What is The Significance of Estate Planning

    0
    61

    Legal issues must be examined when considering your estate planning and financial plans. Our expert estate lawyers in Sydney are here to help. Unfortunately, estate planning is frequently put off until it is too late. It is, however, necessary for you, your estate, and your family members since it gives certainty and saves money in the long run. Finally, a Will and Estate lawyer can provide you with confidence and reassurance.

    What is Estate Planning

    An estate plan is a collection of legal documents that outline how you want to be cared for in the event of your death (i.e. if you become incapacitated later in life). It also lays out how you’ll protect your assets and estate while you’re alive, as well as how you’ll divide them when you’re gone. In addition, our knowledgeable estate planners can advise and assist you with Wills and estate planning issues such as:

    • Guardianship assignments that last a lifetime
    • Power of Attorney
    • Choosing a Will’s Executor
    • Special trusts for people with disabilities
    • Probate and wills
    • Developing a Will
    • When possible, reducing and avoiding estate taxes.
    • figuring out how to get out of the probate court process

    Your Last Will and Power of Attorney

    One of the most crucial legal documents you’ll ever sign is your Will. That is the only way to decide who will handle your accounts after you die, and to ensure that your assets are allocated to the beneficiaries, you specify the way you desire. Suppose you die without a Will (intestate). In that case, your assets will be distributed according to a Government formula, which may not reflect your preferences and may cause your family unnecessary pain, expense, and delay. In addition, your estate will be handed to the State Government if you have no living relatives other than cousins. We are the leading estate planning lawyers in the area, as well as estate administration lawyers. We have wills and documents dating back to 1891 in our safe deposit box at Barwick Boitano Lawyers. Will preparation and estate planning are areas in which we have a lot of experience. Accountants, taxation, and investment professionals in the Parramatta area advise and support us with even the most intricate estate planning.

    What is The Significance of Estate Planning?

    It’s crucial for a variety of reasons, including:

    • First, It guarantees that your assets are distributed to the intended recipients.
    • Secondly, It could help to lessen the chance of family feuds after you’ve passed away.
    • Finally, it assures your children are safe and well-cared for in a manner that you approved of.

    Will Safe Storage Be Free?

    We provide a free safe custody security packet to all of our Will clients, and we can store your important papers such as Wills, Powers of Attorney, Enduring Guardianships, and Title Deeds. Unfortunately, keeping such essential records with the banks does not always work as intended; because they are so large and have so many documents, they do not provide the same level of personal care as Estate Litigation Lawyers.

    What Happens If You Pass Away Without Leaving A Will?

    If you die intestate (without a Will), specific regulations and formulas will govern how and to whom you will allocate your possessions. Your assets may even be paid to the government in some cases. Suppose you pass away without a legal Will. In that case, we can assist your heirs in obtaining ‘Letters of Administration’ from the Supreme Court of NSW, preventing your estate from being taken over by the government. We’ll help you figure out who is entitled to a share of the inheritance and how to distribute it according to the laws of intestacy. The Supreme Court may appoint an administrator (rather than an executor) to distribute the estate in some cases.

    Please feel free to browse our website for more information on the estate planning lawyer services, our friendly team or schedule an appointment.

    (02) 9630 0444 is the phone number.