Will lawyers Sydney deal with various issues relating to Wills and estate. A Will is a formal legal paper that specifies instructions for the deceased estates’ administration. Therefore drafting this legal paper is a crucial part of managing estate plans.
The person’s possessions, financial affairs and assets, estate, properties, and interests are all mentioned in the Will, or it may merely refer to a few specific items of the property. Beneficiaries are the people that may receive part of, or the entirety of, these assets or properties.
A legal Will must meet specific requirements in order for estate law to uphold it. Thus, reviewing a Will for compliance with state regulations is one of the key responsibilities of Wills and estate lawyers in Sydney. These legal professionals are extremely professional with legal paperwork, Will disputes, and other related matters.
Wills and Estate Lawyer: Contesting and Challenging a Will
A contested Will is one that has clauses or words that are questionable. The most common reason for Will contests or is when a beneficiary (or potential beneficiary) has issues with the provisions of a Will. For instance, a Will dispute could occur regarding:
- Whether a certain piece of property or estate should go to a particular person
- The sum of money distributed in the Will
- How the Will’s assets and property are distributed
- Classification of a piece of property or estate
In most contested Wills, estate litigation is necessary to settle the conflict with an estate planning lawyer. A lot of people often interchange contested Wills with challenged Wills, however, there is a big difference between the two. Challenged Wills are Wills that have their validity questioned. Usually, a beneficiary challenges a Will if it was made with the following:
- Undue influence
- Forced the testator (Will-maker) into making or changing a Will
- Forgery
- The testator didn’t have the testamentary capacity to write a Will
- Inconsistencies in the Will’s contents
- Incomplete content and provisions
It’s highly advised that people seek comprehensive legal advice from a Wills and estate lawyer in Sydney if they are planning to contest or challenge a Will. They can handle this process in a professional manner and ensure that no further legal affairs will arise.
Wills and Estate Lawyers Sydney: Common Will Disputes
Dealing with the death of a close one is difficult, and often this enormous loss can widen rifts and lead to legal issues with the deceased’s loved ones. A lot of families, beneficiaries, and even friends may fall into conflicts which may lead to Will contests and challenges. Here are some common Will conflicts that estate lawyers in Sydney may encounter:
- Conflicts regarding family heirlooms
- Disagreements on family land or property and how it is divided
- Conflicts involving an oral Will. This is not a valid Will because the testator must write down the contents of a Will.
- Will amendments or multiple Wills
Kinds of Wills
1. Simple Will
This is a straightforward document. People won’t always need legal services for simple Wills, but we advise you to speak with solicitors to avoid any troubles in the future. Although there are many free templates online like DIY Will kits, there is a great chance that these Will kits won’t qualify as legal Wills or valid Wills. Hence, it’s important to draft a Will with a Wills and estate lawyer in Sydney regardless of the level of complexity.
2. Testamentary Trust Will
A testamentary trust Will typically includes some or all of a testator’s assets put into a trust for their beneficiaries. Testators must also specify a trustee who will manage the trust in this kind of Will. This kind of Will is also useful for testators who don’t want their minor (under 18) children to inherit anything.
3. Joint Will
When two or more people sign a joint Will it serves as a separate Will for each signatory. In essence, spouses create these documents to ensure that the other spouse will receive their assets in the event that they pass away. This type of Will is difficult to deal with since it is fixed and the surviving spouse’s circumstances may change over time.
4. Living Will
Unlike the others, a living Will has nothing to do with how your possessions are distributed. A living Will is a document clearly stating what medical options a testator will choose in case of incapacitation. Testators may also choose a family member or friend to make medical choices on their behalf in the event that they are unable to.
What Should a Will Contain?
Personal Information
Testators should include their personal information like their full name, complete date of birth, exact address, and other personal data that may help in confirming their identity. Moreover, testators should include any alternate names they are using, their spouse’s name, and the names of their families in their estate plan.
Names of Executors and Trustees
Every Will should have an executor in a Will. They are responsible for carrying out Will’s wishes like handling the deceased’s financial affairs and distributing assets to intended beneficiaries. Executors may also seek probate for the Will if necessary. Land registries or banks may request a Will to undergo probate if they are holding the deceased’s property or remaining money.
Probate is the process of validating a Will. Wills and estate lawyers in Sydney and probate lawyers are experienced in drafting documents that are needed for probate to come through. They may also help people who need to apply for letters of administration. This legal document enables estate administration if there is no executor, if the deceased was unable to leave a Will.
Meanwhile, trustees are people or organisations that help manage the assets in a trust for the trust’s beneficiaries. Unlike an executor, a trustee’s duties begin upon the creation of a trust and may last for many years. Trustees are in charge of managing:
- Any assets held in the trust
- Filing necessary tax returns and
- Distributing the assets in accordance with the conditions of the trust
Wills and estate lawyers in Sydney may also act as executors and trustees for a Will. With their legal knowledge, they may prevent any person from challenging or contesting Wills.
List of Assets and Beneficiaries
Perhaps, this is the most important component of a Will since this states who will receive a testator’s assets. Beneficiaries can either be family members, friends, charities/organisations, businesses, and trusts. Testators should also include a contingent beneficiary in the event that the original beneficiary dies and is unable to receive his/her assets. Here are some commonly used assets in a Will:
- Remaining money/savings in bank accounts
- Family heirlooms
- Cars or other vehicles
- Pets
- Property
- Insurances
- Stocks, bonds, and mutual funds
- Business ownership
Names of Appointed Guardians
Testators who have children who may need guardianship or support may need to appoint legal guardians. Furthermore, testators may also want to name a guardian for other dependents like adult children/children with disabilities or senior citizens. The supreme court will appoint a guardian if the testators fail to do so.
Signatures
Testators will need to sign their Will along with two witnesses. The role of these witnesses is to ensure that the testator has the testamentary capacity to make a Will. A testator’s signature is strong proof that she/he has a valid Will. Any clauses or amendments should include the testator’s signature.
Our Wills and Estate Planning Lawyers In Sydney
It’s a stressful time to deal with Will conflicts, especially if the parties involved are family members and close friends. Hence, it’s important that disputed parties seek expert legal advice from JB Solicitors’ Will lawyers in Sydney. Estate law is closely associated with family law. Our lawyers specialise in estate planning where people can properly and legally draft their Will and make an estate plan such that it complies with state laws and regulations.
We can also ensure that a proper dispute resolution method is used throughout the legal process. Our mediators and arbitrators can handle family and financial affairs that went out of hand. The results of these methods ensure that the best interests of the clients are considered. Our legal fees come at a fixed price so clients are more confident in getting the best legal advice and positive outcomes.
Contact our experienced team of estate lawyers and probate lawyer in Sydney for estate planning, estate litigation, Wills. You can also view our blog page for more information on property law and commercial law.
