Creating a Will and estate planning shouldn’t be something you ignore. Aside from making sure that your money is safe, it’s also a way to obtain peace of mind. If you’re in Sydney, you’re in luck because you can easily find the ideal law firm that can help you with processing your Willand making sure that your estates are in the right hands, even if something unexpected happens.
While you can find online resources and templates on how to create a will, finding the ideal law firm in Sydney is recommended, so that they can guide you through everything. At the same time, if you work with a qualified lawyer for your will, you can guarantee that it’s valid and tailored to your current situation.
If you’re unfamiliar with the structure of a will, it basically outlines all your assets, including how they’ll be distributed, how they are currently being managed (and who’s managing them), and the names of your spouse, children, and other eligible beneficiaries. And if you want your Will to be valid, in Australia, it should be written, signed, and have two witnesses in the presence of a qualified lawyer.
But in some cases, some individuals don’t prioritise making their wills. In this article, we’ll discuss some of the reasons why legal guidance matters, specifically in making wills and estate planning.
1. They Understand the Complex NSW Estate Laws
In Sydney, creating a Will is a complex process. So, even if you look for templates online, it won’t work unless you have a clear understanding of the complex NSW Estate Law. This law states, specifically under the Succession Act 2006, that a qualified lawyer must ensure your documents, such as probate, wills, and inheritance, comply to avoid challenges along the way.
In addition, they are knowledgeable enough about the national and local laws and can guide you through the whole process. Even if you have a complicated situation, which may include an extended or blended family, properties from a far location, and various business interests.
2. They Tailor Plans to Your Unique Situations
As mentioned, an individual can have unique circumstances, so a qualified lawyer can guide you based on the financial and personal situation you’re currently in. This can prevent you from sticking to a DIY will. Specifically, a law firm in Sydney can set up trusts for minors or dependants, protect business assets, ensure a smooth transfer of insurance benefits, and manage blended family confusions.
When it comes to comprehensive estate planning, it usually includes a will, superannuation nominations, enduring guardianship, and enduring power of attorney. And if there’s no proper estate planning, the properties and other things owned by the testator will default under the Succession Act 2006.
3. They Help Avoid Costly Mistakes
A valid Will comes with a lot of requirements. It should have updated information, proper witnesses, and clear instructions. These and any other things can invalidate a Will. So, if you don’t want to put all your efforts in vain, it’s best if you can get professional advice. As mentioned, you can find a lot of law firms in Sydney depending on your needs. And since you need to plan your estate and create a Will, you should make sure to hire someone who specialises in the said field.
When it comes to estate planning, expect tax implications. Although Australia doesn’t have an established inheritance or estate tax, there’s still the Capital Gains Tax (CGT) that can be triggered when a property has been transferred.
4. They Keep Your Estate Plan Updated
Life often changes; it can be about properties, career, family, and financial status. These factors can significantly affect your estate plan. So, if you finally found the ideal law firm in Sydney, don’t forget to update them about the changes in your life, even if it’s just a small one.
If you often update your Will, you’re also making sure that there will be no stress, family misunderstandings, and all relationships will be protected during the difficult times. Besides, losing someone can have a huge impact on someone’s life, and it can even damage their emotional state if they need to face more problems.
5. They Support Your Loved Ones During Probate
Once the testator passes, it’s the duty of the executor to apply for probate. This is the legal process to confirm the Will is valid. Since this is their responsibility, the beneficiaries won’t have to do anything for the whole process. Instead, they’ll just have to wait until the Will has been validated.
When planning the Will and estate, the testator is given options and provided with the different impacts depending on the things they choose. Fortunately, with the help of a legal professional, the risks of making mistakes can be significantly reduced.
Final Thoughts
Estate planning and creating a Will can be one of the things that people wouldn’t want to discuss. However, it’s also one of the most important things that can help family members to strive after experiencing something unfortunate. With the help of a reliable legal team, it’s easier to manage your estate planning, and creating a Will can be like making any other document.