Wills and Estate Planning

Kave at Law - Consult expert lawyers for will and estate planning services in Sydney

Wills and Estate Planning Services

Wills and Estate Planning are essential to safeguard the future of your loved ones after you are gone. Our lawyers are experienced in planning and drafting wills and provide comprehensive will and estate planning services in Sydney according to your unique requirements. Wills and estate planning are essential as they provide a plan for the property and to determine what will happen to your belongings and assets after you pass away. It includes things like writing a will, establishing trusts and naming beneficiaries. It ensures your wishes are fulfilled, and your loved ones are taken care of properly.

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Consult expert lawyers for will and estate planning services in Sydney and prepare your Will as per your wish.

Importance Of Having A Will

It is essential to have a will to state your wishes and how you want to distribute your assets and belongings to your loved ones. If a person fails to make a Will, it causes family disputes. In such cases, the ‘Will’ is determined by the statute and not as per the person’s wish. The will-related law is covered by the Succession Act 2006.

Other reasons why one should have a will are to ensure proper asset distribution, guardianship for minor children, minimisation of taxes and expenses, protection of unmarried partners, and preservation of family business or assets. Knowing your family will be taken care of properly also provides peace of mind. Thus, consult expert lawyers for will and estate planning services in Sydney.

What Is Simple And Complex Will?

Wills can be simple wills or complex wills.

Simple Will

It is a basic will that includes how the individual's assets should be divided after their death. It generally includes the identification of beneficiaries, the appointment of executors, asset distribution, and guardianship of minor children.

Complex Will

A complex will is more detailed and has other provisions and arrangements added. It can include or exclude the individual's former relationships and children as well. A complex will typically include trust provisions, tax planning, business succession planning, asset protection and special circumstances. An example of a complex will is a testamentary trust. In case the individual wants to leave their assets for a minor, they need to consider incorporating as testamentary trust in the Will.

Consult expert lawyers for will and estate planning services in Sydney and prepare your Will as per your wish.

General Requirements For A Valid Will

It should also include the signatures of witnesses in the presence of the testator.
There should be a clear intention of making a will, which should be made voluntarily and not under someone’s influence or coercion.
The Will must be properly executed according to the laws of the state or territory of the individual.

The Will should be in writing and not verbal and signed by the testator.
The testator can revoke or alter the Will at any time, as they have legal right; however, it requires a relevant legal requirement, such as creating a new will or physically destroying the old Will with the intention of revoking it.

What Is A Testamentary Trust?

A testamentary trust is created as per the individual’s wish, and it is a type of trust that comes into effect after the individual’s death. Technically, it is known as discretionary trust and is similar to family trust. It includes a ‘Trustee’ who is the holder and controller of trust assets. The trustee can also be a beneficiary or among the beneficiaries. They can choose who will benefit from the asset, themselves or their family.

If you are just a beneficiary and not a trustee, you must accept the trustee’s discretion. Key features of a testamentary trust are creation through a will, delayed activations, flexibility, asset protection, estate planning goals, tax efficiency and trusteeship. Therefore, consult a qualified lawyer for will and estate planning services in Sydney.

Key Benefits Of A Testamentary Trust

Preserving family wealth
Providing for minor children
Avoiding probates
Protecting relationships
Income tax flexibility
Protection from bankruptcy
Protection of immature beneficiaries
Continued asset management

Consult Expert Lawyers For Will and Estate Planning In Sydney

Will and Estate planning is essential for a lot of things, such as asset protection, preserving family wealth and avoiding family disputes. Thus, it is crucial to create a will as per your wish to safeguard the future of your loved ones. Consult our expert team of lawyers for will and estate planning services in Sydney. Book your consultation with us today at Kave At Law.

Wills and Estate Planning

Kave at Law - Consult expert lawyers for will and estate planning services in Sydney