WILL LAWYERS IN WOLLONGONG

A Will is a written and signed legal document that sets out how the Will maker wants property and assets to be divided after their death.

An Executor is the person responsible for administering your estate. The executor should be someone you trust and feel is capable and available to take on the role of supervising your estate. Often the executor will be one of the major beneficiaries of your estate and it is often wise to appoint more than one executor. If there are complex assets or long-term arrangements, Kells will offer specialist advice.

A beneficiary is a person who receives money or property under your Will. Marriage and divorce will impact on how you provide for your family and affect any existing Will. The Succession Act also gives a statutory remedy to certain persons including your spouse or eligible dependants if they are not adequately provided for (See Family Provision Claims for more details).

Estate planning is a complete review of your personal and business circumstances including:

• How you currently hold your assets
• Superannuation nominations
• Life insurance policies
• Pensions and other entitlements
• Capital gains tax implications
• Consideration of the financial, taxation and personal position of your beneficiaries.

A guardian can be appointed to care for children who are minors in the event of both parents dying.

Probate is an Order from the Supreme Court stating that the Will has been proved to be the last and proper Will of the Will maker and permits the executor to sell, collect and distribute the estate assets to the beneficiaries.