Protecting your loved one’s legacy
A family member or friend passing away is a very stressful and emotional event and a time when family come together to remember their loved one. Nothing should take away from this special time. It is important however and a legal requirement that the implementation of your loved one’s testamentary wishes as recorded in their Will and any other documents, take place as soon as possible.
Have you been appointed as an Executor?
As executor you have legal obligations to the beneficiaries of the estate to administer it competently and promptly. Some of your main duties are to call in assets, pay liabilities and properly account for the net assets in line with the Will. The role also carries the risk of personal liability, namely that you may be responsible to pay for any oversight out of your own pocket. Examples could include distributing the estate to the wrong people (under an old Will) or you fail to pay an estate debt (such as any tax due to the ATO).
Death and Taxes
Taxation is a major issue in the estate administration, and includes preparation of a final tax return for the deceased and also for the estate in most instances. How you transfer or sell assets can also make a big difference to the capital gains tax liability, and stamp duty, that the estate or the beneficiaries will bear. We can guide you through the best tax solutions for your situation, which can give the beneficiaries significant tax savings.
Taking care of your loved one’s affairs
We can provide you with all of the guidance and service that you require to help you successfully navigate the estate administration process, including obtaining a grant of probate or letters of administration, finalising tax affairs, dealing with beneficiaries and the myriad of paperwork required to call in assets and pay the estate debts. Getting legal advice from an expert estate lawyer minimises an executor’s personal risk and provides potential cost savings in effective tax strategies and estate claims advice.
It starts with a first consultation where we set out the steps required, work out what you want us to do and what you want to take care of yourself, and provide you with the advice relevant to your particular situation. We will also provide you with a written fee quote.
"I have had dealings with Estate First Lawyers for the past 3 yrs both in providing estate planning for myself and wife and also dealing with my wife’s uncle and grandfather’s estates. We have been extremely satisfied with all aspects of Estate First’s business practice. Efficient and timely with full explanations provided on progress when required."
"Thanks so much for all your help as I could imagine it would have been a nightmare working everything out."
"We have truly valued your professional support and guidance throughout this time. we say thank you to all at Estate First."