Estate planning helps families manage and dispose of their assets after death or incapacity.
An estate planning lawyer can help you create a thorough estate plan to preserve your assets and provide for your loved ones. Whether you live in Brisbane or abroad, estate planning lawyers offer several benefits.
A qualified estate planning lawyer can help you manage your affairs to protect assets, work with your accountant and/or financial planner to minimise tax implications of asset inheritance, and ensure your final wishes are carried out after you die.
It is important that you and your estate planning lawyer consider not only a Will but also Enduring Powers of Attorney and Advance Health Directives as these other documents are incredibly important while you are still alive.
In this article we will discuss the benefits of having a lawyer assist with wills and why you might want to consider hiring one.
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What is a Will?
A will is a legal document that outlines how your assets and property will be distributed after you pass away. It's essentially a set of instructions for your loved ones on what to do with the things you leave behind.
A well-crafted will can give you peace of mind knowing that your wishes are being carried out as intended. Your will should include information about who gets what, who should take care of any minor children, and who should manage your estate.
You can also specify funeral arrangements or charitable donations in your will if desired. This may all seem very ‘cut and dry’ for some but a will can be made into a very sentimental document as well.
While the executor of the will is to ensure that your instructions are given effect, a Will can also contain customised statements and parting words directed to your loved ones.
Often these words acknowledge certain circumstances, events, contributions or people which meant something to you or remind loved ones of those things that were special to you.
However, it is important to get the drafting correct to ensure that legally binding directions are not mingled with sentimentality to avoid confusion or uncertainty about your wishes.
To ensure that your final wishes are properly documented and executed, it's highly recommended to work with an experienced wills lawyer.
It is also necessary to note that without a valid will, the state may determine how your assets are divided based on their laws regarding intestacy. This could lead to unintended consequences and disputes among family members.
What is an Estate or Wills Lawyer?
An estate or wills lawyer is a legal professional who has a focus on helping individuals prepare and execute their last will and testament.
They can be engaged to help with completing your testamentary documents such as wills, powers of attorney and testamentary trust. An Estate Lawyer will often be required to administer, or ‘execute’, the Will or to assist the executors in doing so.
Wills lawyers have extensive knowledge of estate planning laws, regulations, and procedures. They can provide important advice on estate distributions, structuring, probate court proceedings, and other factors that could affect the distribution of an individual's assets.
When working with them, you should expect to receive personalised attention to your family circumstances, assets, and desired outcomes. This will ensure your will accurately reflect your wishes and that your loved ones do not experience any unintended hardship.
You may feel more at ease during the estate planning process knowing that your affairs are in order and that your loved ones will be cared for in accordance with your intentions if you have a dependable wills lawyer at your side.
Do you Need a Wills Lawyer?
Although you don't need a lawyer to draft your will, there are a few reasons why you might want to think about hiring one.
Firstly, if your estate is particularly complex or large, then having an experienced professional on hand can provide valuable guidance and ensure that everything is handled correctly.
This may include more thoughtful structuring to minimise risk of challenge or to ensure inheritance is kept within the blood line.
Secondly, if there are any potential issues with beneficiaries or contested claims from family members, then having a trusted third party involved in the process can help to reduce conflict and ensure that all parties are treated fairly.
Appointing a law firm as the executor of your will can be an effective tool to ensure your estate is administered independently of any family dynamics that may otherwise be disruptive to the process or a source of unnecessary tension on family relationships.
Another benefit of having a trusted wills lawyer is their ability to draft complex estate plans tailored to meet specific needs.
For instance, if you have substantial assets or investments overseas, an experienced lawyer can provide guidance on how best to distribute these assets among beneficiaries.
With sound advice and input from your accountant, it is likely that correct structuring can be utilised to achieve a more desirable level of tax efficiency.
Working with a wills lawyer may provide you piece of mind even if your estate is quite simple, as they can ensure that everything has been handled correctly.
While hiring a wills lawyer may not be necessary for everyone creating a will, it's certainly worth considering, depending on your particular circumstances.
What Do Estate Planning Law Firms Offer?
Estate planning law firms offer many services to assist you protect your assets and plan for the future. An estate planning law firm can help you create or update your:
Will;
Enduring and general power of attorney;
health care directives with the assistance of your doctor; and
Your company and trust assets.
When you engage with your estate planning lawyer, you should explore and consider your long and short-term care needs in the event of incapacity, asset protection, tax efficiency, and inheritance structuring which may include a will that incorporates one or more Testamentary Trusts.
