Estate Planning including a professionally drafted Will is the foundation to protecting your family. Andrew O'Bryan guides you through every decision with clarity ensuring your wishes are documented and legally sound.
What is Estate Planning
It is the process via legal documents for the management of:
your assets and finances during your lifetime should you lose decision making capacity, and
disposal of your assets after you decease.
Why Estate Planning is important?
The foundation to any Estate Plan is a Will. It is the most important document you will ever sign. It determines who receives your estate and who manages the process of administering your affairs after you're gone. Without a valid Will the law makes those decisions for you and the outcome may be very different from what you intended.
A strategic plan should also allow via Powers of Attorney for the management of your assets and finances for your benefit during your lifetime should you lose decision making capacity.
It should also ensure assets outside your estate such as superannuation are distributed according to your wishes.
Andrew takes the time to understand your complete situation, your assets, and your specific wishes before drafting your Will and other Estate Planning documents.
The result is legal documents which clearly reflect your intentions and are designed to withstand scrutiny and family dispute.
What Estate Planning involves
Preparing and executing a new Will or updating an existing one.
Appointing Will executors and back up executors.
Providing for your children and dependents.
Specific bequests of property, heirlooms and business interests.
Testamentary Will Trusts to benefit and protect specific beneficiaries.
Blended family and stepchildren advice and strategy implementation to reduce claims against your estate.
Addressing Superannuation and Life Insurance Nominations.
Preparing and executing Financial and Guardian Powers of Attorney.
Medical Treatment Authorities and Advanced Care Directives.
Regular review as your circumstances change.
Timeline Process- Preparing your Will and Estate Planning documents
1
Consultation
We discuss your family, your assets, your relationships and your specific wishes in a private, confidential meeting.
2
Draft preparation
Andrew prepares a draft Will and any other Estate Planning documents reflecting everything discussed. You receive it for review and comment.
3
Review and finalise
We discuss any questions or changes, then prepare the final documents for execution.
Wills and Estate Planning- common questions
Yes, you should have one. None of us know when our time may come. If you die without a Will, Victorian intestacy law will determine how your estate will be managed and distributed. You would have no say who benefits from your Estate, or who oversees it.
Your superannuation does not automatically go to your Will/ Estate. It is distributed as a “death benefit” to your eligible dependents, nominees or your Estate depending on what instructions you have given to your Superfund. How your funds are paid out is usually determined by the type of beneficiary nomination you have in place.
You should review your Will every two to three years or immediately after any major life event. Your Will isn't a “set and forget” document and keeping it current ensures your assets are distributed exactly how you intend.
Generally, yes. You have the legal right to name whoever you choose in your Will. However, this testamentary freedom is not absolute. In Victoria, close family members or financial dependents can contest your Will if they believe they were unfairly left out or not adequately provided for.
A testamentary trust is a trust established within a Will that only takes effect after the Will - Maker passes away. It allows designated trustees to hold and manage inherited assets (like money or property) on behalf of your beneficiaries, rather than distributing the money or property inheritance directly.
To be legally valid, a Will must be in writing, signed by you (the Will Maker) with the intention of making it your Will, and signed by two or more witnesses who are over 18 and present at the same time you sign. You must also be at least 18 years old and have testamentary capacity.