As experienced wills and estates lawyers, we’re proud to have maintained relationships with clients through successive generations. We provide comprehensive strategic advice for estate and business succession planning.
One of the most valuable outcomes of considered estate planning is peace of mind. We can guide you through a range of issues that can arise when preparing a comprehensive estate plan, help you to weigh up different options, work through the importance of each of the roles involved, and create a plan that reflects your individual circumstances, philosophies and wishes.
The Russell Kennedy Wills and Estate planning team works closely with our clients’ accounting, tax and financial advisors to determine the best business and investment structure to meet your needs.
Trust Administration
We’ve been entrusted with the administration of Trusts and Wills for generations, a responsibility we take incredibly seriously. Our team’s skills allow us to ensure that the provisions of the Trust Deed or Testamentary Trusts in a Will are adhered to, the philosophy and intention of the donor/settlor are honoured, and importantly relationships between family members and other beneficiaries are preserved.
Executor of a Will
Being Executor of a Will requires someone with the skillset and willingness to execute an important task on behalf of someone who has passed away. We understand that it can be a challenging time when you have been appointed as an Executor. Our vast experience allows us to guide you through the estate administration process with sensitivity of expertise.
Beneficiaries with special needs
Providing adequate protection for beneficiaries with special needs can be a sensitive and complex task. It’s often considered problematic to give complete responsibility for a testamentary trust to the beneficiary personally. Including a Protective Trust in your Will may be prudent if you’re nominating beneficiaries who:
- are severely disabled
- have a disability which impacts on their ability to look after their affairs (for instance, autism, Asperger’s, etc.)
- have an addiction (such as gambling or drugs)
- are otherwise considered ‘vulnerable’.
Contesting a Will
While a comprehensive estate plan gives you confidence that your affairs will be appropriately looked after, debts paid and your beneficiaries receive what you want them to, unfortunately, sometimes a Will may be contested. Our team is well placed to assist you with handling estate disputes and claims over deceased estates. We act mainly for Executors but sometimes for claimants when unfairly treated.
Business succession planning
Having a succession plan in place will support a smooth transition for your business when you decide to leave. It’s prudent to start business succession planning years ahead of when you intend to leave the business – having a plan in place is particularly useful if there’s an unexpected event. We assist clients with preparing shareholder agreements, business structures, and advice on the options available whether within a family group or outside.
Family business succession planning
Proactive succession planning will ensure the wealth of a family business transitions smoothly to the next generation. Ideally, a succession plan should be considered early in the life of the business and regularly revised as the business matures and circumstances change. We understand that family business succession planning can raise difficult emotional, financial, legal and tax issues, and approach this task with sensitivity and discretion.
Probate and Administration
When someone passes away leaving assets such as property, bank accounts and shares, it is often necessary to make an application to the Supreme Court for a Grant of Probate or a Grant of Letters of Administration.
A Grant of Probate confirms the validity of the deceased’s Will and authorises the executor to administer and distribute the estate according to the terms outlined in the Will.
A Grant of Letters of Administration is required in cases where there is no valid Will (intestacy) or in the event there is a Will but no executor alive, able, or willing to act. In these cases, the Court appoints an Administrator to manage the deceased person’s estate, including, identifying assets, paying debts, and distributing the estate according to the intestacy laws (or the Will in the event there is a Will but no executor to act).
This can be an overwhelming process at a difficult time and applications are often required to be made shortly after the person’s passing.
In some cases, a Grant is not required, for example, if all assets were jointly owned with another person, or the total asset value is very low.
Our expert Wills and Estates Team can guide your executors through the entire process, from advising you as to whether a Grant is required, applying to the Court for a Grant, completing all necessary forms, and to identifying and collecting the assets, ensuring a smooth administration process.
Reseals
A court order usually only has effect in the jurisdiction in which it has been issued. If assets were held across multiple jurisdictions, it may be necessary to have the Grant that was issued in one jurisdiction, “resealed” in the other jurisdictions where assets are held. This confirms the Executor’s authority to deal with the assets in the other jurisdiction. Reseals are common and the process is generally easier than obtaining the initial Grant of Probate.
Our expert Wills and Estates Team can guide you through the process.