Estate Planning is a fundamental piece of your financial plan and we work with specialist estate planning solicitors to make sure your have a sound estate plan in place. The main reason you need an Estate Plan isto make sure your money and assets are inherited by the people, you want to receive them. Another important reason is to make sure they attract as little tax as possible.
Your will plays a large part, so you need to make sure it is up-to-date, and correctly reflects your wishes. Even if you don’t have many assets, having a will can save your beneficiaries and family a lot of trouble and heartache where it could take months, even years, to sort out.
To learn how we can help you and your family with Estate Planning – Contact Damien Burns direct on 0413 698 770 today – We cater to all areas of Greater Melbourne including Beaconsfield, Berwick, Narre Warren, Officer, Clyde North and more
To learn how we can help you and your family with Estate Planning call Damien Burns direct on 0413 698 770 today
Earlier this year a client’s son passed away soon after being diagnosed with a terminal illness. Prior to his death, the deceased indicated verbally that a Will presented to him for signing was in accordance with his wishes; however, he never had the opportunity to sign the Will before independent witnesses, and thus died without an executed Will.
As the deceased had no spouse or children, under the rules of intestacy his father, our client, was the sole beneficiary of the Estate. This was an undesirable outcome for the family, as the father’s pension would have been affected and he preferred that the siblings of the deceased, his other children, benefit from the Estate rather than himself.
Fortunately, we were able to work with our professional partners and they were able to prove the unsigned Will by establishing to the Supreme Court’s satisfaction that it may dispense with the formalities of signing required and admit it to Probate. While we managed to achieve a successful outcome for our client, the costs to the Estate were much higher than if the deceased had executed a valid Will prior to his death.
Please be aware that this is a case study and that individual circumstances can be different and thereby achieve differing outcomes. Please take advice from a professional financial adviser