Estate Planning & Wills
Whether the value of your assets is large or small, it is vital that you have a valid will that accurately reflects your wishes. If not, your estate is at the mercy of the laws of intestacy. In some cases, the whole estate will go to the government.
The rules on wills and tax consequences are highly technical.
All too often, people thought they were saving money by using a "will kit", only to cost their estate tens of thousands of dollars when drafting errors cause the will to end up in Court.
Even with simple wills, it is important to ensure that the will reflects your wishes, and that all possibilities have been covered. Somerville Legal's solicitors ensure that your will is thorough and protected from attack.
For larger estates, our lawyers have the legal and commercial expertise to work with you for estate planning, so as to minimise any tax or other liabilities for your estate and beneficiaries, and to protect your assets.
Laws such as the Family Provision components of the Succession Act 2006 can allow wills to be attacked in Court. Our lawyers are well versed in such laws and the best way to protect your estate from their effects.
Sometimes it is best to leave your assets to trusts controlled by your remaining family members, rather than to leave assets to them directly. These trusts are known as "testamentary trusts". Testamentary trusts allow the beneficiaries to exercise control over a trust, without receiving assets directly into their own name. So long as the assets remain in testamentary trusts, they are protected from claims by the beneficiary's creditors or spouse. Testamentary trusts also have tax advantages.
Our solicitors can give practical, accurate, easy to understand advice, to guide you to an effective will, giving maximum benefits and protection to your loved ones.
Contact
Our estate planning team is headed up by Stephen Lynch, an Accredited Specialist in the field of Wills & Estates, and a member of the internationally recognised Society of Trust & Estate Practitioners.
Tim Somerville also advises on tax related issues relating to estate planning and is a regular speaker at legal seminars on estate planning, including the forthcoming LexisNexis series.