Our speaker on Monday Martin Craig has been a solicitor since 1981 and has worked for governments and corporations in Australia and overseas.His main work is in the area of estate planning advice. He tries to provide practical, useful and informative advice.
To the audience’s surprise Martin advised that 47% of people in Australia die without a will. This is referred to as dying intestate. Fortunately, there are legislative provision to manage this scenario. Where there is no will “letters of administration” are needed to manage the process. Having a will does provide some certainty over the managing of a deceased’s estate and also some flexibility. When there is a will or the “letter of administration “process has been used, then probate can be applied for so that the deceased’s estate can be distributed.
Trust funds are also an option and these can provide some financial certainty for the beneficiaries. Recent taxation changes may impact this situation.Wills can be complicated if there is more than one spouse, several children from multiple marriages and a diverse range of assets. Finally, Martin advised in recent years there has been a large increase in probate filing fees – a matter to be aware of.
Many thanks to Martin for an informative presentation and also that he made himself available at very short notice.
