Asset Succession Planning:

As a private client, it is important to have a solid grasp and understanding of Asset Succession Planning.  This area of law deals with 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: intestate and testate, and both forms are subject to family provision. Asset Succession Planning refers to the body of legal practice whereby a person seeks to ensure that his or her assets are properly accounted for and dealt with in his or her Will, in accordance with the relevant laws. Taking counsel from a Private Client Wills and Estates Lawyer to obtain proper legal advice regarding your Will may be beneficial for the reasons outlined below.

Firstly, the construction of a Will is important, whether or not the estate has significant value. 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 intestate. A qualified Wills and Estates Lawyer can assist you in making proper inquiries regarding your assets and assist you 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 consideration in succession law is family provision.  This deals with claims made by family members or eligible applicants against your estate to the Supreme Court, which claims are usually made when there is a view that there has not been sufficient provision for their maintenance, support or education.  This claim may be made by any family member, such as your spouse, children, siblings and/or cousins and/or other eligible applicants.  Proper legal advice from a reputable legal practice that specialises in Wills and Estates may be advantageous in respect of this issue.

Thirdly, intestacy is another issue in succession law and this, in effect, refers to the situation where a person 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 qualified Will and Estates Lawyer can 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. Proper legal advice may be prudent to ensure that this is completed soundly with minimal cost, delay and wastage of estate assets.

Our private client lawyers can asisst with asset succession planning.  After acquiring an understanding of your unique financial and personal circumstances, our private client legal team will provide a tailored response, aimed at synergistically achieving legal and financial equilibrium.  Over the years, our private client services lawyers have managed matters ranging from simple isolated transactional events, to medium to long term asset and investment vehicles structured in a tax efficient environment, to even more complicated innovative solutions designed to assist clients in the establishment, continuity and exit from business or family structures through generations.  Our lawyers have intricate knowledge of direct and indirect taxes and corporate, taxation and superannuation law, trusts law, asset protection, succession law and have handled a very wide range of complicated litigation matters and therefore are uniquely positioned to assist in the seamless transfer of accumulated wealth, from generation to generation.

Our legal and financial team may be able to assist you in with any Asset Succession Planning inquiries that you might have.  There may be a myriad of issues that can easily be overlooked, such as 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 that there is proper Asset Succession Planning.

If you need further legal advice on your matter, you may book an appointment with us by telephone on 02 9233 4048 or by 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 Tax or Accounting Advice. It does not take into account your objectives, financial situation or needs or 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.