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Estate Planning

I’m interested in finding out more about Estate Planning. Is this something that can be discussed when I see my lawyer to make a Will, or do I need to see my accountant as it involves financials?

Estate Planning is definitely something that you need to discuss with your Lawyer, even before you consider making a Will.

An expert Wills and Estates Lawyer will have the ability to advise you on all aspects of Estate Planning and ensure that your Will reflects your intentions.

Estate Planning covers many areas including:

  • Protecting your Will from being Contested 

In New South Wales, and all Australian States, people who feel they have been unfairly left out of a Will or dealt with in a Will have the ability to make a claim on the Estate of the deceased. If the person is considered an eligible person, such as a child or spouse, they can apply to the Court for your Will to be changed so that they receive a greater share. In Estate Planning this is one of the important areas to address. An expert Wills and Estates Lawyer will discuss with you all the people who may have a claim on your Estate. If you do not want to leave an inheritance to any of these people your Will can be drafted to address the reasons that you have left them out of your Will. These reasons will be taken into account by the Court in the event that your Will is challenged after you are gone.

  • Minimising taxation issues for your beneficiaries

 Estate Planning should also address taxation issues that may occur as a result of your beneficiaries receiving their inheritance. In some cases this can lead to a Trust being set up to protect their inheritance. It will also deal with any Capital Gains Tax issues and any impact receiving an inheritance may have on your beneficiaries entitlement to a pension or Centrelink benefit.

  • Protecting vulnerable beneficiaries

If you have vulnerable beneficiaries, such as young children or children suffering a disability, Estate Planning can be used to ensure that they are cared for and their inheritance is protected after you are gone.

Your accountant may be able to assist you to deal with the financial aspects of your Estate but it is your expert Wills and Estates Lawyers who will ensure that your Estate is well planned and protected from possible Will Contests. In addition, your Will and Estate Lawyer will ensure that your Will is valid, binding and to the benefit of your beneficiaries.

Graeme Heckenberg is an expert Wills & Estates lawyer and will be able to guide and advise you on Testamentary Trusts and Testamentary Discretionary Trusts.  If you are living on the Northern Beaches and surrounding Peninsula and need expert advice call The Northern Beaches Lawyer today for an appointment close to home on 9221 0341

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