Wills and Estate Lawyers
Wills and Estates
On this page, you’ll find general information about wills and estates. This area of law can be complex, and the details provided here are not intended to cover every situation or take your personal circumstances into account. As such, this information should not be considered legal advice. If you need tailored assistance, contact one of our wills and estates lawyers today on 0485 872 417 for professional legal advice.
Estate Planning
Estate planning involves reviewing your personal circumstances, the assets you own, and your wishes for how those assets will be managed and distributed after you pass away. It plays a vital role in ensuring your affairs are handled according to your intentions and can help protect your loved ones from unnecessary stress or conflict.
Through estate planning, you can:
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Minimize the risk of disputes after your death
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Determine how your estate will be distributed
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Establish testamentary trusts to manage your estate after you pass
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Create financial and medical powers of attorney
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Identify assets that can be transferred outside your will, such as superannuation
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Reduce any taxes payable through your estate
Our experienced estate lawyers provide clear, practical advice to help you structure your estate plan effectively. We work with you to reduce potential conflicts, protect your assets, and ensure your legacy reflects your wishes.
Will and Last Testament
Having a will is essential for anyone who owns assets or property, has a partner, dependents, or family members, cares for pets, or wishes to leave instructions for the guardianship of children. Without a valid will, your estate may not be distributed according to your wishes. Even worse, your loved ones could be left with the difficult task of managing an estate without guidance or facing the stress of a disputed inheritance.
A will allows you to clearly state how you want your property to be handled after you pass away. Wills and estates law governs how a will must be prepared, executed, and administered. If a will does not comply with these legal requirements, intended beneficiaries may miss out on their inheritance, and disputes could lead to lengthy and costly court proceedings. In many cases, the expenses from such disputes are paid from the estate itself.
Creating a valid and well-structured will gives you peace of mind, knowing you’ve done everything possible to protect your loved ones and ensure your wishes are carried out.
The complexity of a will depends on your circumstances and wishes. When preparing your will, it’s important:
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How many people you wish to leave your property to
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Whether you want to leave specific items to particular individuals
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Any debts or tax obligations that may exist when you pass away
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Your legal or moral obligations to provide for a family member or dependent
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The total value of the assets that make up your estate
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The potential costs of administering your estate after your death
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Whether you have complex arrangements, such as owning a business
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Whether you plan to distribute all your property outright or create a trust to ensure your assets continue to benefit your intended recipients in line with your wishes
Wills and Estates for Family Maintenance
Ordinarily, you have the freedom to give away your property to anyone you like. Under some circumstances, the law considers that a person has an obligation to provide for a family member or dependent in their Will. If provision is not made in a Will for such a person, then that person may be able to ask a Court to make provision for them out of the estate whether you like it or not. In some cases, the legal and or court costs for taking such an action can be high and these could be taken out of your estate.
Our wills and estates lawyers can assist you to create a Will that will honour what you want to happen to your property when you pass away and give you peace of mind knowing you’ve done everything you can for your loved ones. We can assist you with simple and complex wills and estates.
Will Basics
- Testator – A Testator is a person who is leaving the property in a Will. Sometimes a Testator is also known as a Will Maker.
- Beneficiary – A person or people that you nominate to receive some or all your property when you pass away. They are called a beneficiary as they will have the benefit of the property or trust provided for in the Will.
- Executor – After a person passes away, an Executor is a person who is responsible for finding and calling in all the property in the Will such as money in bank accounts, furniture, cars, houses etc. An Executor can be a family member, close friend, an acquaintance or a lawyer. Your Executor should be trustworthy, capable and willing to manage your Estate. An Executor will need to be able to interact with the beneficiaries. If you don’t believe you know anyone who can be your Executor contact us to determine if our estate lawyers can be the Executor of your Will. Having the right Executor to manage your affairs is another step to giving you peace of mind that your legacy is being handled according to your wishes.
- Trustee – After your property has been called in and collected by the Executor, the trustee then has the duty of distributing the property or managing the property. Often the Executor and Trustee named in a Will are the same person but this is not always the case.
Special Considerations
Wills can be a tricky. A lack of consideration of your circumstances or understanding of the laws that govern a Will could lead to complications. Some things to consider:
- If you own assets with other people, you may not be able to give away this property in your Will.
- If you have a business you may need to make special instruction in your Will. If you do not, the Executor or Trustee may be forced to sell the business or face personal liability.
- If you have superannuation, you should carefully consider if it can or should be passed through your Estate or a nomination. Without managing your superannuation, it may go to an unintended recipient. There are special laws for how your superannuation is distributed. There are both tax and debt considerations in how you deal with your superannuation.
- The law has default rules as to how the debt is to be paid from your Estate. This could disadvantage certain beneficiaries.
There are special rules that govern how a Will is to be drafted. If these rules are not followed, when the beneficiaries in your will can receive the property may be delayed. This could lead to disputes or your Will being invalid. Our wills and estates lawyers can guide you through the process of planning for your estate. Our aim is to give you the peace of mind that your legacy will be a positive lasting memory.
Contact Us for a Free Case Evaluation
If you feel that you are a victim, it’s important to take steps to protect your reputation. To schedule a free case evaluation, complete the form or contact us via chat or phone at 0485 872 417.