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INDIVIDUAL PLANNING

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The lawyers at BALDWIN LAW QLD will closely examine your assets and structures to ensure that your assets are distributed in accordance with your wishes.  We provide strategic advice in the structuring of your assets to maximise asset protection and to limit the potential for claim against your estate.  Where you have complex structures, we work with your Financial Planner to minimise the tax liability on your Beneficiaries.

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We are experienced in the following areas:

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• Wills

• Enduring Powers of Attorney

• Advanced Health Directive

• Advice on estate planning and asset protection

• Advice and preparation of Testamentary Discretionary Trusts

• Succession planning

• Superannuation

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ESTATE ADMINISTRATION

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When a loved one dies, there is often confusion about what to do next and when it must be done.  During such an emotional time, it is essential that you receive sound and compassionate advice.  The lawyers at BALDWIN LAW QLD will make the process as stress-free and cost-effective as possible.

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Our experienced staff can assist you with administering the estate from start to finish including:

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• Advising on the terms of the will

• Identifying assets

• Calling in assets

• Acquiring Grant of Probate or Letters of Administration

• Dealing with liabilities

• Executor protection and advice

• Distribution to beneficiaries

• Managing disgruntled beneficiaries

• Disputing Wills

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EXECUTORS

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An Executor’s job is to collect the Estate assets, pay the Estate debts and then distribute the Estate in accordance with the terms of the Will.  Sometimes the Executor will be required to defend the Estate from various claims from debtors of the deceased or from the deceased’s family members who may commence court proceedings against the Estate to dispute the terms of the Will.  In those circumstances, the Executor’s role is to uphold the terms of the Will and to maximise the value of the Estate so far as is reasonable.  Sometimes an Executor will be forced to consider settlement of a claim where that claim appears to be strong to avoid significant costs to the Estate.

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IF THERE IS NO WILL

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If the deceased died without making a Will it means that they died “intestate”.  In an intestate Estate, the Estate will be distributed in accordance with the laws of intestacy.  The Succession Act and the Uniform Civil Procedure rules determine who can act to administer the Estate and also how the Estate is to be distributed.  As a general guide, the deceased’s spouse, children and parents will be the most likely to be required to act to administer the Estate of a deceased person who died intestate.

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GRANT OF PROBATE

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A Grant of Probate is a document which is issued by the Supreme Court confirming that the Executor may distribute the Estate assets as per the Will.  It accordingly offers protection for an Executor where the Executor wishes to distribute an estate.  Some banks and financial institutions will require an Executor to obtain a Grant of Probate before they will close the deceased’s bank accounts and pay the funds to the Estate.

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FUNERAL

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You will need to discuss with the funeral home who pays for the funeral.  However, if there is money in the deceased’s bank accounts, the bank will generally pay the funeral tax invoice should it be provided to them with a copy of the Death Certificate and Will.  Otherwise the deceased’s bank accounts will be frozen upon the bank be notified of the deceased’s passing.  If there are insufficient funds in the deceased’s bank accounts then the responsibility for payment will usually fall on the person who organises the funeral.  If someone pays the funeral account, they are entitled to be reimbursed from the estate for that money before payment to any beneficiaries is made.

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APPOINTMENT OF SOLICITOR

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The Executor has the ability to appoint any solicitor that they choose to assist them with administration of the estate.  It is best to nominate a solicitor with whom the Executor feels comfortable and is experienced in estate administration matters

What to consider during administration of the estate:

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• Whether the assets secured

• Whether the Assets insured

• Inventory list of assets held

• Location of Original Will

• Location of Previous Wills (in the event of dispute)

• Original Death Certificate  – normally ordered by funeral home

• Bank account details

• Investment accounts located.

• Share certificates – statements

• Life insurance/funeral insurance policies

• Superannuation details

• Accommodation bond paid – if deceased resided in a retirement village

• Copy of agreement with retirement village (if any)

• Marriage certificate of deceased

• Death certificate if first executor deceased

• Vehicle registration details (including boats/caravans and trailers)

• Certificate of title for property.