Will & Estate Planning Lawyers Northern Beaches
Estate planning goes beyond preparing a will and leaving it in a safe place. Our wills and estate planning lawyers will obtain relevant information from you efficiently so that we can advise you in relation to a will which is appropriate for your family circumstances and asset structure and value. We tailor our services and advise for the circumstances and needs of each client and provide options which are suitable to the client.
Other estate planning documents have equal importance to a will. These include Enduring Powers of Attorney, Appointments of Enduring Guardian, Superannuation death benefit nominations and advance care directives. We advise clients in relation to which estate planning documents are essential to ensure that their legal and financial affairs can be effectively managed in the event of incapacity and death and offer our clients packages which ensure effective legal documents which are appropriate to the client’s circumstances are executed in an efficient, cost effective and timely manner.
Preparing your Will
A will is a legal document that records how you would like your affairs to be dealt with after you die. It appoints an executor, responsible for administering your estate, and names your beneficiaries, those who will receive an inheritance.
Arguably, a will is one of the most important legal documents you can make. While you can make a will without obtaining legal advice, if the will is not correctly prepared, it can be deemed invalid by a court or have unintended consequences, which unfortunately will not be evident until after you die. An experienced estate lawyer can guide you in structuring your affairs to ensure your wishes are clear and to help protect the inheritance for your beneficiaries.
Reviewing your will regularly is critical to ensure the executors and beneficiaries named in it are still alive and that the will continues to reflect your wishes. Moving in with a partner, getting married, divorced, or separating are all major events and reasons to review your will. Major changes in your health or financial circumstances, or an unexpected windfall might also mean you should review your will.
While many wills between spouses or de facto partners are simple and straightforward, there can often be complications where there has been a second marriage and there are children of the first marriage who expect a share in their parent’s estate. Careful drafting of the will is necessary to balance the competing interests of the second spouse and the children of the first marriage.
Testamentary Trusts
If you have young children or vulnerable beneficiaries, a testamentary trust might be the right tool to help you look after them. As the name suggests, a testamentary trust is made under a will and begins at the death of the testator. Trusts enable you to financially support someone without giving them direct control of the assets. They can also help protect your estate from third party claims, ensuring that your assets are used to benefit those you love.
There can also be potential tax benefits of using a testamentary trust which you should discuss with a lawyer and accountant. As with all forms of estate planning, a testamentary trust is not right for everyone. The administration of a trust costs money each year that it operates. This includes annual tax and auditing costs and could also include the trustee’s professional fees. Our Northern Beaches wills and estate planning lawyers can help you decide whether your will including a testamentary trust is appropriate for your circumstances.
Powers of Attorney
A power of attorney is a legal document that enables you to appoint a trusted person (your attorney) to make certain financial and legal decisions on your behalf while you are still alive. You may want a power of attorney to operate for a temporary period, for example, while you are overseas or if you are in hospital and are not able to physically manage your own affairs.
Alternatively, you may want to prepare an enduring power of attorney in case you lose capacity and are not able to make your own decisions. A person who is worried about losing capacity as they grow older may, for instance, choose to nominate their partner, adult child, or friend to make certain legal and financial decisions.
If you do not make an enduring power of attorney and lose capacity to make your own decisions, there will be nobody with legal authority to manage your property and financial affairs, for example, your family may have difficulty accessing bank accounts to pay your bills. In such cases, a relative or somebody else may need to apply to have a financial manager appointed through the New South Wales Civil and Administrative Tribunal.
An enduring power of attorney gives a person considerable power over your life and, although attorneys must make decisions that are in your best interests, careful selection of your attorney is crucial. It is important to seek legal advice before entering into these arrangements.
Appointment of Enduring Guardian
An enduring guardian is a person appointed to make certain lifestyle and health decisions on your behalf when you are not capable of making them for yourself. The appointment of enduring guardian only comes into effect if you lose capacity.
Speak to a Northern Beaches Wills & Estate Planning Lawyer today.
If you need assistance, contact one of our lawyers at [email protected] or call 02 9949 4022 for expert legal advice.