A Will is a crucially important document which must be drafted in accordance with your wishes and circumstances. While many people choose to write their own Will, this is usually a bad idea – estates law is highly complex and technical, involving consideration of tax, superannuation, family provision and property law, and there are many traps involved.
If you are looking for a solicitor to draft your Will, you must choose someone with experience and expertise in this area. A practitioner who has no knowledge of estates law will inevitably make a mistake or be unaware of important laws, and you may be left with unnecessary tax consequences, loss of inheritance in divorce or bankruptcy proceedings, or, worst of all, an invalid and therefore ineffective Will.
Have a Consultation
Many lawyers offer a complimentary initial consultation. This gives you the opportunity to discuss your circumstances and receive guidance for your own estate planning strategy.
You should discuss the following with your lawyer in the initial consultation:
- Your family situation. Do you have children and/or grandchildren? Are you married? Have you been in a previous relationship? Do you have children with a former partner? Are you in a blended family with step-children? Is there anyone who might be eligible to contest your estate? Do you have vulnerable beneficiaries, for example children with a disability or spendthrift tendencies?
- Your assets. What property do you own? Do you own property with anyone else (for example, as joint tenants)? How large is your estate?
- Superannuation and insurance. What kind of superannuation and insurance policies, if any, do you have? How do you want your benefits to pass? Have you prepared nominations? Are you or will you be in receipt of a pension from a defined benefit superannuation scheme? Do you have a SMSF?
- Trusts and/or companies. Who will take control of any trusts or companies that you have?
- Business. Are you involved in or do you own a business? If so, who will take over when you die?
- Your wishes. How do you want your assets to pass? Do you have any burial instructions? Is there anyone you want to exclude from your Will? Whom will you appoint as executor (the person who manages your estate)?
- Attorney. Have you appointed someone to act on your behalf in case you are alive but incapacitated?
An experienced estates lawyer will recommend a strategy to achieve your wishes and can also advise you as to:
- any risks or potential issues;
- potential tax savings;
- asset protection for beneficiaries down the track; and
- ways in which to safeguard your estate against contestation and litigation.
Do it properly – Consult an experienced Lawyer
Using a lawyer without expertise in estates law may leave you worse off than before. Ensure that you discuss your estate planning with an experienced estates lawyer. By doing this, you will be implementing a strategy which will achieve your goals, give you peace of mind, and make things easier for the people you leave behind.
Make sure you include your digital assets in any discussions with your lawyer. Find more details here.
By the Private Wealth team at Chamberlains Law Firm:
Vik Sundar
Practice Leader – Private Wealth
E: vik.sundar@chamberlains.com.au
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