North Law can assist you with an efficient and effective plan on how to distribute your assets after your death. Protecting your loved ones is crucial in our estate planning. From simple wills to complex trusts, we will make sure that your wishes will be legally documented to be carried forward.
Our costs for standard wills, power of attorney and standard probate are fixed.
WILLS
Your will is your instructions on how you want your estate to be distributed after you pass away. Taking your instructions is the most important process hence our interview with you takes a minimum of 1 hour. If your will is more complex, we will work together with your nominated accountant or agent to make sure your succession planning covers all your properties, whether that property is tangible or intangible, personal or real.
What you need to know
You must have capacity to make your will. In plain language, you must make your decision voluntarily, you must understand the decisions that you make, your options and the consequences of your decisions.
Choose your executor carefully. Your executor is the person who will be in-charge of and responsible for carrying out your instructions in your will after your passing; hence legal age applies. Decide on a guardian if you have minor child/ren.
Give to us thorough information of all of your assets, your wishes and your personal circumstances. You cannot give something that you do not own for example an asset that is owned by a trust. Our job consists of more than just preparing your will, but also to make your will water tight which will reduce the risk of your will being challenged.
ENDURING POWER OF ATTORNEY
Our estate planning also includes planning for your retirement. Choosing an attorney for your personal and financial matters and medical decision maker in time of urgency are something that you might want to consider. You may also want to consult with your doctor and consider making a specific health care directive plan. There is plenty of information online about enduring power of attorney, medical decision maker and health care directive plans. Useful information can be found here.
What you need to know
You must have capacity to make a power of attorney and a health care directive.
Choose your attorney carefully. The Attorney-principal relationship is the same as an executor of a will and the willmaker relationship. It is based on trust and governed under the Trusts Act 1973 (QLD).
For a health care directive, talk to your doctor first and discuss your health care plan.
Decide when you would like your power of attorney to take effect and if there are any restrictions that you want to put in place. Once again, provide us with thorough information about your wishes and personal circumstances.
What if you have concern about the capacity issue?
There are many conditions that may affect one’s capacity, some common conditions are mental illness, disability, and dementia. This is the time when you should talk to us. Under the law, it is presumed that every adult has capacity to make decision until proven otherwise. The Queensland government has developed a capacity assessment guide that we will abide to follow.
PROBATE & LETTERS OF ADMINISTRATION APPLICATION
Probate is when your executor (appointed by your will) applies to the court for recognition to act as an executor to do what you have instructed his/her/them to do in accordance with your will. A probate application is not mandatory, it depends on the value of the assets, the asset holder, and personal circumstances. For example, some banks require grant of probate to release funds greater than $100,000.00. Account less than $100,000.00 may not need a grant of probate.
A Letter of Administration is when the deceased did not leave a will. Many have the wrong perception that in this case the government will take ownership of the assets. That is not the case. The next of kin or family member may apply for a letter of administration to the court to administer the deceased’s assets.
Call us now on 07 3266 2585 for Expert Advice on Wills Estates and Probate Brisbane