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Wills and Estate Planning

It takes thought and effort to decide what to do with the assets you will leave behind when you pass away. You will experience the process of gathering legal documentation. To achieve an exact and desired result, careful planning is essential.

Will

A will outlines how you want your assets to be distributed. You have to take note of your assets, witnesses, and executors. These people will be responsible for ensuring the distribution to the beneficiaries. A Will ensures that no one will take claims against your assets.

What are Wills and Estate Planning?

Estate planning and wills allow for the transfer of assets prior to death. This could be done by a group or an individual. The estate is important when a person can no longer handle their own financial and medical issues. Making a will provides one control over their estate and ensures that the right amount of money is distributed to the recipients.

Who can make a will?

A will can be created by anyone over the age of 18. Any married person under the age of 18 who possesses testamentary capacity may also form one. The Succession Act 2006 of New South Wales allows the court to approve a will on behalf of those who lack testamentary capacity.

Who is entitled to access a will?

The contents of the will are confidential. As per the Australian Solicitors Conduct Rules, no

person has the right to access a will considering the testator is alive. If a solicitor receives an

access request, the solicitor must seek the approval of the testator. If the testator is deceased,

Section 54 of the Succession Act 2006 allows the following persons to take hold of the copies:

The beneficiary or any person named in the will

The surviving spouse or de facto partner

The parent or guardian

Any person who is entitled to the share if the testator died intestate

Any parent, guardian, or minor entitled to the share if the testator died intestate

Any person or creditor who has a claim in law against the estate

Any person committed to the management of the estate immediately before the death

Any attorney under an enduring power of attorney made by the deceased person; and

Any person belonging to a class of persons prescribed by the regulations

Family Lawyers Sydney

Power of Attorney

A durable power of attorney ensures that, in the event of your incapacity, your assets and properties will be managed by a dependent family member, relative, guardian, or trustee organization. A legal instrument, the Power of Attorney endures even after your passing. It's crucial to choose a person you can rely on to protect the privacy of your assets.

The Power of Attorney safeguards the beneficiaries' legal rights. A beneficiary of a specified property that is sold or mortgaged has the same interest in the value as if no disposition had been made, according to Section 22 of the Powers of Attorney Act 2003. To avoid these problems, it's critical to provide specific instructions while creating the power of attorney.

You must choose someone to handle medical and healthcare decisions after choosing someone to handle financial decisions.

Power of Guardianship

An Enduring Guardian can only start making decisions about a person's health and lifestyle when that person is unable to do so. These decisions include healthcare and medical treatments and the services that a person will receive. A person can appoint one or more Enduring Guardians as long as they are over 18 years old.

Contrary to the Power of Attorney, Enduring Guardians are not allowed to make decisions regarding the person's money. They are also not allowed to change their Will. Enduring Guardians only consent to your health and well-being. Anything contrary to the law does not apply to their responsibilities.

Why Do You Need a Wills and Estate Planning Lawyer? You need a lawyer to make sure that your Will conforms to the legal requirements. Not all property is allowed to be included in your will. You need to seek legal instructions on which assets you can dispose of. You also need to secure the insurance policies and their designated beneficiaries.

For further details, go here.

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