Your Will is a fundamental pillar in protecting your assets. Engaging a wills solicitor in estate planning is vital to ensuring your financial intentions are honoured. Creating a Will provides certainty, and ensures your loved ones and family members are protected. Estate planning will also save you on certain expenses in the long term.
As experts in wills & estates and family law, we will enable you to create a comprehensive estate plan to achieve your goals.
Estate planning refers to creating a plan for your personal and financial affairs for when you pass away. Engaging an estate planning lawyer, you can make a plan for your assets including your savings, your home, your investments, and with extra planning, your superannuation.
Estate planning should include:
A Will is a document which the law recognises as a means by which a person can give directions as to the distribution of their assets following their death.
If you don’t have one in place, how your estate including your assets and debts will be distributed when you pass away is often uncertain. In the absence of a Will, the deceased is assumed to have died ‘intestate’. In this case, your assets will be distributed to your next of kin according to the rules of intestacy. This may include surviving relatives you may not have chosen to inherit your assets.
In order to be deemed valid, a Will must:
Our Wills are:
To start preparing a Will, you should take the following steps
Speak to our friendly will lawyers team who are qualified estate planning solicitors and discuss your intentions
Ensure your details are correct (such as your identification details)
Get to know the details. MDV Family Lawyers will guide you through the requirements for legally binding wills in NSW
Appoint an executor, public trustee and guardian (if appropriate)
File your will carefully inform those in your will where they can find it
An executor of a Will is the individual nominated to take care of a deceased person’s estate after they pass away.
The primary role of an executor is to represent the deceased’s interests and finalise their personal, financial and legal affairs.
The executor’s primary roles include the following:
It’s important to update your Will when circumstances change. You may need to make updates if the following occurs after creating the Will:
Before an executor of the Will can start distributing the assets, they need to obtain a grant of probate from the Supreme Court.
If the Will is granted probate, it is then deemed legally valid, enabling the executor to distribute the assets. The probate will also function as proof that the executor is authorised to administer the Will.
All grants are stored at the Supreme Court.
In some specific cases, a probate is not required. These circumstances include the following:
If you have any questions or would like to book an appointment with a will lawyer, call 02 4421 7455, email and book online below.