Asset Succession Planning:

There are four areas of succession law; namely, the law of wills, family provision, intestacy and the administration of estates. This area of law has been recently reformed, in particular in regards to family provision claims which deal with adequate provision for the members of the family of a deceased person. In Australian law, there are two basic forms of succession which are intestate and testate, and both forms are subject to family provision. Asset Succession Planning refers to ensuring that your assets are properly accounted for and dealt with in your will, in accordance with the relevant laws. Taking counsel from a Wills and Estates Lawyer at one of our law firms to obtain proper legal advice regarding your will may be beneficial for the reasons outlined below.

Firstly, the construction of a will is important. The correct form and structure of a will, as well as its execution can determine whether a will is legally binding or whether it is void. If a will is not valid then you may decease with an intestate estate. If you consult one of our Wills and Estates Lawyers they may be able to assist you in making proper enquiries regarding your assets and assist in drafting your will to ensure there are no issues with form or substance, particularly as these may cause problems in the future.

Secondly, another aspect of Succession Law is family provision. This deals with claims made by family members against your estate to the Supreme Court, if there is a view that they have not been adequately provided for in your will and that they should have been provided for. This claim may be made by any family member, such as your spouse, children, siblings and other family members. Proper legal advice from a reputable legal practice that specialises in Wills and Estates may be advantageous in respect to this issue.

Thirdly, intestacy is another issue in succession law and this in effect refers to the situation where one dies without leaving a valid will. The distribution of an intestate estate is governed by the statutory rules of distribution in force at the date of death of the deceased. A Wills and Estates Lawyer may assist you if you think you should have been provided for in an intestate estate, or assist you if you are involved in the administration of an intestate estate.

Lastly, another aspect in Succession Law is the administration of estates. The executor or administrator of a will needs to complete certain formal requirements to get access to the assets of an estate, apply for probate, then distribute the assets and deal with the surplus (if any) in accordance with the law. A Wills and Estates Lawyer might be able to ensure that this is completed soundly with minimal cost, delay and wastage of estate assets.

Other issues in which a qualified Wills and Estates Lawyer may be able to assist you with is ensuring that all of your assets are dealt with in your will.  This may be an issue if you have property in another state, a foreign jurisdiction, superannuation or if there potentially might be a dispute about capacity. Consultation with a Wills and Estates Lawyer may ensure that these issues are sufficiently considered and addressed to ensure there is proper Asset Succession Planning.

If you need further legal advice on your wills and estate planning matter, you may book an appointment with us by telephone on (02) 9233 4048 or send an email to info@navado.com.au.

This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.