Estate planning lawyers Sydney help Will-makers (testators) plan out their estate. These legal professionals draft a plan that will dictate how to take care of testators’ estates. Indeed, people must preserve and manage their property and assets should they face the unexpected. It is important to have knowledge regarding estate law.
Think of an estate plan as the draft of what a person will soon write in his/her Will. These plans help loved ones and potential beneficiaries to receive property and assets without disputes. It’s important to plan one’s estate with estate lawyers in Sydney law firm as they also make sure that it is legally binding. This prevents other people from possibly contesting or challenging their Will that leads to disputed estates.
People often contest a Will if they believe that they should receive more than what the Will provides them. On the other hand, people challenge a Will if they question its validity. For instance, if people believe that the testator was mentally ill, thus making inconsistencies in his/her Will’s contents. This article will let you know how estate lawyers in Sydney can prevent these disputes.
What Is An Estate Plan?
This is a legal document that outlines how to distribute a person’s assets and properties in the event that they pass away. Estate planning documents may consist of cars, homes, bank accounts, investments, insurance, furniture, or personal items. Each and every one of these items must receive proper attention in an estate plan. Moreover, the plan must specify clear instructions on how to distribute them to intended beneficiaries.
Testators may also want to donate some of their assets and remaining money to organisations that helped them in their lifetime. Some people may think that doing this will involve writing it down on a piece of paper and affixing their signature on the bottom. However, there’s more to proper estate planning than what meets the eye. Family business structures need to be taken into consideration.
Courts will naturally require taxes, legal fees, and court costs. Furthermore, testators may also want to avoid giving some parties in the family some of their assets and properties. Hence, it’s important for testators to consult with estate planning lawyers Sydney so they can help with:
- Adding exact and fair percentages of asset and property shares according to their liking
- Laying out instructions on what to do in case they develop physical or mental disabilities
- Set out arrangements for financial affairs like how insurance can help in the event of an accident or serious illnesses
- Transferring business or land titles in case they pass away
- Appointing guardians for children
- Providing special needs and support
- Minimising taxes, court costs, and other legal fees that may seem unnecessary.
The Importance of Estate Planning Lawyers Sydney
Knowledge About State Laws and Regulations
Estate planning lawyers Sydney are very much knowledgeable about updates and changes in state laws and regulations regarding estate planning. It’s not okay to assume that making an Will is a one-time thing. Best estate planning lawyers Sydney will inform their clients if there are any changes in tax that may also affect the value of their client’s properties.
Ability to Update Estate Plans and Wills
It’s also important to know that estate planning is an ongoing process. For instance, there may be changes in a testator’s circumstances regarding his/her family business or marriage. This may lead to adding or removing beneficiaries according to the testator’s preference. They may also update an estate plan if there are any changes like:
- Divorces or death of a spouse
- Disinheriting a child
- Major purchases such as property
- Retirement plans
- Child support arrangements for newborn babies
Avoiding Lengthy Probate Procedures With Estate Planning Lawyers Sydney
The probate procedure evaluates the deceased’s estate and Will which results in the distribution of assets to rightful heirs. While this is effective, this procedure is time-consuming and expensive. The public can also view a Will if it successfully went through probate.
Surely testators also don’t want their loved ones to have the responsibility to have their Will undergo probate. This includes them applying letters of administration. The probate process only keeps assets from beneficiaries for long months while courts authenticate a Will. Here are ways estate planning lawyers in Sydney can help in avoiding probate.
1. Help in Naming Beneficiaries For Accounts
It’s important to review the beneficiaries’ names under a testator’s savings or retirement accounts. This clearly results in an inheritance line of who gets what and how much each beneficiary is going to get.
2. Aid in Writing a Living Trust
Trusts ensure that assets are safe and managed while testators are still alive. Estate planning lawyers Sydney can help testators write a living trust and appoint them as legal advisors and trustees at the same time. Since testators can still dictate what happens to their assets and properties, courts won’t have to authenticate a Will through probate.
3. Aid in Naming a Surviving Property Owner
Many testators name a person to jointly own their property to avoid probate. For instance, testators name their spouses as the other property owner in their estate. Estates won’t generally include a joint property if the other property owner is still alive. However, this circumstance may change if there is a divorce. Thus, it’s best to consult with estate planning lawyers on matters like who to name as the other property owner.
4. Prevent Family Disputes
Estate planning lawyers are well-known for their ability to prevent family disputes when it comes to property or asset distribution. Testators who may have entered into two or more marriages may find this difficult. Family members and may fall into dispute and make family provision claims regardless of the size and value of the testator’s assets and properties.
Testators may then want to sort these things through a family meeting and note down their likes and dislikes. Indeed, not all the time parties will agree on arrangements about inheritances in these family meetings. Hence, testators may consult with a property law and family law firm like JB Solicitors’ estate planning lawyers in Sydney to draft a comprehensive and credible estate plan.
Our estate planning lawyers are experienced in drafting estate plans that follow the testator’s best wishes and intentions. We know the importance of the client’s estate and beneficiaries, so we only give the best legal advice to ensure that everything is in order. Our fixed fees can also aid testators who want to get the most affordable, and best services for their estate plan.
Contact our family law firm and speak to a estate planning lawyer Sydney today for your estate planning matters.