets of the estate.
Call Doruk Law Firm now if you think you may be entitled to contest a Will.
Asset Protection and Estate Planning
Decisions can be made now, some of which will take effect only on your death, that further enhance the protection of your assets. Transfers of real estate, share and account registrations or business assets may shield you or your family from creditors or risk of bankruptcy and from the possibility of a claim against your estate by an estranged child, former spouse or partner.
Unless you obtain accurate legal advice about all of these matter you may be missing out on opportunities that can save you and your loved ones significant financial and emotional hardship.
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Family Trusts
A Family Trust is a written arrangement whereby certain assets are held on trust by a trustee (or manager) on behalf of a group of people (usually specified family members) known as beneficiaries. Neither the trustee nor the beneficiaries actually own the assets and can therefore provide some protection from claims against your estate, claims by creditors, litigants and potential future negligence claims.
A Family Trust (created during your lifetime) differs from a Testamentary Trust (coming into force only upon your death).
Power of Attorney and Guardianship
All adults should have a Power of Attorney and Guardianship.
A Power of Attorney is a formal legal document that grants to others the rights and obligation to make decisions on your behalf in relation to assets, debts, financial issues or personal issues relating to your medical care and welfare. It is not the law that your spouse and/or children automatically have the right to make decisions on your behalf if you lose mental capacity.
A Power of Attorney and Guardianship is automatically revoked on your death and does not overlap any authority granted in your Will.
Probate and Estate Administration
If you own real estate or other significant assets Probate may be required by your executors to carry out the wishes in your Will. Probate is a document issued by the Supreme Court of proving your last Will and formally authorising your executors to carry out their duties according to law.
An application for Probate may be complicated and difficult If you are an executor named in a Will you should consult one of our experienced solicitors to help you through the process.
Administering an estate can also be a complicated process. Various gifts may have to be made, perhaps to charities or maybe a testamentary trust has been set up by the Will which will require careful examination. Early legal advice to ensure you are aware of your rights and obligations will be essential.
Call Doruk Law Firm now if you require advice or assistance in administering an estate.
Testamentary Trusts
A Testamentary Trust is a trust created and attached to a Will. A Testamentary Trust varies from a Family Trust particularly in relation to the taxation advantages it provides to minor beneficiaries.
