Preparing a will may appear straightforward until questions arise about property ownership, superannuation, executors, blended families, businesses or beneficiaries with different needs. At that point, estate planning can involve considerably more than recording who should receive particular possessions.
For people comparing wills and estate lawyers in Baulkham Hills, understanding what an estate lawyer actually does can make it easier to determine when professional advice is worthwhile and what to expect from the process.
What Does a Wills and Estates Lawyer Do?
A wills and estates lawyer can assist with planning during a person's lifetime as well as legal matters arising after death.
Depending on the circumstances and the lawyer's area of practice, services may include:
Preparing and reviewing wills
Advising on executor appointments
Estate-planning strategies
Powers of attorney
Advice concerning superannuation and beneficiary nominations
Planning for minor or vulnerable beneficiaries
Probate and estate administration
Advice concerning estate disputes and claims
Not every client requires every service. A good starting point is identifying the person's assets, family circumstances and objectives before deciding which documents are appropriate.
A Will Needs More Than Clear Intentions
Knowing who you want to benefit from your estate is important, but those intentions must be recorded in a legally effective document.
A lawyer can help clarify how beneficiaries are described, how particular gifts are structured and what should happen if an intended beneficiary dies before the person making the will.
Proper execution is equally important. NSW law contains requirements concerning how wills are signed and witnessed.
Professional drafting can reduce the likelihood of ambiguities or execution problems creating unnecessary complications during estate administration.
Property Ownership Can Change the Outcome
Property is often one of the largest assets considered during estate planning, but legal ownership affects what can actually be controlled through a will.
For example, the treatment of jointly owned property may differ depending on the ownership arrangement. Property held through a trust or company can raise different issues again.
A lawyer can review the ownership structure and explain how it interacts with the proposed estate plan.
This becomes particularly important for people with multiple properties or more complicated financial structures.
Superannuation Should Not Be Overlooked
A common estate-planning mistake is assuming that everything a person owns will automatically be distributed under their will.
Superannuation requires separate consideration.
The payment of a superannuation death benefit can depend on superannuation law, fund rules and any applicable beneficiary nomination. A lawyer can help clients identify where additional advice or documentation may be needed so their arrangements work together as intended.
Blended Families May Need More Detailed Planning
Estate planning can become more complicated when someone has children from an earlier relationship, a new spouse or partner, stepchildren or other competing family considerations.
Simply dividing an estate equally may not necessarily reflect the person's objectives.
Experienced wills and estate lawyers in Baulkham Hills can explain the options available and the potential legal implications of different arrangements.
Professional advice cannot guarantee that an estate will never be challenged, but careful planning and clear documentation can help reduce uncertainty.
Planning for Incapacity
Estate planning is not exclusively about what happens after death.
A person may also want arrangements in place for circumstances in which illness, injury or another event prevents them from managing certain affairs independently.
Appropriate legal documents can allow nominated people to make particular decisions when authorised to do so.
Because these documents have significant legal consequences, appointments should be made carefully and with a clear understanding of the authority being granted.
Be Cautious With DIY Estate Planning
Will kits and online templates can be suitable for some straightforward circumstances, but the difficulty is recognising when an estate is not straightforward.
Additional legal advice may be particularly valuable where someone has:
A blended family
Minor children
Significant property holdings
Business interests
Trust structures
Overseas assets
A beneficiary requiring additional support
Concerns about possible estate disputes
A template cannot independently identify issues that the person completing it has overlooked.
When Should Existing Documents Be Reviewed?
An estate plan prepared years ago may no longer reflect current family or financial circumstances.
Marriage, separation, divorce, children, property transactions, business changes and the death of an executor or beneficiary can all provide reasons for a review.
Some events may also have legal consequences for existing estate-planning documents. Seeking advice after a major change can therefore be more appropriate than waiting for a fixed review date.
Choosing an Estate Lawyer
Estate planning is an area where relevant experience matters.
When comparing lawyers, consider whether they regularly work with wills and estates, whether their advice is explained clearly and how their fees are structured.
It is also useful to establish whether they can advise on more complicated issues if they emerge during the planning process.
FAQs
What should I take to my first appointment?
Prepare details of your assets and liabilities, property ownership, superannuation, existing estate documents, family circumstances and the people you are considering as executors and beneficiaries.
Can a lawyer guarantee that my will cannot be challenged?
No. Whether a claim can be made depends on the circumstances and applicable law. Legal advice can, however, help identify potential issues and improve the clarity of the estate plan.
Does a will include superannuation?
Not automatically. Superannuation death benefits are governed by separate rules and should be reviewed specifically.
Should I review my will after marriage or divorce?
Yes. These events can have important consequences for estate-planning arrangements under NSW law, so legal advice should be obtained.
How do I compare estate lawyers?
When considering wills and estate lawyers in Baulkham Hills, look at relevant experience, communication, fee transparency and their ability to advise on the particular family and financial circumstances involved.
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