Wills and Probate Law
Wills and probate form an important part of family succession and estate law. It governs how your assets and property will be dealt with and distributed after death. By having a legally sound succession plan you can ensure that your assets end up with the right people in accordance with your wishes.
What is a Will?
A will is a written document that records how your property will be dealt with after death. By making a will, you can outline how your “estate” will be distributed. An Estate consists of all the assets and property which you owned during your lifetime. This may include any cash, savings, real estate, jewellery, cars, and investments.
Apart from directions for the distribution of your estate, a will can contain instructions related to other matters such as organ donation, funeral expenses, debt settlements, and guardian appointments for any minor children. When making your will you may also name an executor who will oversee the administration of your estate. Often this person maybe your lawyer or a trusted friend or relative.
What is Probate?
Probate is the process through which the validity of a will is determined. After the will is verified by the Supreme Court, a “grant of probate” is issued to authorise the named executors to administer your estate.
What if a Person Dies Without a Will?
When a person dies without leaving behind a valid will, such a person is referred to as “intestate.” In such a case, the law defines how your estate will be dealt with and distributed among your family. Dying intestate means decisions could end up being made which if you were alive you may not have agreed with which is why having a legal will setup early in life can give you peace of mind.
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How Can We Help You
Dealing with the death of a loved one is challenging. When a person dies intestate, he or she has no control over how their property will be distributed and it can create turmoil and unnecessary arguments within your family. Furthermore, a poorly drafted or an incomplete will may lead to disputes between family members and often, these disputes result in lawsuits against one’s own family. To avoid such consequences, you should consider organising your estate and succession planning early .
At Denning Legal, our experienced wills and estate lawyers can provide comprehensive legal services in your estate planning including:
➝ Simple and complex wills
➝ Power of attorneys
➝ Business succession planning
➝ Asset protection
➝ A Grant of probate and letters of administration applications
➝ Estate litigation and family disputes
➝ Guardian appointment and
➝ Estate administration
To find out more call us today.
What are Letters of Administration?
“Letters of administration” are issued by the Supreme Court of Victoria which authorises the distribution of assets when no will is left behind by the deceased. In such cases, the court usually appoints the closet next of kin to administer the deceased’s assets.
What is a Grant of Representation?
Grant of probate and letters of administration are collectively referred to as “grant of representation.” It is a legal document issued by the court that proves that the person named in it as the “legal personal representative” is authorised to manage and distribute the deceased’s estate. Such a person can:
➝ Collect and gather the deceased’s assets
➝ Settle debts on behalf of the deceased
➝ And distribute the assets among legal heirs.
How to Make a Valid Will
In order for your will to be valid…
➝ It must be in writing.
➝ The person making the will must be 18 years of age or older and should have the mental capacity to make a will.
➝ The will must be signed in the presence of two or more witnesses. The witnesses are also required to sign the will using the same pen.
➝ And the signature should be recorded at the bottom of each page of the will.