Thank you for choosing Bilson Law for your estate planning needs. We appreciate the opportunity to assist you in planning for your future and ensuring that your wishes are clearly documented.

Next Steps

1. Drafting Documents: We will draft your documents over the next week and send you a copy by email, unless you have requested otherwise.
2. Review and Feedback: Once you receive your draft documents, please review them and contact us if you require any changes or clarifications.
3. Signing Appointment: Please contact us to schedule an appointment to sign your documents. Your appointees do not need to attend this appointment with you. They can contact us to sign their acceptances after you have signed your documents.

Legal Fees

Our legal fees for estate planning are as follows:

• Initial consultation (1 hour): $340 + GST
• Drafting
  • a Will: $220 + GST
  • a Power of Attorney: $125 + GST
  • an Enduring Guardian: $125 + GST

Total: For preparation of all documents $810 + GST

Additional costs: If other documents or additional consultations are required, we charge an hourly rate of $410 + GST per hour

Some important considerations

Guardian for Minor Children

If you have children under 18 years of age, it is important to nominate a guardian in your Will to look after them if both you and their other parent pass away. This person will be responsible for making important decisions about your children’s education, values, religion, health, and lifestyle. Please discuss this decision with the person you are considering for the role and ensure they are willing to act as the children’s guardian.

Identifying Assets

It is vital to identify both your assets, including property, business assets, cash, bank deposits, shares, valuables, and intellectual property, and liabilities such as credit cards or personal loans. You should complete the Bilson Law Estate Planning Workbook to ensure that when the time comes, your executor has a list of your assets and liabilities or knows where to find the details to ensure smoother management of your estate.

Joint Assets

If you own your property with another person, it is very important to know whether you own your share as joint tenants or tenants in common, as this will impact on the distribution of your estate. If your house is owned jointly as joint tenants, it will transfer to the other joint tenant upon your death and will not form part of your estate. If owned as tenants in common, your portion will form part of your estate. The same applies to joint bank accounts.

Superannuation

Superannuation is generally not part of your estate but is held by the trustee of your super fund. Ensure you have a binding nomination in place for each fund, identifying who you wish for your super to be distributed to and update it as required. You can nominate your legal representative as the beneficiary to have your super paid into your estate for potential tax advantages.

Family Provision Claim

An eligible person can make a family provision claim against your estate if you have not provided for them sufficiently. Eligible persons include your spouse, children, former spouse, dependents, and those in a close personal relationship with you at the time of your death. The Court considers various factors when determining a claim’s success. Ensure you contact us if you are concerned that someone might make a claim on your estate and we can assist you with how to best protect your estate.

Enduring Power of Attorney

An enduring Power of Attorney allows your appointed person to manage your financial affairs if you become incapable. Ensure you trust the person you appoint. Notify us if you have had a previous Power of Attorney to revoke it properly.

Enduring Guardian

An Enduring Guardian allows you to nominate a person to manage your lifestyle and health decisions if you lose capacity. We recommend preparing a medical Advanced Care Directive to be annexed to your Enduring Guardian. This ensures your ongoing care aligns with your wishes, especially in mental health considerations.

Trusts

A testamentary discretionary trust can hold your estate’s assets for your beneficiaries, allowing favourable tax treatment and protection from creditors or divorce. Consult your accountant or financial advisor if you think a testamentary trust might be useful.

Please feel free to contact us if you have any questions or need further assistance.

Contact

You can reach us in the following ways:

Email: info@bilsonlaw.com.au
Phone: 02 4339 0999
In-person: By appointment only, Monday to Friday, 8:30 AM – 5:00 PM.

Estate Planning To-Do List

Following our Initial Consultation, please review the following and complete any as may be applicable to your circumstances:

1. Superannuation

Obtain a Binding Death Nomination form from your superannuation fund.

Complete and submit the Binding Death Nomination form as instructed.

2. Potential Claims on Estate

Identify any person (e.g., an ex-partner/spouse) who may make a claim on your estate.

Prepare a statutory declaration addressing potential claims. For high-risk claims, please notify us so that we can provide you with specific advice.

3. Previous Legal Documents

Ensure that all previous documents, such as your previous Will or Power of Attorney are received from your previous solicitor.

Organise and keep all legal documents in one secure location, such as with your solicitor in safe custody.

4. Enduring Power of Attorney

Appoint a trusted person to manage your financial affairs if you become incapable.

Notify us to revoke any previous Power of Attorney properly.

5. Enduring Guardian

If you have particular preferences regarding medical treatment, prepare a medical Advanced Care Directive with your Doctor to be annexed to your Enduring Guardian.

6. Testamentary Trust

Consider the benefits of a testamentary discretionary trust for your beneficiaries.

Consult with your accountant or financial advisor about setting up a testamentary trust and contact us if you would like to proceed with a Trust.

7. Doctor letter regarding capacity

If you are over 70 and/or have any diagnosis or take medication that may impact your cognitive capacity, it is recommended that you obtain a letter from your Doctor to confirm that you have the requisite cognitive capacity to instruct us to prepare your documents for you.