How Can an Estate Planning Law Firm Benefit You?
An estate planning law firm can provide a wide range of benefits to you and your family. Here are just a few of the ways an estate planning law firm can benefit you:
Peace of mind: knowing that your affairs are in order and that your loved ones will be taken care of according to your wishes can provide great peace of mind.
Save time and money: a good estate planning lawyer can help you avoid costly mistakes and ensure that your affairs are handled efficiently from the outset.
Protect your assets: An experienced estate planning solicitor can help maximise protection of your assets and those which are inherited by your family and beneficiaries from creditors, lawsuits, and other claimants.
Minimize taxes: with proper legal planning and accounting input, you can minimize the taxes owed on your estate or by your beneficiaries following inheritance, which can save your loved ones a significant amount of money and stress.
Plan for incapacity: if you become incapacitated, an estate planning law firm can help make sure that your affairs are still taken care of according to your wishes and ensuring that those who you appoint to look after you in such circumstance have the correct degree of powers to do so.
Choose your heirs: with careful planning, you can choose who will inherit your assets, rather than leaving it up to the state intestacy laws which are rigid to the extent that your intended beneficiaries may not be adequately provided for.
Handle complex situations: if you have a complex financial situation or own a business, an estate planning lawyer can help ensure that your assets are properly protected and transferred according to your wishes.
What to Look for in an Estate Planning Law Firm
When it comes to choosing the right estate planning law firm, you should hire a law firm that is competent and experienced in this field. Consider the following factors when selecting an estate planning law firm:
Experience: Make sure that the estate planning agency you hire has experience, especially where your estate is comprised of complex assets, or you have split/mixed family circumstances. Then you can have confidence that they understand what they're doing and will be able to meet your precise requirements.
Knowledgeable: Choose a firm that is informed about the various facets of estate planning. This includes wills, powers of attorney, advanced health directive, trusts and other structures. This way, they can assist you in comprehending the procedure and ensure that everything is carried out appropriately.
Reputable and Trustworthy: Ensure that the firm you select is reliable. You might read internet reviews or ask family and friends for suggestions. You must ensure that you are working with a trustworthy firm. If a solicitor ever suggests that any part of your estate should be left to them personally, then this should be scrutinised and approached with extreme caution. A great recommendation will be one that comes from someone who has gone through the process and is satisfied with the result.
Affordable: Don't forget to consider the cost associated with your various requirements. Prices can differ from firm to firm but will generally be based on how complex your requirements are. For example, if you own trust structures or require testamentary trusts then you can reasonably expect the fees to be higher than an estate that does not require such considerations.
Compatible: While experience is important, it is also important for you to be comfortable with your estate planning solicitor. A full estate planning review will typically require exploration and consideration of your family dynamics/relationships (including any estrangement from family members) as well as in-depth asset enquiries to ensure appropriate consideration is given to important aspects.
How to Find the Right Wills Lawyer for you
There are a few important considerations that you should keep in mind while looking for the most suitable wills lawyer for you. You should, first and foremost, confirm that the lawyer you select has knowledge in will preparation and estate planning.
One great way to find a qualified wills lawyer is by asking for recommendations from friends or family members who have gone through the process themselves. They may be able to provide valuable insight into their own experiences with various lawyers.
Another option is to do your own research online. Look for lawyers who specialise in estate planning and read reviews from previous clients. You can also check out their website or social media pages to get a better sense of their qualifications and experience.
Ultimately, finding the right wills lawyer comes down to doing a little research and taking the time to find someone who meets your specific needs, that you are comfortable with.
Conclusion
There are numerous benefits of retaining a lawyer for completion of your testamentary documents, including wills, enduring powers of attorney and health directives.
It is essential to consider them when creating or updating your will because an experienced lawyer can help achieve many outcomes that you may not thought of or may be grappling with understanding.
The assistance of a knowledgeable estate planning law firm in Brisbane can help make more manageable what may otherwise be a daunting or complicated process. With their assistance, you may relax knowing that your loved ones will be taken care of as you have requested.
Contact our qualified lawyers to start planning for the future. It's never too early to protect yourself and your loved ones against estate distribution ambiguity and misunderstanding.
Drakos & Company Solicitors has over 30 years of experience helping customers build customised estate plans.
We offer a full estate planning service including assistance with wills, powers of attorney, advanced health directive, trusts and testamentary trust wills. Book an appointment today with one of our friendly solicitors.