Wills and Estate Planning
Your Will should provide a clear pathway as to the management and distribution of your assets after your death, including choosing and naming who is to be responsible for the administration of your Estate and on what terms.
Having a valid Will enables you to make informed decisions. You decide who will be distributing assets and on what terms. You also decide who benefits from your assets and when a dependent person gains control over their inheritance.
Having a valid Will also helps your loved ones. It minimises the costs in administering your estate and allows those financial benefits to flow to your beneficiaries without delay rather than being wasted on legal fees and administrative costs.
Is your Will current? If you’ve gotten married, or divorced, a Will made in the past may no longer be valid. If your circumstances have changed, your Will may no longer reflect your wishes and intentions.
What happens if you do not take the time to consider who you wish to administer your estate and to nominate your beneficiaries before your death?
- Your estate would be divided according to law rather than in accordance with your wishes.
- You can’t make a specific gift to a friend or loved one.
- Estranged family that you wished to exclude may benefit financially from your estate.
- You do not have a say in who your executor is, meaning important decisions may be made that do not follow your wishes.
- A de facto partner could find themselves homeless or without resources if proper planning does not occur.
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Power of Attorney
Many people find themselves diagnosed with conditions that affect their independence and their ability to manage their own affairs.
A General Power of Attorney enables to you to appoint a trusted person, or people, in your life to help you in the management of your financial affairs whilst you instruct them to do so or for a set period.
You can also make the appointment of your Attorney Enduring, which enables the authority to manage your financial affairs to continue if you lose capacity to make decisions for yourself at some point in the future.
The team at Osborne Legal can provide advice to assist you in making an informed decision to help you decide on the appointment and responsibilities around this issue and ensure that your wishes and needs are prioritised, and your attorney understands their role, responsibility, and obligations.
Enduring Guardianship
An Enduring Guardianship allows a trusted person in your life to make decisions about your health, lifestyle, and well-being, only in circumstances where you are unable to do this yourself. It ensures that your choices are followed. It may clearly express your wishes in end-of-life care if you are unable to make those decisions yourself.
The choice and appointment of an Enduring Guardian requires careful consideration and planning to ensure that your needs are met, your choices and wishes as to where you may live, what medical treatment you receive are made clear instructions to your appointed Guardian. We can advise, assist and help you with this.
Succession Planning
Running a successful farming enterprise in today’s world is a difficult and challenging job for any family. No one takes on the hard work, risk and sacrifice that is involved in running a family farming business without planning. The intention is that it be passed onto the next generation and continue to do so. And yet, when the time comes to look at how the family business is to be passed on, it can create conflict, uncertainty, and confusion.
Don’t let your succession planning end up in the ‘too hard’ basket. Poor succession planning can lead to financial and taxation implications and to the end of family relationships.
It requires time and attention to adequately meet the needs and expectations of all the family in conjunction with your team of professionals working together with you.
As regional people, the team at Osborne Legal want to see your farming business flourish from this generation to the next. We can help navigate the difficult conversations in a considered and thoughtful way so that all the generations involved feel heard and their views considered.
What Our Clients Say
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Client, New Will
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Client, Suite of Estate Planning Documents
Ready to Stop Worrying and Start Planning?
Would you like to know who will be helping you organise your affairs?
If you are ready to start planning, you can book an appointment here.
