What is a will?
Having an up-to-date Will is one of the most important things you can do for your loved ones and here at TranQuill Legal we are able to assist you with this process. As well as a Will, we are able to assist with setting up an Enduring Power of Attorney and completing Probate.
Your Will sets out the manner in which you want your property to be divided between your loved ones upon your passing and therefore it is important that you should be in control of what happens to it. Leaving an up-to-date and valid Will ensures that your assets and special belongings go to the people that you have chosen. A well prepared Will can also mitigate against any family disputes arising in relation to your estate following your passing.
What is an Enduring Power of Attorney?
An Enduring Power of Attorney (“EPA”) is a document that operates during a person’s lifetime and allows you to appoint a person or multiple people (“Attorney’s) to act on your behalf should you be unable to do so yourself. Examples of this can include making medical decisions on your behalf if you are incapacitated or are unable to make these decisions for yourself due to illness or injury.
An EPA also permits your chosen Attorney to act on your behalf with regard to property and financial matters. An example of this may occur if you decided to purchase a property whilst overseas.
Your Attorney could enter into that transaction on your behalf provided that the EPA is registered. If you do not have an Enduring Power of Attorney, your loved ones may not be able to make decisions on your behalf should you become incapacitated.
What is Probate?
Probate is the name given to the process of administering someone’s estate when they die. When someone dies owning significant assets, a formal ‘grant’ must be obtained from a court to enable their estate to be collected in and divided between their beneficiaries.
Even if there was a Will, all of the property owned by the deceased at the time of death is part of the estate and is subject to Probate including bank accounts, pension accounts, and the deceased’s personal property, like jewelry, furniture, and artwork.
Thus Probate is the court-supervised process of authenticating a last will and testament if the deceased made one. It includes locating and determining the value of the decedent’s assets, paying his final bills and taxes, and, finally, distributing the remainder of the estate to his rightful beneficiaries.
Probate can be a drawn out and emotional process, and we at TranQuill Legal hope to alleviate some of that stress. We can help answer all your questions regarding Probate and deal with the courts on your behalf.
How can TranQuill Legal help?
If you are interested in either making a Will and Enduring Power of Attorney, contesting a Will or getting assistance with Probate we are here for you. Contact us at your earliest convenience and we can make an appointment for you.
As of 1st January 2020 our basic fees for our Wills and Probate services are:
Basic individual Will – from $250 (+GST)
Dual Wills – from $500 (+GST)
Codicil – $125 (+ GST)
Power of Attorney – from $240 (+GST)