Succession planning is essential for a number of reasons including reducing the likelihood of your Will being contested or challenged. You may retain a lawyer to help you with as much, or as little, of the process you require, from supervision and legal advice to hand-on running of the estate and property distribution.
When you are uncomfortable handling the estate’s details, or you just feel overwhelmed by its complexity or involvedness, or you just require a solicitor’s input, you can find a Gold Coast Estate Lawyer to assist you. When you’re named as an executor of a Will or trustee of an estate, you should retain a solicitor to assist you with the estate administration process. When it comes to demise of a family member, even when you are taking care of most of the estate administration, you will likely require a lawyer for the legal processes, such as applying for probate.
The process of probate depends on the estate’s nature, and might include some, or all of the following:
- Filing the most current or recent will with the court, and proving it’s legally valid
- When there’s no legal will existing, identifying heirs under Queensland law
- Identifying a or locating beneficiaries named in a trust or will
- Making inventory of the assets of the estate as well as appraising their value
- Settling debts owed by the deceased and their estate
- Distributing assets as directed by the will or/and other documents
- Settling federal and /or state taxes, as necessary
- Continuing a business operation after the owner or the key person is dead and managing the assets of the business owed by the estate
The estate administration process was designed to be straightforward and simple. However, in practice that is not always the case, particularly for those people with limited experience in dealing with deceased estates. There are onerous legislative requirements placed on executors, as well as the possibility of having to deal with disputes filed by beneficiaries. By consulting a Gold Coast probate attorney, you may approach this process with confidence, knowing that your interests are adequately protected.
Every estate is different and even if you have acted as an executor previously, you should still consult a Gold Coast Estate Lawyer in order to make sure you do not inadvertently expose yourself to liability. A Gold Coast Estate Lawyer can arrange for you to be properly indemnified and protected before the assets of the estate are distributed.
· Challenges to the will’s validity
· Disputed will’s interpretations
· Conflicts between co-executors
· Allegations of undue influence or incapacity
· Disputed creditors’ claims
· Uncooperative beneficiaries
· Conflicts over distribution
Estate planning and estate administration are processes which are steeped in English tradition and unfortunately many complex rules of law are involved. The major benefit of hiring a solicitor for probate and estate administration is that they possess extensive knowledge and experience in handling the laws and ensuring that the proper processes are followed to the letter. They understand and pay close attention to details, and often detect things that non-lawyers are susceptible to miss.