Estate Lawyers Sydney: What They Do And Why You Need One

Estate lawyers in Sydney are solicitors that help with a person's estate planning. Many leading estate lawyers in Sydney are accredited specialists, recognised for their expertise and experience in estate law. While it's difficult to talk about estate planning, people should have a concrete Will and estate plan. Will-makers wouldn't want their families and beneficiaries to undergo the probate process after their death.

So why hire such lawyers? These professionals are experienced in the laws and legislation about Wills and estate planning. They offer a comprehensive range of legal services, including Will drafting, estate administration, trusts, powers of attorney, and contested estate disputes. These legal services are provided in accordance with NSW law and are available to Sydney residents.

As an Australian resident, whether you're in Sydney or not, it is crucial to have a valid Will that follows your best wishes. With all the services of an estate lawyer mentioned above, it's a no-brainer to hire one for yourself! They can arrange your property and assets for your beneficiaries. These lawyers have a proven track record and commitment to achieving successful outcomes for clients.

So, are you ready to receive their legal advice about estate plans and Will-making, or do you want to know more?

Estate Lawyers Sydney: How Does Estate Planning Work?

It's essential for people to plan their estate before their passing. Estate planning will also avoid taxes and ensure the proper distribution of funds and assets. It also involves managing both personal and financial affairs to ensure assets are protected and distributed according to the individual's wishes. So, what is in an estate plan? This can include your:

• Home;
• Property;
• Vehicles;
• Investments;
• Cash;
• Insurance; and
• Any other relevant possessions.

Beneficiaries are the people listed in a Will that will inherit these items. An experienced lawyer can offer expert advice on how to distribute these items to the beneficiaries, Enduring Powers of Attorney, and Enduring Guardianship.

Aside from this, let's explore what estate lawyers in Sydney can help with.

Proper Asset Distribution in the Absence of a Will

Yes, some people die without a Will, and one can only imagine how much stress it can cause on the deceased's family. When a person dies without a Will (dying intestate), it results in courts distributing their assets without the deceased's knowledge. Without a valid Will, the laws of intestacy in New South Wales determine how the estate is distributed, which may not reflect the deceased's wishes.

This might result in families and potential beneficiaries falling into dispute and opting for court proceedings. Dying intestate can also result in loved ones applying for estate administration. Moreover, if a person dies intestate, they cannot outline their desires for the distribution of their assets and properties.

We can now see why it's important to have an estate plan since it sets out asset distribution according to a person's liking. Estate lawyers in Sydney can help in the proper distribution of a person's assets. Estate lawyers can also assist with contesting Wills and resolving estate disputes, including providing guidance on Letters of Administration when necessary, to help in resolving disputes and ensuring the legal process is followed.

Security of a Family's Future

Estate planning can secure a family's future and allow a deceased's family peace of mind. Estate planning can also help Will-makers appoint guardians and plan for their children. The Guardianship Act plays a crucial role in estate planning in New South Wales, providing the legal framework for appointing guardians for minors or vulnerable individuals.

Sydney estate lawyers can help protect wealth for future generations by establishing testamentary trusts and Special Disability Trusts. This ensures that assets are distributed according to the deceased's wishes and protects vulnerable beneficiaries, including those with disabilities.

Reduce Tax Liabilities

Even after someone's death, their beneficiaries are required to pay taxes on assets. Some of these assets may include income tax, Capital Gains Tax, and superannuation death benefits. Estate lawyers in Sydney can assist with managing self-managed superannuation funds (SMSFs) upon death and provide legal help for tax and asset protection. They can work with MoneySmart that manages the finances and debt reductions of Australians.

What Estate Lawyers Say About Estate Planning

1. Writing a Will

A comprehensive estate plan can be written in a Will. Wills are legal documents that set out the estate plan according to the Will-maker's interests. While there are DIY Will kits available online, it's advisable to contact a solicitor when drafting a Will. Because solicitors have experience in Will-making, they can prevent Will disputes in the future. Expert legal assistance is available for drafting complex Wills, including the incorporation of testamentary trusts for asset protection and managing complex family situations.

2. Appointing a Power of Attorney

Making legal decisions can be difficult without the help of a lawyer. Hence, this legal document allows someone to have legal authority over their affairs. In New South Wales, the use and scope of powers of attorney in estate planning are governed by the Power of Attorney Act 2003 (NSW), which sets out the legal framework for appointing an attorney.

