Copeland Wills Estates Probate Lawyer Sydney

Estate administration is fancy legalese for “sorting out the assets and liabilities”. If there are monies, this would involve getting it out of banks and investment companies. If there are shares, this may involve updating dividend payments and/or transmitting shares. If there are properties, this may involve transmitting it into the name(s) of the executor(s) until it is sold or transferred. And sorting out tax – can’t forget the tax (wo)man! If there are assets in an estate (and sometimes even if there aren’t), there will be an administration stage of your loved one’s estate. The final stage is distribution. Distribution needs to be done under the terms of the Will and inside “the executor’s year” – i.e. 1 year from the date of your loved one’s passing. How and when distribution takes place will depend on several factors including what the Will says, whether there are any disgruntled beneficiaries, whether you have notice of any claim on the estate and the nature of the asset.

A Will significantly simplifies looking after your estate when you’re gone. It tells the world (including the banks you have monies with, companies you hold insurance or investments with and the land titles office if you own property) who they can deal with. wills-img1 This may seem obvious but, practically speaking, this can make the difference between a frustrating exercise for your family and a process which is more bearable. A Will is a game changer. Your Will can appoint guardian(s) for your underage children and can decide at what age you want your children to receive their inheritance (as long as they are at least 18 years of age). While your Will can include wishes on funeral arrangements and/or ashes being deposited, this is best communicated to your executor and family as your Will may not be read until after arrangements are made. Filling out an estate planning booklet with the information your family will need is very important. We can help with this.

A Power of Attorney gives authority to the person(s) you nominate to look after your finances (while you’re alive) if you need to assistance, if you want the assistance or if you are planning for the future and want to make sure Being a signatory on bank accounts, being a married couple, or trying to give authority to organisations over the phone does not usually cut it in today's world where everything needs to be done legally and your relationship with someone does not tick all the legal boxes of allowing them the legal authority to step into your shoes and sign documents for you. Enduring Powers of Attorney documents allow your attorney(s) to sign documents if you ever lose mental capacity and you can tailor your documents so that your attorneys can look after you while you're healthy and hearty - or only when a doctor says you need the assistance. Having a Power of Attorney does not take away your control of your life, it gives you the ability to plan for your future.

Enduring Guardianships give authority to the person(s) you nominate to make decisions about your person if you can’t make decisions for yourself. The guardian(s) appointed under an Enduring Guardianship are person(s) who have authority to tell doctors what your wishes are for medical and dental treatment, life extending measures (if any), to make decisions about personal services you receive and decisions about where you live. You must be partly or wholly incapacitated – whether temporarily or permanently – for this document to be used. It will be up to a medical practitioner to confirm if you have lost enough mental capacity for this document to kick in (and not based on that time you decided to oven bake a lettuce salad). As with Powers of Attorney and Wills, you can only prepare this document while you have mental capacity. Once there is a need, it is often too late. Getting your legal safety net documents in place before there's a need is the best way to protect your future.