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.

For any will, estate or trust administration contact Bellco Law.

Wills & Estates Team

Shaun Campbell
Shaun Campbell Solicitor
Melanie Costi
Melanie Costi Solicitor
Edward Mark
Edward Mark Solicitor

Bellco Law can assist you with any administration process for a deceased be that applying for probate under the last Will of the deceased or applying for letters of administration for a deceased who was intestate.

Bellco Law can also assist with reseal matters in other jurisdictions to facilitate the smooth administration of an estate. Make an appointment with Bellco Law to discuss your next step.

Estate Administration (deceased estate) FAQ

No. As soon as the person you had power of attorney for has passed away, the power of attorney comes to an end and the provisions of a Will apply.

As soon as you inform a bank of the passing of a deceased, the bank will freeze any account(s) held in the name of the deceased. Whilst interest will continue to accrue, you will need to ensure that all direct debit arrangements have been stopped to avoid incurring dishonour fees.

In certain instances, letters of administration or Probate may be required before institutions and others deal with a deceased’s asset.

If there is a Will, Probate (or letters of administration with the Will) is issued by the Court under a seal on the copy of the Will submitted. This is evidence that the Will is a valid document.

If there is no Will, letters of administration on intestacy can be issued. This is a document issued by the Court which validates a nomination of a person to administer the estate of the deceased.

Obtaining letters of administration or Probate can be complex. Bellco Law’s team of lawyers are here ready and able to assist in such instances.

When a person or institution seeks a certified copy of a document, they are asking for a photocopy of the original document which then has been certified by a lawyer, Justice of the Peace or Commission for Declarations.

In this situation, a pro-rata for each gift is calculated. Whilst this sounds straightforward, legalisation imposes certain rules when calculating the pro-rata. Bellco Law’s team of lawyers are here ready and able to assist in such instances

If a Will gifts a personal item (such as jewellery or a painting) or an asset (such as a property) that does not exists at the date of death of the deceased, that specific gift fails. This situation arises if, for example a personal item or asset is destroyed or sold before the deceased passed away.

There can be exceptions to the failure of a gift if it no longer exists. In particular, a beneficiary can apply for compensation under the Powers of Attorney Act (Qld) if a gift has failed due to the action of an Enduring Power of attorney whilst the deceased was still alive.

If a beneficiary under a Will is not old enough to receive their gift (eg they are 10 years old but the will says they cannot have the gift until 18 years old) the asset gifted to that beneficiary will need to be managed by the executor of the Will until they reach the nominated age.

Bellco Law’s team of lawyers are here ready and able to assist in such instances to ensure the executor is acting in the best interest of the beneficiary and is taking the most appropriate means to preserve the gift and minimise legal consequences.