Wills And Estate Lawyers in Sydney and Wagga

Getting your affairs in order: Why hire a Wills And Estate Lawyer?

What happens to your estate after you die is not something you can always control. Unless, of course, you have guidelines put in place to protect your wishes, assets, and your family. Having a will is imperative as it acts as your voice after you die, providing a clear and concise outline of your wishes (or demands) as to how your estate will be distributed and handled. However, just having a letter or piece of paper indicating your wishes is not enough and can result in disputes from third parties such as family members, business partners or friends. It is for this reason that it’s vital to have your wishes drafted into a legal document by a professional.

Why Do You Need To Make A Will?

A will is a legal document drafted by a solicitor to ensure that your assets are handled exactly as you intended after you pass away. If you die without having made a valid will, then your estate will be distributed under the intestacy rules of the Succession Act 2006 (NSW). In most cases, this means that your spouse will inherit your assets; however, if you do not have a spouse, then your estate will likely be distributed to other relatives. This might not sound so bad, but the intestacy rule generally only applies to family members, meaning if you intend to leave a portion of your estate to friends or charities, or you have specific requests/requirements, they will likely go unfulfilled. Below are some reasons you need to prepare a will might include:

• Protection of your estate. If you have a clear outline of how you would like your estate distributed and to whom, preparing a will is the best way to ensure your executor can deal with your assets in conjunction with your wishes.
• Provide funeral/ceremonial instructions. A will enables you to outline specifics of your funeral services or any ceremonial requests you might have after you pass away. For example, you might want to be cremated or request a particular funeral director to run the service. To have your final wishes fulfilled, contact Orman Solicitors, and we’ll handle all your wills and estates matters.
• Executor details. Choosing an executor is not a decision that should be made lightly. The role of an executor is to oversee your estate, pay any remaining debts, and to divide the remainder of the estate to your beneficiaries. It’s vital that you leave the executor’s responsibility to someone you can really trust and have it drafted in writing on your official will. Without a valid will in place, your estate may fall into the wrong hands.
• Guardians of children/pets. Hiring an estate lawyer allows you to elect custodians of your underage children and/or pets in the event of your death.
• Minimise family conflict. Clearly outlining how to distribute your estate minimises family conflict after your death and can lower the challenge probability.

How To Create A Will

If you’ve been thinking about getting a will drafted for quite some time, but you’re unsure of what’s involved, the wills and probate lawyers at Orman Solicitors have developed a how-to guide to get you started.

• Firstly, you should consider your estate and all of your assets.
• Think about how/if you would like those assets distributed and to whom.
• Get in touch with the experts at Orman Solicitors to discuss your circumstances.
• Get to know the details. This might include the contents of a will, your estate, legal requirements, etc.
• Make decisions on personal matters (your wishes, trustees, etc.).
• Nominate an executor, power of attorney, beneficiaries, guardians and those you wish to include in your will.
• Once you’ve had a legal professional draft and validate your will, it’s recommended the original document be kept in a safe place. Here at Orman Solicitors, we allow all of our clients to leave their wills in our possession to prevent it from getting lost or damaged.

When Should You Consider Creating A Will?

Here at Orman Solicitors, we recommend that anyone 18 years or older, of sound mind and has assets, consider making a will. Of course, each person’s situation varies, but for most of us, there is no determining when we will pass away, so you must prepare for any circumstance. But other than being of legal age, here are some other reasons you should consider making a will:

