Work with a Trusted Will Solicitor in Sydney
A will is a legal document that appoints a trusted person to manage your affairs and outlines who will inherit your assets after you pass away. Working with a specialist will solicitor in Sydney ensures your will is clear, valid, and legally binding, helping to prevent confusion or disputes among your loved ones.
Having your will drafted by an experienced wills and estate lawyer can reduce the risk of challenges to its validity and help structure your estate for optimal benefit. As your dedicated will solicitor in Sydney, we carefully consider your personal circumstances, including family dynamics, superannuation, and potential risks of estate disputes.
Why Work with a Will Solicitor in Sydney?
Having your will prepared by a knowledgeable will solicitor can prevent challenges to its validity and help structure your estate for maximum benefit. Our team of Sydney will and estate lawyers take the time to understand your individual circumstances, including family dynamics, superannuation, and potential risks of future disputes, to craft a will that truly reflects your wishes.
Choosing Your Executors
An executor of a will holds the crucial legal and administrative responsibility of managing your assets and debts after you pass away, ensuring your final wishes are carried out exactly as specified in your will. You may appoint multiple executors or nominate an alternate executor to act if your first choice is unable to fulfill the role.
The duties of an executor include arranging your funeral, safeguarding and identifying assets, making insurance claims, obtaining probate, settling outstanding accounts, and distributing your estate according to the will. In the event of a will dispute, your executor will manage the situation and liaise with legal representatives to handle any necessary litigation.
When selecting your executor, it is important to consider whether they are:
- Willing and able to accept the role
- Physically and mentally capable of managing your estate
- Experienced and confident in handling complex estate matters
- Impartial, especially if potential family disputes are expected
- Likely to outlive you to ensure they can complete their duties
Choosing and Protecting Your Beneficiaries
You can designate anyone as a beneficiary and distribute your assets in any way you like however if you do not provide for your family and dependents, there is a risk that your will may be contested. You should also consider the effects that an inheritance may have on your beneficiaries. In some cases, a testamentary trust can sidestep potential problems, so it is important that you get specific advice about your situation.
What is a Testamentary Trust?
A testamentary trust is a discretionary trust contained in a will that comes into effect when a testator dies. A trustee is pre-appointed to manage the trust and distribute assets to beneficiaries in accordance with the rules outlined in the trust deed.
While trusts can be complex and there are ongoing costs involved, they can help protect assets and beneficiaries in a number of ways. For instance, if a person wants to leave gifts to young children, or otherwise vulnerable individuals, a testamentary trust can assist in ensuring that funds are used to benefit them. A testamentary trust can also help protect assets from third parties, for example, if a beneficiary is at risk of bankruptcy or being sued.
How Often Should I Review My Will?
You should certainly review your will after any major life events, such as:
- The birth of a child
- Separation or divorce
- Commencing a new domestic relationship
- The passing of a beneficiary or executor named in your will
- Buying or selling major assets such as real estate
- Starting or investing in a business venture
- Receiving an inheritance or disposing of a major asset
- Changes in your health circumstances
We also recommend that you take a look at your will every couple of years just to make sure that it still reflects your intentions and is structured to safeguard your assets and protect your family.
We have seen first-hand the pitfalls of poorly drafted wills that do not take full account of the testator’s circumstances nor implement strategies to protect assets and minimise disputes. We will ask you the right questions so you can consider the many contingencies involved in preparing a will and effective estate plan.
If you need assistance from an experienced will solicitor in Sydney, contact in**@******om.au or call 02 7256 7050.
