Wills, Probate and Estate Planning
Both David McDonald and Steven Pynt have substantial experience in all aspects of Wills and Estate Planning and work closely with Accountants and Financial Planners to ensure the best planning outcomes for our clients.
While simple Wills are still appropriate in some circumstances, there is an increasing complexity to Wills due to a number of factors including:
- More “blended families” where there are children from previous relationships;
- A complicated business and investment environment where clients quite often have family trusts, interests in companies and unit trusts, and self-managed superannuation funds;
- A requirement for testamentary trusts to provide asset protection and taxation benefits for beneficiaries.
In addition, due to continual increases in life expectancies there is a greater need for “Living Wills” encompassing Enduring Powers of Attorney, Enduring Powers of Guardianship and Advance Health Directives.
We are also able to obtain Probate or Letters of Administration (where there is no Will) and assist in estate administration.
Businesses also need succession planning, particularly where there are 2 or more business owners. For this purpose business succession agreements, commonly referred to as Buy/Sell Agreements, are often implemented to facilitate the appropriate changes of ownership on the death or disability of one of the owners.
MP Commercial Lawyers can provide a range of services to help you with your succession planning issues, such as:
- Simple Wills
- Complicated Wills with testamentary trusts
- Mutual Wills Agreements
- Enduring Powers of Attorney
- Enduring Powers of Guardianship
- Advance Health Directives
- Letters of Wishes
- Probate and Letters of Administration
- Deeds of Family Arrangement
- Buy/Sell Agreements
- Family Trusts
It is estimated that nearly half of all Australians will die without a will. Source ASIC.
The complications that you create for the loved ones you leave behind could be extensive by not having your affairs in order. Family members often fall out following the death of a parent, due to the absence of adequate estate planning.
And those who do have their affairs in order, often have only considered the financial outcomes, and not the emotional impact their legacies will create. Most people prefer to be remembered for their life, and not the family tensions created by the execution of their Will.
With more blended families, continually changing legislation, and more people having money invested in superannuation, it is more important than ever to make well planned testamentary arrangements, and keep them updated as your circumstances change.