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Estate Planning

Byrons has an association with the principals of RetireLaw, legal practitioner director Terry Purcell LLB and Dawn Wong BA(AS)Hons LLB, both experienced estate planning lawyers.

Terry and Dawn some years ago recognised that very few lawyers seemed to understand the impact of a number of changes starting to affect many Australian families. These included the family wealth being accumulated by many via superannuation, an asset regulated by Federal Law, and the phenomenon of blended families, both of which had significant implications for estate administration.

RetireLaw was one of the few law firms which recognised the need for appropriately drafted modern estate planning Wills incorporating provisions for individual testamentary trusts for beneficiaries. After learning of the quality estate planning work they had done for one of their clients, the partners of Byrons decided that they should work with Terry and Dawn to ensure that others of their clients also had access to quality estate planning advice.

RetireLaw’s Services are confined to two areas

Modern Estate Planning

Estate or succession planning has been described by one Australian authority as involving the transfer of family resources from one generation to another in a manner that optimises the family’s overall financial position.At the heart of an effective estate plan is a modern Will which deals specifically with life insurance proceeds, superannuation, guardianship of children, business assets or family trusts, matters almost never covered by “simple wills”.

Testamentary TrustsA modern estate planning Will should also employ testamentary trusts which offer tax and asset protection advantages to your beneficiaries through shielding inheritances from the impact of divorce, bankruptcy and other disabilities. A testamentary trust is a trust created by a will. It is generally a discretionary trust – one where the Trustee has full discretion about who benefits, and to what extent, under the trust. However, where a beneficiary is a child or someone who is unlikely to be able to manage an inheritance, special trusts offering protection to the inheritances of such beneficiaries can be included in Wills. Examples of these are protected trusts or Special Disability Trusts, the latter being specially authorised by the Federal Government in 2006.

Business Succession PlanningWhat is business succession planning? This is a strategic approach to ensuring that the ownership of a viable family business in which several generations of a family might be employed, can be transferred either during the life time of the owners, or via trusts established via their modern estate planning Wills, to appropriate family members.

Enduring Powers of AttorneyEvery adult person should give someone else the legal authority to act for them in the event that they lose the capacity, either temporarily or permanently, to manage financial and other property matters. Such an appointment should also be made on the basis that it will continue to operate in the event that you lose legal capacity permanently. This can be done via an Enduring Power of Attorney, a legal document that appoints one person (the attorney) to act on behalf of another (the principal or donor) in relation to their property and financial affairs.

Normally, a couple would appoint each other in the first instance and in a second document appoint some or all of their children as substitutes to ensure that there will always to someone who can manage your affairs. Changes to the law introduced in 2004 give greater protection to those making appointments and Powers of Attorney executed prior to then should be re-made to ensure that you have the security of the new legal protections.

Appointments of Enduring GuardianWe all prefer to decide for ourselves where we live and what medical treatment and services we have. Unfortunately this is not always possible. Every day people are involved in accidents or become sick. Sometimes this can lead to them being unable to make decisions for themselves. To ensure that the person making such decisions is someone you trust you need to execute an Appointment of Enduring Guardian. Appointees are similar to those you would appoint under an Enduring Power of Attorney and both appointments for part of the modern estate planning service offered by RetireLaw to its clients.

Probate and Estate Admistration

Grant of Probate

Where there is a valid Will, a Grant of Probate issued by the Probate Division of the Supreme Court authorises the executor/s nominated in the deceased person’s Will to administer the estate in question. The Grant of Probate is the essential first step in transferring legal ownership in the deceased’s assets to the beneficiaries.

RetireLaw’s Probate service has been developed in recognition that, for many, the old saying that “time is money” is a reality particularly where the estates are large, and that with properly procedures in place the process can be completed in several months instead of many months or years as has been too often the case in the past

Estate Administration

After a Grant of Probate has been obtained, the various assets comprising the deceased’s estate must be gathered in and distributed according the instructions in the Will. This service is also normally part of that provided by RetireLaw to executors.

Letters of Administration

When a person dies intestate, that is, without leaving a Will, the estate is distributed via a statutory formula intended to provide for the needs of close family members.

A Grant of Letters of Administration must be obtained before the estate can be distributed. The application procedure is similar to that followed if there was a valid Will, however more evidence will be required than for Probate applications. The application is supported by documents to prove the applicant’s relationship to the deceased and therefore entitlement to apply and inherit.

More about RetireLaw’s service and approach can found at www.retirelaw.com.au.

Please contact us at Byrons should you wish to arrange an appointment with Terry or Dawn.

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