Wills & Estate Probate or Planning

For instance, did you know that your superannuation is treated separately outside of your Estate unless you enter into a Binding Nomination Deed with your superfund trustee directing your superannuation is paid to your Estate? It’s best to get all of your affairs in order sooner rather than later.

With regards to Joint Tenants, the title will pass to the surviving person. With Real Estate held as “tenants in common”, the share held by a person who has passed then forms part of the Estate and will be accordingly dealt with pursuant to the instructions of a Will or Letters of Administration. Any other share will still be held by the survivor/s.

• Without Probate, an Executor distributing assets will be personally liable.
• Banking institutions and others will require Probate if they hold funds over a specific amount (each Banking institution or other body will have their own policy on the monetary threshold before they require Probate to release funds to the Estate). 
• Letters of Administration is an application to the Supreme Court by a person(usually a sibling or relative) to act as Administrator for the Estate (similar to an Executor of a Will). In this case there has been no Will or no Will has been located. 
• Probate and Letters of Administration applications are advertised to allow time for any other interested parties to dispute the application or Will. Specific criteria must be meet to claim on an Estate. Generally if there is a professionally clearly drafted Will document and everyone understands the intentions of the deceased, there will not be any dispute.

Enduring Power of Attorney will also provide your Attorney will powers involving your general health. An Enduring Power of Attorney with Medical Directive (completed by a medical practitioner will follow your specific health instructions).