These people will make legal decisions regarding a Will-maker's bank accounts or the buying and selling of their property. Here are common types of powers of attorney:

1. General power of attorney – These people make financial and legal decisions for a Will-maker for a specific timeframe. For instance, if the Will-maker is on vacation overseas. Their responsibility stops once that timeframe ends or if the Will-maker loses the capacity to make personal decisions.
2. Enduring power of attorney – As mentioned, Will-makers may lose the capacity to make decisions for themselves. An enduring power of attorney can take over financial and legal decisions.
3. Medical power of attorney – These people can make decisions about medical treatments. For example, if they get diagnosed with a severe mental disorder.

3. Nominating a Beneficiary for Super

Superannuation or 'super' is money that a person receives when they retire. The Will-maker's employer holds the super. Unlike other assets, superannuation does not form part of a person's estate or Will. Also, Will-makers can nominate who will receive the super through two types of death benefit nominations.

Lapsing nominations generally last for three years. On the other hand, non-lapsing nominations stay in place until the Will-maker dies. Will-makers should review their nomination options with estate lawyers in Sydney.

Deceased estate administration involves guiding executors through the probate process, assisting them in obtaining a Grant of Probate from the Supreme Court of NSW, and helping with the distribution of superannuation and other assets after death.

4. Review Estate Plans, Estate Administration, and Life Insurance

It's important to regularly update an estate plan, especially if there are changes to financial and family matters. These changes may include a new job, marriage, children, divorce, retirement, or the death of a spouse or a dependent. Administering estates involves managing a deceased estate, including calling in assets, paying debts, and distributing the estate to beneficiaries.

Will-makers should also ensure that their insurance can cover their income, their family's lifestyle, and any relevant debts. Furthermore, Will-makers should specifically nominate insurance beneficiaries. Estate planning lawyers in Sydney can review estate plans and life insurance regularly for a Will-maker.

Identifying the legal issue is an important first step in ensuring estate plans and life insurance are up to date and effective.

Who Is the Executor of a Will and Why Are They Important?

Serving as an executor of a deceased estate is a significant responsibility that requires careful attention to detail and a thorough understanding of estate law. Executors are entrusted with the task of carrying out the wishes outlined in the Will. They must ensure that the estate administration process is handled smoothly and in accordance with legal requirements.

One of the first steps for an executor is to locate and secure all assets belonging to the deceased, including property, bank accounts, investments, digital assets, and personal belongings. Executors must also identify and settle any outstanding debts or liabilities, such as mortgages, loans, or unpaid bills, before distributing assets to beneficiaries.

This process often involves working closely with financial institutions, private companies, and government agencies to obtain accurate valuations and manage the transfer of ownership.

Executors Are Responsible for the Probate Process

In addition to managing assets and debts, executors are responsible for applying for probate through the Supreme Court of New South Wales. Probate is the legal process that confirms the validity of the Will and grants the executor authority to administer the estate. Navigating this process can be complex, especially when dealing with contested Wills, family provision claims, or disputed estates.

In such cases, seeking expert legal advice from experienced estate litigation lawyers can help resolve disputes and ensure compliance with the Succession Act and other relevant legislation.

Executors must also keep detailed records of all transactions and decisions made during the administration process. This includes preparing financial statements, communicating with beneficiaries, and ensuring that all legal documents are properly executed. Failure to fulfil these duties can result in personal liability, making it essential to understand the full scope of executor responsibilities.

Given the complexities involved, many executors choose to work with a reputable Sydney law firm that specialises in estate administration and estate planning services. An experienced legal team can provide professional guidance throughout the entire process, from interpreting the Will to distributing assets and finalising the estate.

This support not only helps executors meet their legal obligations but also provides peace of mind for family members during a challenging time.

If you have been appointed as an executor or are considering who to name in your Will, consulting with wills and estate lawyers in Sydney can ensure that your estate matters are managed efficiently and in accordance with your wishes. Reach out to our experienced team for an initial consultation and let us help you navigate your executor responsibilities with confidence.

Our Estate Lawyers in Sydney

Did you know that some Will-makers prefer to have their estate lawyers to also act as their executors? Yes, lawyers can also act as executors if Will-makers do not trust or know someone who can fulfil the role.

Estate planning will require a lot of reviewing and updating from a Will-maker. Moreover, Will-makers should be careful about who they appoint as dependants, beneficiaries, or powers of attorney. After all, a person will want to have their assets distributed to the proper people without hassle. Our estate lawyers in Sydney have extensive experience in Wills and estates, including handling Wills and estate disputes.

JB Solicitors have estate lawyers in Sydney who can guide Will-makers on various options that can benefit them. With our team's experience, we can provide legal advice tailored to your best interests in estate planning. We are committed to providing legal representation and a stress-free experience for our clients. This ensures that you avoid any legal disputes in relation to your estate plans and your final Will.

Contact our estate lawyers in Sydney today to arrange an initial consultation for new clients seeking estate planning advice.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.