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VIC - Estates review

avatarLEAP
We are pleased to advise that thanks to some great feedback received from clients, a major review has been completed on the LEAP Estates matter types in Victoria. With changes made to data entry as well as more automation in the forms across all matter types, you will find these changes will help you run these matters with ease. Changes to Data Entry More data is now able to be captured in the matter including -
  • Deceased alias name
  • Multiple Codicils
  • Witness - ie witness to which document, Will and/or Codicil
  • Witness - Living/Deceased
  • More options in Asset Details and Asset Held Details
The following changes to the Asset Details and Asset Held Details tables –
  • Asset Type - previously there was a very limited choice for the type of asset held by the deceased. This list has been expanded so more information can be entered relevant to the type of Asset. This list has also been used for the Inventory to merge the Assets in an alphabetical list in the Inventory of Assets & Liabilities. For this reason the list is no longer editable by clients.
  • Extra fields for 'Interest' and 'Total' have been incorporated into this table. Note it is the 'Total' amount which will populate into the new Inventory of Assets and Liabilities (LL VIC EST 0206).
    • If you are merging an old version of the form ‘Inventory of Assets and Liabilities- Automated' (LL-VIC-EST-0074) these new fields will not be included in your figures. Note this will only be a problem if you have entered extra Assets on your matter and included information in the two extra fields noted above.
  • Description has not been changed and is the Description of the Asset that populates into your Inventory of Assets and Liabilities document.
  • Shared Property - this is for property that the deceased held with another party or parties. Once completed, the amount attributable to the deceased's share from the 'total' amount calculated on the General screen will be the figure entered on the Inventory of Assets and Liabilities.
Changes to Forms The following changes have been made to the forms under the LEAP Estates forms profile:
  • All forms are now available under every matter type and are automated to work with any of these matter types (Probate, Administration with Will Annexed and Letters of Administration);
  • In a Probate matter, the forms work with the client set as an Executor OR a Substitute Executor;
  • Documents are more comprehensive and cover different Executor types and combinations.
  • Full automation of the Inventory of Assets & Liabilities from this data being entered into the matter;
Please Note: If you have a matter where you have previously created the old Inventory of Assets and Liabilities (LL-VIC-EST-0074) and need to add new assets and liabilities, we recommend that you merge the new form of Inventory of Assets and Liabilities (LL-VIC-EST-0206) so that the new fields are included in your calculations. A new Matter Guide has been created and is available here for you to use. We trust that these changes will enhance the LEAP Estates matter types. Please contact us with any feedback and we will try and incorporate further changes to further develop this area of law.

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Blog Article: VIC - Estates review