Estate planning is often left by people until it is too late. However, it is important for you, your estate and family members, and it provides certainty and saves expenses in the long term. A Wills and estate lawyer can ultimately provide you with certainty and peace of mind.
Planning for death is generally an issue that is neglected by many Australians. Around 40% of Australians die each year without a Will or any significant estate planning, and many of the remainder die with Wills that do not reflect their current needs.
There are legal issues that must be taken into account when you are considering your estate planning and financial plans, and our expert estate lawyers in Sydney are here to help. How you structure your Will, the appointment of trustees, how your estate is distributed to your nominated beneficiaries, and the appointment of guardians for any children, are all vital issues that should be addressed in your Will.
There may be circumstances where trusts should be established after your death or life interests created.
What is estate planning?
An estate plan involves a number of legal documents that detail how you want to be looked after if something happens to you (i.e. if you become incapacitated later in life). It also outlines how your estate and assets will be protected while you are alive and then distributed after your death.
Our expert estate planners are able to advise you and assist you in the preparation of Wills and estate planning issues, such as:
We can also discuss Advance Directives with you if you want to leave directions to your guardian, should you become incapable of making a health or welfare decision.
Changing your Will
The time is now to get your Will and estate planning right. Once you have passed away, the Will cannot be changed without the intervention of the Supreme Court, the cost of which will far outweigh the cost of seeing your solicitor. It is therefore important and a good idea that you get it right the first time!
How to make a Will?
Firstly, it is important to contact Owen Hodge Lawyers for your Estate Planning Assessment. The process is flexible and consultative. Estate planning requires a lot of careful consideration as well as a number of documents and forms, including Wills, Power of Attorney forms, and Living Wills.
An initial meeting with Owen Hodge’s personal law lawyers will establish your values, vision and goals, ahead of a seven-step process that will guide you from your initial objectives to post-implementation reviews.
We will provide clear instructions and advice on making a Will, testamentary trusts and Power of Attorney as well as all relevant documentation including legal notifications to guardians. We can also assist you with any questions you may have about elder law or what happens to your mortgage in a Will.
Please feel free to download our Estate Planning Review Checklist and please don’t hesitate to contact us with any of your estate planning needs, including questions about Wills & probate.
If you need to seek professional legal advice, please contact an estate planning lawyer Sydney at Owen Hodge Lawyers today.