Wills and estates lawyers help parties with drafting Wills, conducting estate planning, appointing enduring guardians or Powers of Attorney. They carry out many important tasks in relation to estate administration once the Will-maker has passed away. In this blog, we will explore the importance of Wills and Estate Lawyers in Sydney.
Do I Have to Draft a Will?
People often avoid bringing this topic. Naturally, it is human nature to feel queasy to think about your own demise. Many find it uncomfortable to talk about Wills. However, it is important to realise that it is one of the most important legal documents in a person’s life.
For someone who has certain property to their name, and savings in bank accounts, Wills provide a sort of guarantee. A Will-maker can decide who should get which part of their estate once they pass away.
Moreover, many people have inheritances from their ancestors in the form of heirlooms and other specific gifts. It is important to decide who will get these heirlooms once the person who is presently in possession of it passes away.
This is why it is extremely important to draft a Will. Now, testators must write legally valid Wills. This is where Wills and Estates lawyers play a vital role. They are aware of the prevalent state laws in any given region. With their knowledge and experience, they can assist testators to prepare a legally valid, clear and extensive Will.
It is important to state your wishes clearly. If not, there are high chances of conflicts arising between beneficiaries of a Will after the testator passes away. Beneficiaries may claim more portions of the estate and they may dispute with each other if the Will does not make clear provisions.
What Should I Include in My Will?
The contents of the Will depends on whether you are preparing a Simple Will, or a Complex Will. To read an overview of the differences between the two, click here to view our blog. In a Simple Will, the testator needs to include certain basic information including the name of the executor and beneficiaries, what you wish to leave for each beneficiary, name of a guardian if you have minor children etc,
On the other hand, a Complex Will, can include certain more information. These Wills could be applicable for persons who have had more than one marriages, and therefore, multiple beneficiaries for their estate and property. Moreover, some parties may have assets in the form of stocks, foreign investment or even cryptocurrency.
For such situations, it is better to prepare a Complex Will. It will include information about various beneficiaries, including detailed information on who will get how much portion of the estate. The Will-maker should clearly specify their intentions and wishes. Our Wills and Estates Lawyers can assess your situation and help you figure out whether you will require a Simple or a Complex Will.
How Can Wills and Estates Lawyers Help Me?
In this section, we explore the importance of Will and Estate Planning solicitors. They play a vital role when it comes to estate planning. Given below are some ways in which lawyers can help you out.
1. Wills and Estate Planning
As mentioned above, drafting a Will is complicated. Expert lawyers can help with this complex procedure. Moreover, they can assist with estate planning. Estate planning is a long procedure and it includes identifying ways in which you can protect your assets, considering tax obligations and minimisations, and reducing the potential of claims against the estate.
2. Advising on Power of Attorney
Wills and Estates Lawyers Sydney can inform you about the different types of Power of Attorney including Enduring Power of Attorney and General Power of Attorney. Depending on the financial affairs and estate of the party, they may require a certain kind of Power of Attorney.
3. Grant of Probate application
Executors have to make an application to the Supreme Court for the Grant of Probate. Once the court grants probate, the executor can proceed with the administration of estate. Solicitors can help executors with such applications.
4. Letters of Administration
Probate is applicable in cases where the deceased left a valid Will. Often, parties pass away without writing legally valid Wills. In such cases, i.e. in case they have died intestate (without a Will), parties will need to apply for Letters of Administration to be able to legally manage the deceased’s estate.
Solicitors can help relatives or friends of the deceased with applications for Letters of Administration.
Contact JB Solicitors’ Wills and Estates Lawyers Sydney
As this article has explored, it is important to employ the services of lawyers if you are in the process of making a Will. Importantly, after the death of a loved one, the beneficiaries and executor/s of the Will also have to complete many legal processes.
These solicitors are experienced in dealing with a variety of matters. At JB Solicitors, our team of Wills and Estates Lawyers Sydney are well-versed with the law that is prevalent in various states and jurisdictions of Australia. Moreover, we offer fixed-fee prices for our services to give our clients a clear sense of the costs from the get-go.
Contact us if you have any enquiries.