• You have children. A will allows you to protect your minor children and appoint them a guardian in the instance of your death. In addition, it enables you to put guidelines in place for both your adult and underage children and ensure they receive what you desire from your estate upon your passing.
• You want to outline those who will benefit from your estate. If you pass before preparing a valid will, there is no guarantee that those you wanted as beneficiaries will receive any inheritance. However, if you have beneficiaries in mind, drafting a will is a reliable way to ensure that your estate is distributed to them as you wish.
• When you want to lower settlement costs. A clear outline and understanding of how to distribute your estate leaves little wiggle room for disputes and allows for a swift transfer of assets to your beneficiaries and trustees.
• You have gotten married. If you prepared a will prior to getting married, we recommend you make a new one as a marriage can invalidate a will made by a previously single person.
• You are in a de facto relationship. If you aren’t married but wish for your partner to benefit from your estate after your death, then it’s time to consider making a will. In Australia, being in a de facto relationship does not guarantee your partner is automatically entitled to your estate, so it’s vital to have measures put in place to ensure your assets are distributed according to your wishes.
• You are recently divorced. If you are divorced and do not wish to include your former spouse in your will, it is recommended you draft and validate a new one. Additionally, if you want your will to remain as is, you will need to formally change it to reflect this, as a divorce can void some of the intentions included in your will.
• You wish to disinherit individuals. If there are individuals whom you do not want to benefit from your estate, drafting a will is the best way to ensure that they don’t.
• You want to elect someone to handle the affairs. If you would like to nominate someone to handle your affairs after you pass away, then it’s time to prepare a will. An executor is responsible for paying off the remaining debts and fulfilling the deceased wishes. If you have an executor in mind and are seeking will lawyers, get in touch with Orman Solicitors today.
• You might have a terminal illness. If you have recently discovered you are unwell and may not recover, it’s recommended you get your affairs in order by preparing a will.
• You have a positive net worth. If your estate is large and you believe some individuals might want to take advantage of your death, making a will can prevent unwanted people from receiving an inheritance. It can also ensure that those you wish to benefit do not miss out.

What You’ll Need To Include In Your Will

Wills don’t have to be complex, but there are many things you need to include in your will for it to be 1) valid and 2) reflective of your wishes. Below is a list of what you’ll need to have in your will to ensure it successfully passes the probate process and that your affairs are adequately taken care of after you pass away:

• Executors. Your executor will take care of your affairs after you pass away, so you’ll need to name who you want that person to be.
• Beneficiaries. Those you wish to receive an inheritance from your estate.
• Nominated pet carer. A pet is legal property and, therefore, should be left with a trusted guardian upon your passing. Failure to do so may result in turning your pet over to the state.
• Sentimental items. An estate refers to more than just money. If you have any valuable or sentimental items you’d like to leave to a loved one or friend, you’ll need to include this in your will.
• Assets/estate. What you own (of monetary and sentimental value).
• Guardians. If you have minor/disabled children, you’ll need to include who you want to take guardianship of them once you pass.
• Funeral arrangements. If you have specific funeral requests, you’ll also have to include them in your will.
• Gifts/donations. Often people wish for some of their estate to be donated or gifted to charity. You will have to specify such a request in your will.
• Accounts and profile access. This is not necessarily a requirement when creating a will, however, it will help your executor to more efficiently handle your affairs after you pass away. For example, it might include personal identification numbers (pins) or passwords to access any accounts you might have.
• Witness signatures. For a will to be valid in NSW, it requires the signature of two witnesses. These witnesses must be over 18 years of age and cannot be a beneficiary of your will. Each witness should print their names and addresses under their signatures.
• Signed and dated. A will needs to be signed and dated by you and your witnesses.
• Initialled alterations. All alterations require a date and initial.

However, before your estate can be distributed to your beneficiaries an application may or may not need to be made for probate, your Will will enter a process known as probate. This is a legal process designed to determine the validity of your Will, and it is here courts will confirm your appointment of the executor. For more information or advice on wills, get in touch with Orman Solicitors probate lawyers today.

To Speak With Leading Wills And Estate Lawyers In Sydney and Wagga Wagga, Contact Orman Solicitors

At Orman Solicitors, we’re committed to delivering the highest quality legal advice and services. We pride ourselves on providing reliable, trustworthy services, unmatched legal experience and compassion and empathy in everything we do. No matter what your circumstances, our team always has the best interests of our clients in mind, and we’ll strive to be an advocate for you and your rights. If you’re looking for will and estate lawyers in Sydney or Wagga Wagga, contact the team at Orman Solicitors today.