Estate lawyers in Sydney are solicitors that help with a person’s estate planning. While it’s difficult to talk about estate planning, it’s better for people to have a concrete Will and estate plan. Will-makers wouldn’t want their families and beneficiaries to undergo the probate process after their death.
Estate lawyers in Sydney are also experienced in the laws and legislations about Wills and Estate planning. Hence, it’s beneficial for Will-makers to hire them if they want their property and assets to be in order. Furthermore, estate planning lawyers in Sydney can provide legal advice about estate plans and Will making. This article will discuss the benefits of hiring estate lawyers in Sydney.
Estate Lawyers Sydney: Understanding Estate Planning
It’s essential for people to plan their estate before their passing. Estate planning will also avoid taxes and ensure the proper distribution of funds and assets. Estate is anything that a person owns including their:
- Home;
- Property;
- Vehicles;
- Investments;
- Cash;
- Insurances; and
- Any other relevant possessions.
There’s a difference between an estate plan and a Will. Estate planning is essentially a plan of action for asset distribution that may apply during or after a person’s life. On the other hand, a Will dictates what beneficiaries will receive after a person passes away.
Beneficiaries are the people listed in a Will that will inherit these items. Importantly, estate lawyers in Sydney can also draft a Will that explains a person’s wishes and intentions. Below are what estate lawyers in Sydney can help with.
Proper Asset Distribution
When a person dies without a Will (dying intestate), it results in courts distributing their assets without the deceased’s knowledge. This might result in families and potential beneficiaries falling into dispute and opting for court proceedings. Dying intestate can also result in loved ones applying for estate administration.
Moreover, if a person dies intestate, they cannot outline their desires for the distribution of their assets and properties. An estate plan can properly set out asset distribution according to a person’s liking. Estate lawyers in Sydney can help in the proper distribution of a person’s assets.
Security Of A Family’s Future
Estate planning can secure a family’s future and allows a deceased’s family peace of mind. Estate planning can also help people appoint guardians and plans for their children. People opting for estate planning can also dictate who will inherit their finances. Estate lawyers in Sydney also value the security of a person’s family and children. Therefore, they can aid in protecting their best interests.
Reduce Tax Liabilities
Even after someone’s death, their beneficiaries are required to pay taxes on assets. Some of these assets may include income tax, Capital Gains Tax, and superannuation death benefits. Estate lawyers in Sydney can help reduce tax and leave the best and the most amount of assets to beneficiaries. They can work with MoneySmart that manages the finances and debt reductions of Australians.
Key Steps In Estate Planning
1. Writing A Will
A comprehensive estate plan can be written in a Will. Wills are legal documents that set out the estate plan according to the Will-maker’s interests. While there are DIY Will kits available online, it’s advisable to contact a solicitor when drafting a Will. Because solicitors have experience in Will making, they can prevent Will disputes in the future.
2. Appointing A Power Of Attorney
Making legal decisions can be difficult without the help of a lawyer. Hence, this legal document allows someone to have legal authority over their affairs. These people will make legal decisions regarding a Will-maker’s bank accounts or the buying and selling of their property. Here are common types of power of attorneys:
- General power of attorney – These people make financial and legal decisions for a Will-maker for a specific timeframe. For instance, if the Will-maker is on vacation overseas. Their responsibility stops once that timeframe ends or if the Will-maker loses the capacity to make personal decisions
- Enduring power of attorney – As mentioned, Will-makers may lose the capacity to make decisions for themselves. An enduring power of attorney can take over with financial and legal decisions.
- Medical power of attorney – These people can make decisions about medical treatments. For example, if they get diagnosed with a severe mental disorder.
3. Nominating A Beneficiary For A Super
Superannuation or ‘super’ is money that a person receives when they retire. The Will-maker’s employer holds the super. Unlike other assets, superannuation does not form part of a person’s estate or Will. Also, Will-makers can nominate who will receive the super through two types of death benefit nominations.
Lapsing nominations generally last for three years. On the other hand, non-lapsing nominations stay in place until the Will-maker dies. Will-makers should review their nomination options with estate lawyers in Sydney.
4. Review Estate Plans And Life Insurances
It’s important to regularly update an estate plan, especially if there are changes to financial and family matters. These changes may include a new job, marriage, children, divorce, retirement, or the death of a spouse or a dependent.
Will-makers should also ensure that their insurance can cover their income, their family’s lifestyle, and any relevant debts. Furthermore, WIll-makers should specifically nominate Insurance beneficiaries. Estate planning lawyers in Sydney can review estate plans and life insurance regularly for a Will-maker.
Our Estate Lawyers In Sydney
Estate planning will require a lot of reviewing and updating from a Will-maker. Moreover, Will-makers should be careful about who they appoint as dependents, beneficiaries, or powers of attorneys. After all, a person will want to have their assets distributed to the proper people without hassles.
JB Solicitors have estate lawyers in Sydney who can guide Will-makers on various options that can benefit them. With our team’s experience, we can provide legal advice tailored to your best interests in estate planning. This ensures that you avoid any legal disputes in relation to your estate plans and your final Will.
Contact our estate lawyers in Sydney today.
