Whilst a Will is an important part of any good Estate Plan, the practice of Estate Planning involves much more.
Estate Planning is a holistic approach to preparing a succession plan. It is the practice of making sure you have suitably tailored arrangements in place to ensure that all your testamentary wishes are captured and a transition plan is implemented for all of your assets (however owned). Estate planning involves planning not only for death but also for the possibility of legal incapacity before death.
Estate Administration is the process of administering and finalising the estate of a deceased person.
It may include the process of obtaining a Grant of Probate /Letters of Administration and will involve steps such as attending to accounting and taxation requirements, identifying and settling debts and liabilities, identifying and collecting assets and seeing to the transfer of property and assets to beneficiaries in a timely manner.
Litigation over the estate of a loved one can arise for a number of different reasons. It may be as a result of a concern as to the validity of the Will itself or because someone feels that they have not been provided for sufficiently in the deceased’s last Will. It may also arise due to promises or arrangements the deceased person entered into or made during their lifetime. Depending on whether you are an Executor, a beneficiary or a potential beneficiary, estate ligation can involve the process of bringing a challenge against the Will/Estate or alternatively it could be defending such a claim or challenge.