Frequently Asked Questions
Where are you located?
How much will it cost?
I just bought a property… What now?
Congratulations! Our friendly team will explain the process and handle all of the legalities.
We strongly recommend you providing the Real Estate Agent with our contact details and request they forward the contract in draft form to our office for review prior to you signing the contract. We will then make contact with you and discuss details specifically relevant to you to ensure the contract is drafted correctly to protect your rights and interests.
If you have already signed a contract and wish to appoint our office to act on your behalf, we recommend you notify the agent who will in turn forward the contract to our office. Once receives, we will make contact with you and guide you through the conveyancing process.
What is Estate Planning?
The process of planning and recording your wishes for the distribution of your assets after death is known as Estate Planning. Whilst this sounds quite straight forward, it is often assumed that ‘estate planning’ simply refers to the preparation of a Will, however, in some cases, it’s just not that simple.
Some aspects of estate planning extend beyond the Will. Things such as family trusts and superannuation, jointly held assets and who is best-suited to carry out your wishes are important issues that require specific and qualified advice. A review of your family trust deeds, superannuation funds and asset ownership arrangements will likely be required. Don’t worry! We’re here to help!
Do I need a Will?
Yes! If you are over the age of 18 it is recommended that you have a Will. Planning ahead gives you control over the future of your estate and ensures that your loved ones are provided for.
Your Will may be affected by:
- Divorcing or Separating;
- Significant changes to your financial situation;
- The death of beneficiaries or a spouse;
- Having children or grandchildren.
It is important to update your Will following significant life changes. If you have been waiting for a “round tuit” to update your Will, we strongly advise you to get the process moving: even if that involves tough conversations.
What is an Executor?
An Executor is the person or group of people appointed in a Will to administer the estate. The executor will generally be required to do the following:
- Locate the Will.
- Arrange the funeral in consultation with family members.
- Identify the assets and liabilities of the estate.
- Collect and protect the estate assets including making sure the assets are insured.
- Apply for probate of the Will.
- Pay the estate liabilities.
- Finalise taxation for the deceased and the estate.
- Defend the Will against any challenges.
- Notify relevant authorities such as Centrelink, Medicare, local council and insurance companies.
- Distribute the estate in accordance with the terms of the Will.
What is Probate?
‘Probate’ refers to an order made by the Court which confirms that:
- the Will is valid; and
- the executor appointed by the Will has the authority to collect and deal with the assets of the estate.
A Grant of Probate is the first step in the process of proving a Will and administering the estate of a deceased person.
Does every Will need Probate?
No. Whether a Will and estate needs probate depends on the nature and extent of the estate assets. It is usually possible to deal with estate assets without probate if those assets are of minimal value.