Wills & Estate Planning

Wills

At Brockway Legal we believe everyone should have a valid and up-to-date Will for their peace-of-mind and the protection of their loved ones. While you can draw up your own Will, this can be risky as incorrect drafting can lead to a Will being invalid in part or in full.

We take the time to go through your wishes in detail and construct a Will to reflect your wishes while being mindful of the legal requirements.

Some of the issues we explain are:

• What an Executor does and what to think about when choosing your Executor(s);
• How different assets are treated in Wills – for example assets in joint names, insurance policies and superannuation may not be able to be validly gifted via a Will but may require different treatment;
• When you can exclude a particular person from your Will and when the excluded person can challenge their exclusion;
• Which clauses are not binding on your Executor(s) and how non-binding clauses are treated;
• When a discretionary trust should be created in your Will to give effect to your wishes;
• The circumstances when minor beneficiaries can access their share of the Estate before they are of age.

Estate Planning

Nobody likes to think about it too much, but inevitably one day you will have to leave your business or farm, whether by selling up, retiring or leaving for health reasons.

It is very important to have a succession plan in place that makes the transition easy not only for yourself but also for your family or employees and minimises the chances of the business or farm having to be sold up when you leave

Estate planning goes beyond drafting a will – it includes:

• The assessment of assets
• The assessment of likely taxation
• Advice regarding the possibility of claims against the estate by third parties
• The protection of assets

Estate planning is an active process of re-evaluating the estate when circumstances in life change, such as:

• Newly married couples or those divorcing
• A change to the family’s asset pool
• A change in working conditions such as the buying or selling of a business
• Changes to superannuation, insurance policies or taxation levels
• The establishment of discretionary trusts

A successful plan is made involving all family members as it will take into account not only provisions for your retirement income but also the plans, aptitudes and existing assets of younger generations.

Contact us to find out more or to arrange a consultation with an experienced estate planning lawyer in the Yarra Valley.