Wills & Estates in NSW
Wills
A Will is a legal document which sets out who will receive your property and possessions when you die. Wills are a necessary but often avoided and a delayed process. It is important to know you are getting the right advice while you make some of the most important decisions of your life.
When you have a valid Will, you give yourself the best chance of making sure your assets go where you want them to. So you should always make a Will if you have a family or if other people are financially dependent on you. If you die without a valid Will (known legally as ‘dying intestate’), a standard formula is used to distribute your property and possessions. At Nelson Keane & Hemingway, we carefully consider each person’s circumstances including taxation implications, family requirements and future care needs. We simplify complex issues ensuring that our clients understand the impact that their will or trust will have on their beneficiaries.
We assess each individual’s circumstances and put in place a structure that efficiently distributes wealth to the chosen beneficiaries. We also take into account considerations such as the tax effective passing of assets and minimising risk associated with future disputes over the distribution of assets.
Marriage, Divorce and the death of an Executor or beneficiary can affect the validity of a Will, so it is important to ensure that your Will is routinely reviewed. We can hold onto your will in our safe custody until it is needed and will take all necessary steps to ensure that your wishes are followed. Contact us today to discuss the preparation or updating of your will.
Testamentary Trust
A testamentary trust is a trust that commences upon death based on terms set in a Will.
There are different types of testamentary trusts depending on the client's requirements and risk profile.
A flexible testamentary trust gives beneficiaries of your estate significant tax savings by streaming income in a way to lower tax.
Without losing the tax advantages of the flexible form a testamentary trust can be adapted for asset protection to ensure that to the greatest extent possible the property you leave to your family will be kept safe for their lifetime.
Superannuation
In Conjunction with your Will, it is important to ensure that you have left adequate direction on how your Superannuation is to be left upon your death.
Without a Valid Binding Death Nomination, your Superannuation Fund is often left with discretion to decide who is to benefit from Super. We have the expertise to help you understand the legal issues involved in making a valid nomination.
We also have experience in dealing with Superannuation Funds and appeals to the Australian Financial Complaints Authority (AFCA) for review of the decisions made by the Super Fund.
Emergency Will Instructions
If you or a loved one needs to make urgent changes in a will due to severe illness or imminent death, our lawyers are here to assist. The testator will need to provide defined and coherent instructions. We act on these cases as quickly as possible. If we are unable to assist, we will let you know immediately, so that you can contact another solicitor.
Probate and Administration of Estates
When a person passes away and has left a Will, they have usually appointed an Executor in the Will to oversee the distribution of their assets and make sure that the conditions of the Will are met.
It is important that the Executors seek advice without delay to ensure they are aware of their responsibilities. We have a Team of qualified Professionals and experienced Paralegals with the knowledge and experience to guide you through this task. We have experience with administering Estates small and large, including Estates that involve interests in Companies and Family Trusts.
We also have experience with;
- Obtaining Letters of Administration, where someone has died without a valid Will
- Obtaining Letters of Administration with the Will Annexed, when the named Executor has died
- Obtaining Probate based on a Copy Will when the Original cannot be located
- Obtaining Probate for informal Wills that doesn't meet the usual requirements
There may be circumstances where you believe you have not received the proper provision from a will. Legislation outlines who has the ability to contest a will. In order to commence proceedings, you must show that you are an “eligible person” in accordance with the Succession Act.
Seeking advice early on ensures that you have the opportunity to negotiate with the estate, without the need for court proceedings to be commenced and have made a claim within the legislative time frame requirements. Disputes may arise between beneficiaries and sometimes disputes between executors appointed by a Will.
At Nelson Keane & Hemingway we can provide advice to our clients in regards to their rights in this area and can negotiate a suitable outcome with the executors of the estate and other beneficiaries.
