Wills and estate lawyers Sydney typically help if there are disputes regarding Wills and estate plans. Wills are legal documents that set out the Will-maker’s (testator) wishes and intentions for beneficiaries. Meanwhile, estate planning is more of a requirement before finalising a Will.
Simply, an estate plan sets out what to put in a Will, while the Will is the final document. Regardless of social status, it’s important to have a Will since it dictates how to distribute assets and properties. This also gives the testator peace of mind since he/she knows that his intentions and wishes are properly fulfilled.
However, this is not always the case. Beneficiaries and other people may make claims where they think that they should receive more (contesting a Will). These people may also file a claim because they are questioning the Will’s validity (challenging a Will). Wills and estate lawyers in Sydney can aid in these kinds of matters through the use of their expertise.
How Do Wills and Estate Lawyers Sydney Help?
Wills and estate lawyers in Sydney are licensed professionals who understand the state and federal laws about Wills and estates. They also know how an estate is inventoried, valued, dispersed, and taxed after a testator’s death. They can also assist with the following:
- Making a Will
- Choosing beneficiaries
- Making a medical durable power of attorney and general durable power of attorney
- Find ways to reduce or avoid estate tax.
- Finding alternatives to the probate court process
- Creating trusts that can protect assets, both for the testator’s benefit and for beneficiaries
- Developing a customised estate plan based on the client’s specific needs
- Providing the most valuable legal advice for a situation
- Ensures that the client’s decisions are legal and enforceable
- Working with a specialist who can help out with questions, clarifications, changes, and updates to a person’s Will.
- Finding a will in the online registry
Wills and estate lawyers in Sydney often charge a fixed fee for creating legal Wills and durable powers of attorney. These lawyers can also help anyone with a power of attorney to navigate the probate process for the deceased’s estate.
Probate is the process where the court validates a Will and turns it into a public document. No one is capable of knowing when a person will pass away, but what they can do is plan beforehand. Below are some reasons why it’s important to seek legal advice from Wills and Estate lawyers in Sydney.
Upholding Wishes
People are confident that they will always be in a position to control their finances and property. However, many things are unpredictable. What happens if you are no longer in control of your assets and estate? What if people don’t prepare a Will on time? When a person dies intestate, the government handles the deceased’s property and finances.
People dying intestate means they won’t get to distribute their assets and properties the way they want to. That reason alone should prompt a person to write a Will, whether it’s a simple or complex Will. Additionally, lawyers can assist in making legally binding Wills that set out wishes like:
- Determining who will manage the estate (Executors)
- Deciding who will receive assets and who won’t
- Appointing people to act as guardians for children
- Providing a home for pets
- Deciding who will have access to digital assets (Social media accounts, digital files, etc.) and how to handle them
- Leave a legacy (give financial help to organisations, groups, etc.)
- Providing funeral instructions (cremation, aquamation, burial)
Take Away the Hassles
Indeed, one obvious aspect of estate planning is determining who gets what and which assets go to which heirs. It’s also risky to write a valid Will alone without any help as this can result in large consequences. Thus, Wills and estate lawyers in Sydney can properly plan out estates and eliminate hassles on the testator’s end.
People would not want their loved ones to have their Will undergo probate due to its lengthy and complex process. Wills and estate lawyers in Sydney can also use a trust to avoid probate. A trust is a fiduciary arrangement in which third parties or trustees hold assets on behalf of beneficiaries.
Preserve Assets
Another essential factor of estate planning is preserving an estate’s full value. For instance, testators can leave assets to their child or grandchild if they want them to have their entire assets. However, this is not always the case; estate taxes can take a significant portion of the overall value of your assets.
This may result in leaving heirs with less than what testators had hoped for. Another essential factor of estate planning is preserving an estate’s full value. For instance, testators can leave assets to their child or grandchild if they want them to have their entire assets. However, this is not always the case.
Estate taxes can take a significant portion of the overall value of a person’s assets. This may result in leaving heirs with less than what testators had hoped for. Tax planning can assist testators in removing onerous burdens, ensuring that intended beneficiaries receive the most value from their inherited assets.
Validate DIY Will Kits
Some people may opt to take the easy way out and use a DIY Will kit just to save money. DIY Will kits are available online and are free to use. However, these kits are not legally binding and may result in heavy consequences and further costs.
This may also affect family relationships and potential beneficiaries contesting or challenging a Will. If clients used DIY Will kits to prepare their Wills,, Wills and estate lawyers in Sydney can still improve them and make them more legally binding,
Seeking Legal Advice With Our Wills and Estate Lawyers Sydney
Seeking legal advice from a lawyer is the best option when one is writing, contesting, or challenging a Will. Having a Will provides the testator’s family assistance, especially when the family is financially dependent. Moreover, having a valid Will prevent these family members from ever contesting or challenging the Will.
JB Solicitors has experienced wills and estate lawyers that can help with legal matters about Wills and estate planning. We ensure that our clients get the best legal advice that adheres to their needs. Need to draft a Will that follows all state laws and regulations? Our lawyers can also assist with writing legally binding Wills to prevent Will contests or challenges.
Contact our Wills and estate lawyers Sydney today.
