Wills and Estate Planning
YOUR LEGACY, OUR PRIORITY
Wills
FOR GIVE YOUR LOVED ONES PEACE OF MIND WITH A WILL
Every adult should have a legally valid Will...
and it should be up to date.
This is especially important if you work, own property, or have loved ones that you would like to ensure are looked after and provided for if you are no longer with us.
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Who you leave specific gifts or bequests to;
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Who will inherit the remainder of your estate;
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Wishes for your funeral and your burial or cremation;
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Who will finalise your affairs; and
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Who will care for your children and dependants.
If you die intestate or without a valid Will covering all of your assets, your property will be divided according to law without any say from you or your family.
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This makes a difficult time even harder for your family causing uncertainty, more complexity and increased costs and government fees and charges in administering your estate. This justifies the cost of making a will with a solicitor.
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Lightning Legal make the process simple, easy and affordable for you to have a professionally drafted, valid and legally binding Will drawn up by an experienced Solicitor who cares about you and your family's future.
A Will allows you to determine what happens after you die.
This can include:
Give Sandy a Call Today!
Enduring Power Of Attorneys
Most people make an Enduring Power of Attorney at the same time as making a Will.
A Power of Attorney is a document you can sign to appoint another person (called your Attorney) to act for you in relation to your legal and financial affairs. For example, a duly executed Power of Attorney allows your Attorney to manage your financial affairs for you, be it carrying out your banking, dealing with statutory authorities or even Telstra! A registered Power of Attorney will allow your Attorney to sell or deal with your Real Estate or Shares. Ultimately a Power of Attorney can be quite narrow and specific in what it allows your Attorney to do or the powers you give your Attorney can be as general as you wish. Any lawful action taken by your Attorney is binding on you, so it is important to appoint someone you can trust.
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An Enduring document continues to operate even if you lose legal capacity. Capacity relates to soundness of mind and to an intelligent understanding and perception of one's actions. Capacity can be lost through an age related illness or even an unfortunate accident. Legal documents can only be signed by a person with capacity. Therefore it is essential that you appoint someone you trust to act on your behalf while you still can.
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In QLD, an Enduring Power of Attorney also includes Enduring Guardianship to appoint someone to manage your health and life style decisions. These are two separate documents in NSW.
Enduring Guardians
An Enduring Guardian is someone you appoint at a time when you have legal capacity, to make personal, health or lifestyle decisions on your behalf, should you lose the mental capacity to make them for yourself.
Common functions you give your Guardian are:
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To decide where you live, for example in your own home, a hostel or nursing home;
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To decide what health care you receive, for example treating doctor and health care service provider;
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To decide what other personal services you receive, for example at home support services; and
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To give consent for any medical or dental treatment.
Most hospitals and nursing homes now request a validly signed Enduring Guardianship document from a family member or friend who takes an active role in the decision making surrounding your care.
Therefore it is vitally important that the person you choose to be your Guardian is someone you can trust.
Advanced Health Directive
An Advance Health Directive is a further document you can sign to decide in advance what medical treatment you would and would not like to receive in certain circumstances.
​It can be supplied to a hospital or paramedic when the time comes. You can use it to express your wish to be allowed to die with dignity, in peace and without pain. It can be used if you are suffering from a condition from which you are unlikely to recover, and which involves severe distress or loss of normal powers of understanding and it can direct that you not be subjected to any medical intervention or treatment aimed at prolonging or sustaining your life.
The directive is a way to expresses your intentions that can make end of life decisions less traumatic and difficult for your family and carers.
Testamentary Trusts
A Testamentary Trust provides additional protection for assets you plan to gift by your Will and may minimise taxation.
A Testamentary Trust is a trust established by your Will that is set up after you die.
The trust will hold assets for your beneficiaries however these assets will be managed by your appointed Trustee according to the trustee powers you give them. The Trustee may for example restrict the beneficiaries' access to the capital in the trust by only distributing the income generated and/or distributing percentages of the capital after certain periods of time. The trust will exist for the length of time you set until it vests (comes to an end). When the trust vests, the assets will all be distributed to your beneficiaries.
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The primary advantages of Testamentary Trusts are:
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To achieve advantageous tax outcomes; and
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To protect assets.
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A discretionary trust could be established by your Will to minimise the tax due to the Australian Taxation Office on the total sum. This could potentially be achieved by the Trustee paying sums to different beneficiaries who have different income levels thereby splitting the funds across different individuals to capitalise on individual income tax thresholds.
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A protective trust could be established to protect assets where:
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a beneficiary is unable to manage their financial affairs themselves or is prone to taking high financial risks;
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a beneficiary may have debts that creditors are looking to recover;
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a beneficiary is involved in a financial separation such as after a divorce; or
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family members disagree on use of finances and may try to exercise financial control over a beneficiary.
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The cost of making a Will with a Solicitor that includes a testamentary trust is more than the cost for a standard Will however Lightning Legal offers competitive prices.
Contact us for a quote based on your needs.
Estates
Leave the bills, paperwork and court forms up to us.
Go spend this time with your family.
An estate comprises the net worth of an individual taking into account their assets and liabilities. When a person dies, their estate must be administered in accordance with the laws of the state in which they die. There are two types of estate administration processes depending on whether or not the person left a valid legal Will covering all their assets.
Probate
It is the responsibility of the Executor appointed in the Will to obtain a Grant of Probate from the Supreme Court, then to collect all the Estate assets, pay all the Estate debts and to distribute the balance of the Estate according to the wishes of the deceased as set out in the Will.
This is a complex and bureaucratic process that must be conducted in accordance with the laws of the state.
Lightning Legal will take this burden off Executors by arranging all the court forms and Estate administration processes. Let us exercise our knowledge and experience in this area while you care for your loved ones.
Letters of Administration
If you have a relative who has died without leaving a valid Will covering all of their assets, the deceased's next of kin will need to apply to the Supreme Court for a Grant of Letters of Administration.
Solicitors at Lightning Legal have experience navigating this costly and time consuming process and can simplify matters for you allowing you the time you need to grieve and be with your family.
With sympathy and understanding, let us take the administrative pain away.
Contact us as early as possible for release of funeral funds.
Caring Administration of Your Estate.
When it comes to planning your will or handling estate matters, trust Lightning Legal to provide compassionate guidance, clear advice, and reliable service.
We’re here to support you every step of the way, ensuring your wishes are honoured with care and understanding.