52% of Australians do not possess a legal Will.
After a lifetime spent working, you want to be certain that your assets will be passed on, especially if you have loved ones to provide for.
A Will stands as a legal document that allocates your assets upon your passing. It serves as a testament to your wishes and safeguards their execution. Our adept Estate planning lawyers specialise in guiding you through the process of preparing your Will, offering counsel on necessary amendments or asset distribution, taking into account considerations such as Capital Gains Tax implications and structuring your Will to accommodate trusts or companies.
Creating A Will
Creating a Will is crucial in securing the future for your beneficiaries and safeguarding your legacy. Maguire & McInerney’s Wills & Estates team bring a wealth of knowledge and can help to draft comprehensive Wills that reflect your intentions, ensuring your assets are distributed in line with your wishes. In most cases, you need to be 18 years of age, appoint an executor and list all beneficiaries, with the completed document signed in the presence of witnesses. Navigating the intricacies of individual situations, our team can help you tailor your Will, from the allocation of specific bequests to the designation of guardianship for minors.
Estate planning goes beyond the creation of a Will; it involves a strategic approach to managing and transferring your wealth. Estates can encompass everything from properties and physical assets, business and investments, digital assets, insurance policies, trust and business assets, as well as debts and liabilities. Our experienced team navigates the complexities of Estate planning, considering factors such as tax implications and asset protection, including personal property including real estate, and other valuable items such as art and jewellery. We work closely with you to devise a comprehensive plan that aligns with your goals, safeguarding your assets and securing your family’s financial future.
Probate is a legal process that takes place after someone passes away. It involves validating and executing the deceased person’s Will (if there is one) and administering their estate. Navigating the legalities of probate can be overwhelming during an already challenging time. Maguire & McInerney’s Probate team offer guidance and support in administering estates, ensuring a seamless process of validating Wills and executing estate settlements. From authenticating the will and liaising with the executor, to addressing debts and taxes and distributing assets, we streamline the probate process and manage legal formalities to facilitate the efficient transfer of assets according to the Will’s directives.
Letters of Administration
Letters of Administration arise where a person dies without a Will (intestate) or an invalid Will. Where a person has died intestate, the court can appoint an administrator, to whom the Letter of Administration grants the authority to administer the estate, allowing them to distribute the deceased’s property and assets.
Letters of Administration must be applied for within six (6) months of the date of death, and NSW law sets out parties who may apply for administration, and who it may be granted to. Our team can assist with the application process, in obtaining Letters of Administration, and guiding the appointed administrator(s) through the intricacies of asset distribution.
Enduring/General Power of Attorney
Granting a Power of Attorney is a crucial aspect of estate planning, enabling a trusted individual to manage your affairs. A General Power of Attorney or an Enduring Power of Attorney is a legal document that allows you to appoint someone to make financial and legal decisions on your behalf. A General Power of Attorney is only effective while you have the mental capacity to make your own decisions. If you become mentally or physically unable to make decisions, the General Power of Attorney becomes invalid. The key distinction of the Enduring Power of Attorney is that it continues to be effective even if you become unable to make your own decisions due to the loss of mental capacity. An Enduring Power of Attorney is the most commonly used Power of Attorney.
Our team can help you appoint a Power of Attorney, ensuring decision-making powers are entrusted to individuals during times of need.
Enduring Guardianship allows another to make key decisions around healthcare, lifestyle and medical decisions should you be unable to do so. The Enduring Guardianship is particularly valuable in planning for future scenarios where someone may experience declining mental health, advanced age, or other circumstances that could impair his/her decision-making abilities.
The Maguire & McInerney team can provide guidance in establishing an Enduring Guardianship, ensuring your preferences are legally recognised and respected during challenging times.
Selecting an Executor
Whether it’s a family member, close friend or your solicitor, nominating an Executor requires careful consideration. Maguire & McInerney can guide you through the selection process, considering factors such as competence and willingness to undertake the duties required to execute a Will.