Have you been thinking about making a will? Do you have an existing will that needs updating?
In order for a Will to be valid in Victoria, it usually needs to comply with the formalities of the Wills Act 1997. At Ark Legal, we understand that preparing your will might be daunting – but with our assistance, there’s no need to put off this process any longer.
To start the process of estate planning today, please complete our Settify questionnaire so we can get an overview of your circumstances and your assets. This will also provide you with some general information and advice. You can then make an appointment with one of our lawyers so that they can start drafting or redrafting your will.
Probate is the legal process where a will is “proved” by the Court and accepted as the true last will and testament of the deceased. If you have recently been appointed executor of your loved one’s will, you might be stressed or unsure about the proper processes to follow. If the will is contested, this can raise even more challenges. At Ark Legal, we can provide guidance on how to obtain probate, distribute the deceased estate’s assets, locate all eligible beneficiaries and what to do if any issues arise.
If you are a beneficiary under a will, we can advise you on your rights and obligations. If the deceased hasn’t made adequate provision for you, we may be able to assist you in making a ‘family provision claim’, which is a procedure where you can challenge the will and obtain greater provision from the estate. Book a consultation with Ark Legal today to assess your options.
Are you excited about getting married or taking big financial steps together with a de facto partner?
If you are planning on moving in together or buying a house together with a partner, or making substantial financial contributions to your partner’s asset, it will be important for you to understand how a family law property division works, so you can plan for the future protect your and your partner’s interests in these assets moving forward.
You may be surprised to learn that a Will does not cover all assets belonging to you. How your assets are held (i.e. in your own name, in joint names with someone else, or held by a company or trust) will affect how and if they can be passed down to your dependents or loved ones as you intended.
At Ark Legal our lawyers can review your asset holding status and advise you on making proper arrangements to ensure they are passed down the way you want them to be.
If you are considering provide financial assistance to your children to purchase properties, there are several things to consider before you part with your money.
If your financial assistance is intended as a loan, it is important that you have a loan agreement in writing and signed by all parties to the agreement after each person has received independent legal advice. It is also recommended that the loan is secured by the property.
Even if you do not expect repayment from the recipient, you should understand that there are circumstances where that gift may be lost. For example, your child’s partner may be entitled to some of the equity in the property if the relationship ends; the trustee in bankruptcy could be entitled to sell your child’s assets including bought with your help if your child becomes a bankrupt; if your child holds the property as joint tenants with another person, that person as would become the sole owner of the property if your child passes away.
We recommend you speak to one of our lawyers about your situation before you give financial assistance to your family members. It is important to have an independent lawyer advising you and not the lawyer acting for the recipient.
