Wills & Estate Planning Lawyers Sydney

An effective estate plan typically requires more than preparing a valid Will. Estate planning considers various aspects of your life – your financial circumstances, your health, and your family dynamics. In addition to preparing for the inevitable, an effective estate plan will also contemplate how your affairs should be managed if you lack capacity in the future, and the different legal structures that can help protect assets and maximise wealth.

If you need an experienced estate plannng lawyer in Sydney that is also affordable, contact Richard without delay. Our wills and estate solicitors are available to assist clients across the Sydney CBD, Metropolitan areas, and Regional New South Wales

Making a Valid Will

A valid Will determines how your property should be divided amongst your beneficiaries when you die, and who will be responsible for finalising your affairs (your executor/s).

A Will can be simple or complex and can also appoint guardians for minor children and provide directions for funeral arrangements. It should provide clear instructions for your executors to follow and certainty for those you leave behind. Your Will should minimise the risk of estate disputes wherever possible and may also use strategies for the most tax-effective distribution of assets to your beneficiaries.

Using a lawyer to help prepare your Will can make a significant difference to ensuring your testamentary wishes are properly and validly expressed, protecting your hard-earned assets, and avoiding many of the pitfalls of DIY estate planning.

Do I need a Testamentary Trust?

When planning your estate, there are steps you can take to help protect assets for future generations. A testamentary trust is made under a Will and begins at the death of the testator.

You might set up a discretionary testamentary trust because you want your assets to be distributed among your family members in the most tax-effective way. However, a testamentary trust can also be used to protect beneficiaries. For example, if you die leaving minor children, a testamentary trust might be the right tool to help you look after them by financially supporting them without giving them direct control of the assets. Testamentary trusts can also be helpful if you are worried about a beneficiary who is likely to misspend an inheritance due to issues with gambling or drugs. In that case, you can use a testamentary trust to ensure that this person’s basic needs are met, while not allowing them to fritter away capital.

As with all forms of estate planning, a testamentary trust is not right for everyone. It costs money to administer a trust and they must be managed properly to achieve their objectives. Our wills and estate planning lawyers in Sydney can help you decide whether a testamentary trust is right for your circumstances.

Powers of Attorney

A Power of Attorney is a legal document authorising somebody you trust, such as a friend or family member, to act on your behalf with respect to certain matters. This person is known as your attorney. Your attorney can act for you if, for example, you are overseas, suffer poor health or have an accident, or reach an age when you need greater assistance with financial matters. Knowing you have an attorney to act for you when you need it can give you peace of mind but requires careful consideration. We can explain the various options for structuring your power of attorney so you can make an informed decision and have documents prepared that are tailored to your needs.

Enduring Guardianship

An Enduring Guardian is a person you appoint to make decision about your health and lifestyle in the event you are incapacitated. This could be due to a temporary or permanent loss of decision-making ability from an illness, injury or disability – this could happen at any time in your life.

Your enduring guardian will only start making decision for you when you cannot. This will usually need to be supported by a health professional, such as a doctor or specialist.

The appointment continues for as long as you need it unless you revoke or cancel it while you have mental capacity, your enduring guardian resigns from the role, dies, or is unable to carry out the role, the appointment is changed or revoked by the NSW Civil and Administrative Tribunal (Guardianship Division) (NCAT) or the Supreme Court.

The kinds of decisions an enduring guardian can make on your behalf includes where you live and services you may receive, healthcare, medical, and dental treatment you receive, consult on decision during your end-of-life stage and advance care plans.

They cannot make decisions about your money, this can only be done if you appoint someone or the same person who is your enduring guardian as your Enduring Power of Attorney.

Estate Administration

After a person dies, someone needs to look after their property and finalise their affairs. The administration of an estate is carried out by the executor/s appointed in the deceased person’s Will, or if the deceased died without a Will, an administrator is appointed by the court.

Before administering an estate, an executor may need to apply to the Supreme Court for a grant of probate. Probate is the court’s acknowledgement that the deceased’s Will is valid and authorises the executor to deal with the estate assets and distribute them according to the Will. In the case of a person who dies without a Will (intestate), a family member will usually need to apply to the Supreme Court for letters of administration before the estate can be distributed and finalised.

Obtaining probate for a deceased estate may not be necessary in all cases. This typically depends on the type of assets held, their value and who holds the assets. For example, most financial institutions will require a grant of probate to release funds over a specified amount. If you are an executor, our wills and estate planning lawyers in Sydney can advise whether it is recommended or necessary to obtain probate in your circumstances and assist you with the process.

If you are a family member of somebody who has died without leaving a Will, our Sydney estate lawyers can guide you through the process of applying for Letters of Administration.

Executors’ Responsibilities

Executors (or administrators) have many responsibilities which typically include:

• Locating the Will, or conducting searches for a Will
• Arranging for the death certificate
• Making funeral arrangements
• Identifying and protecting assets
• Applying for a grant of probate or letters of administration
• contacting the deceased’s account providers and notifying government authorities
• liaising with financial institutions, agents, accountants, etc.
• paying estate debts and gathering funds from accounts
• distributing assets and transferring property to beneficiaries

Sometimes, executors need to deal with matters that are outside of their usual areas of expertise. For example, they may need to consider the order of payment of debts, or deal with an estate dispute or family provision claim. Our Sydney estate planning lawyers can help you through the legal process, providing advice and guidance so you can carry out your duties and administer the estate as smoothly and efficiently as possible.

Speak to a Sydney estate planning lawyer today

Call Richard McDonald of McDonald Law on 02 8824 4736 or email us for an appointment at [email protected]. Our wills and estate planning lawyers in Sydney will be able to assist you, provide honest feedback, and give you practical options to plan, prepare and resolve your case.