Creating a will is one of the greatest acts of kindness a person can do for their family. A will ensures that those a person cares about benefit from their financial support when they are no longer around to provide for them.
At Lloyd & Lloyd, our experienced estate planning lawyers understand the dynamics of modern families and the need to create an estate plan that is both comprehensive and flexible. We take the time to get to know each client’s unique personal situation and financial arrangements before translating their intentions into an estate plan that best protects them and their loved ones.
Lloyd & Lloyd’s experienced wills and estates lawyers assists our clients with:
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Everyone over 18 needs a will.
A will is valid unless a person marries, divorces or makes a new will (provided it is properly signed and the person has capacity). However, it’s a good idea to update a will whenever there are significant changes in a person’s family or financial situation.
If a person has been left out of a will or not provided for there may be avenues for them to challenge the will. For example, if there is a question of mental capacity or undue influence at the time the will was executed. Our estate planning lawyers advise on clients on whether they have grounds to challenge the will and their likelihood of being successful.
Many people believe that if they die without a will their estate automatically passes to their spouse. This is not always correct. In fact, a person’s estate is distributed by a prescribed legal formula which may be very different from what is expected.
Additionally if a person dies “intestate” (without a will), an administrator is appointed by the Supreme Court of NSW. This may not be the person the deceased person would have chosen.
A testamentary trust is created by a person’s will and used to protect their assets and reduce the tax their beneficiaries may be liable to pay.
It is often used in cases where the person making the will is concerned about the beneficiary’s ability to manage their inheritance appropriately or to protect against claims on the beneficiary’s assets caused by the breakdown of a personal and business relationship.