Are you looking for professional guidance on estates and wills? Cornish Lawyers have assembled a comprehensive guide on the subject. Ensure smooth asset transfers and safeguard your loved ones with the premier estate and will lawyers in Geelong.
Wills and estate planning serve as a roadmap for the distribution of assets and decision-making processes after your passing. They are proactive measures to avoid family disputes, legal battles, and uncertainty, thereby providing clarity and peace of mind for you and your family.
Essential Components for Effective Wills & Estate Planning
To ensure that your assets are distributed the way that you want them to be, it is very important to plan. Engaging a wills and estates lawyer to prepare the necessary documentation is the best way on ensuring that your wishes are respected.
There are several steps that need to be followed to plan for your assets after your death. Cornish Lawyers will help you with every stage in this process. In order to plan for the future, you should consider the following.
- 1. Making a Will
A will is a written legal document that sets out what you want to happen to your property (your ‘estate’) after you die. It instructs the person or organisation distributing your property about how this will happen. To make a will you must be eighteen years of age and have the mental capacity to understand what you are doing. There are several formal requirements regarding the preparation of a will, including:
- That it is handwritten or typed;
- That it is appropriately witnessed.
Compliance with these legal prerequisites helps prevent disputes and issues during estate administration. Failure to meet the formalities can render your will invalid. As such, it is very important to get them right.
Situations where you may want to update your will include:
- Buying a house
- Marriage/Separation/Divorce
- Birth of a child
- Retirement
- Change of beneficiary/executor
- Change of specific gifts
- Change in relationship with family members
- Change in asset holdings
- 2. Appointing Your Executor(s)
The executor(s) is responsible for managing your estate after your death. They will ensure that assets are valued, debts are paid and that the estate is distributed in the way that you have set out in your will. You should choose your executor(s) thoughtfully to ensure efficient estate management. Executors can be family members, friends, or even professionals like accountants or solicitors.
Your executor must be at least 18 years old and possess the requisite skills for estate administration. Consider seeking advice from skilled estate lawyers to guide you through this process effectively. Our experienced team of estate lawyers in Geelong offer professional and considered guidance.
- 3. Protecting Your Will from Challenges & Involvement of Legal Professionals
Estate planning aims to prevent conflicts, but disputes can still arise. Act promptly in estate matters and make sure to seek legal advice as soon as possible.
An application can sometimes be made to rectify a will if you think there is something wrong with it.
Common concerns about wills include:
- The will doesn’t align with the deceased’s wishes accurately;
- The will isn’t the latest version created by the deceased;
- The will has been revoked or invalidated;
- The will lacks a signature by the deceased;
- The deceased didn’t comprehend the contents of the will;
- The deceased lacked the mental capacity to make a will;
- The will was made under undue influence or questionable circumstances.
These issues can lead to a “Probate Action”, where a person applies to the court for orders that declare a will invalid. We strongly recommend seeking the advice of a wills lawyer if this is something that you want to do.
Legal professionals like will lawyers play a crucial role in navigating the complexities of wills and estate planning. At Cornish Lawyers, our experienced team can provide invaluable assistance:
- Drafting and Updating Wills: Obtain professional guidance to ensure your will accurately reflects your desires and minimises disputes.
- Estate Planning Advice: Solicitors assist in customising strategies to suit your specific needs and objectives.
- Probate and Administration: Legal advisors guide executors through probate procedures, facilitating smooth estate administration to fulfil your final wishes.
Let Cornish Lawyers Guide Your Estate Planning Journey
Trust our team of estate lawyers to navigate legal complexities efficiently. When dealing with wills and estate planning, it is crucial to have a lawyer who:
- Strives to avoid court action if possible but will vigorously represent your interests if court involvement cannot be avoided.
- Provides an honest assessment of your chances of successfully challenging a will or making a claim.
- Is committed to effective communication and being readily accessible to you when needed.
At Cornish Lawyers, we understand the paramount importance of safeguarding your family’s financial well-being and preserving your legacy. Our holistic approach to wills and estate planning ensures that your assets are protected and your loved ones are cared for according to your wishes. By delving into the nuances of crafting a valid will, selecting reliable executors, and tailoring estate planning strategies to your unique situation, we offer you peace of mind and assurance for the future.
Whether you’re seeking to structure a new will or navigate the intricacies of estate planning, our experienced professionals are here to support you. Discover bespoke advice and solutions that align with your goals, ensuring your estate is managed effectively. Reach out to Cornish Lawyers now to initiate a conversation about your estate planning options with our estate lawyers in Geelong.