Will lawyers are also referred to as estate planning lawyers or probate lawyers. These legal professionals specialise in helping individuals plan for the distribution of their assets in the event that they pass away. Will lawyers can help in several legal matters related to estate planning, probate, and trust administration. Some ways lawyers can assist include:
- Creating legal documents: Estate lawyers can help draft legal documents such as Wills, trusts, powers of attorney, and other estate planning tools to ensure that a person’s assets and deceased estates are distributed according to their wishes.
- Minimising estate taxes: An estate team of lawyers can provide advice on how to minimise estate taxes. This way, a minimised estate tax can preserve more of a person’s assets for their beneficiaries.
- Avoiding probate court: A wills and estates team of lawyers can advise on ways to avoid probate court, which can be time-consuming and expensive. This may include setting up living trusts or other estate planning tools.
- Resolving disputes out of court: In the event of a Will or trust dispute, an estate lawyer can provide legal guidance and represent clients in court. Lawyers often conduct mediation and arbitration should there be any legal matters that arise. Should legal matters still escalate, lawyers can represent their clients in order to protect their rights and best interests
- Assisting with estate administration: Will lawyers can assist with the administration of an estate after a person’s death. This may include providing guidance to executors and beneficiaries through the probate process and resolving any disputes that may arise.
The Beneficiaries of a Will
The beneficiaries of a Will are the individuals or organisations who the testator names in the Will to receive property or assets from the estate of the deceased person. The beneficiaries can be anyone that the Will-maker chooses to include in the Will, such as:
- Family members: This can include spouses, children, parents, siblings, and other relatives.
- Friends: The testator (Will-maker) may choose to name close friends as beneficiaries of the Will.
- Charities: The testator may choose to leave a portion of their estate to one or more charitable organisations.
- Other organisations: The testator may choose to leave a portion of their estate to other organisations, such as schools, churches, or community groups. Testators may include these organisations if they had a significant impact on the testator’s life.
How Can Lawyers Help With Appointing Beneficiaries?
Will lawyers can offer advice on how to prepare a Will so that the intended beneficiaries receive gifts and/or inheritances as planned. They can also offer suggestions on how to reduce the chances of potential Will contests (a family provision claim) and challenges. Some of the ways that lawyers can help ensure that the intended beneficiaries receive the benefits include:
- Structuring the Will that outlines the specific amount a beneficiary will receive. This can help reduce the likelihood of any disputes or challenges to the Will.
- Preventing and identifying potential challenges or contests. A lawyer can prevent these by setting up trusts and lodging no-contest clauses. Lawyers may also seek the advice of a professional to ensure that the testator has the mental or testamentary capacity to make such decisions
- Updating the Will in accordance with any changes in the testator’s life, relationships, and estate. A testator may decide to remove or add beneficiaries and other estates with the help of a lawyer.
Lawyers as Executors of a Will
The executor of a Will is the person or entity named in the Will who is responsible for administering the estate of the deceased person. Their role is extremely important since they have the duty to act in the best interests of the estate and the Will’s beneficiaries.
An executor must also be sound of mind and not have a criminal record. In some cases, testators may appoint a professional executor, such as Will lawyers, accountants, or a trusted person to administer the deceased estate. Hiring a lawyer as an executor of a Will can have several advantages, including:
- Legal services and expertise: A lawyer who has the experience of making an estate plan, and estate administration can provide valuable legal expertise. Lawyers have the legal knowledge in drafting a Will that adheres to the standards of estate law.
- Objectivity: A lawyer acting as an executor can provide an objective perspective in carrying out the instructions of the Will, and can help to prevent any disputes or conflicts among family members or beneficiaries.
- Reduced personal liability: The executor of a Will can be liable for any mistakes or errors made during the administration of the estate. By hiring Will lawyers as the executor, the personal liability of the family members or other beneficiaries can be reduced.
- Professionalism: A lawyer acting as an executor can provide a high level of professionalism in the handling of the estate. This can help to ensure that all legal and administrative requirements are met and up to date.
- Saving Time: The administration of an estate can be a time-consuming and complex process. By hiring Will lawyers as the executor, the family members and beneficiaries can save time and reduce the stress and burden of administering the estate themselves.
Read: Executor Not Communicating With Beneficiaries
What Is Probate?
Probate is the legal process that is used to administer the estate of a deceased person. The process involves several steps, which may vary depending on the state or territory in which the deceased person lived. In NSW, the Supreme Court of NSW handles the probate process. Generally, the executor must submit an application to the Supreme Court for a grant of probate.
This enables them to handle the administration of the deceased’s estate. The executor can gather and distribute the estate’s assets in accordance with the stipulations of the Will if probate is obtained. If there is no Will (dying intestate), the court will appoint an administrator to perform this role. The administrator will need to apply for Letters of Administration if this is the case.
JB Solicitors’ Will Lawyers and Estate Litigation
Each person must have a Will regardless of their wealth and social status. This allows people to have control over the distribution of their assets after their death. Moreover, even if a person’s assets are modest, disagreements can arise among family members over the distribution of assets.
Wills can also aid in making provisions for children who need legal guardians and financial support. This legal document can provide peace of mind and ensure that someone they trust take care of the children. At JB Solicitors, our succession planning lawyers understand how much Will-makers value their assets, estate, beneficiaries, and children.
Our team of Wills and estates lawyers can guide Will-makers on their best options for estate administration no matter how complex their estate is. We also have mediation and arbitration services if disputed parties want to resolve their legal matters out of court.
Contact one of our leading Wills and estates lawyer today.
