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Wills and Estate Planning
Creating a customised Estate and Business Succession Plan ensures the smooth transition of assets and wealth from you to your loved ones.
At Wallace & Wallace Lawyers, our team of expert Estate Planning Lawyers are committed to providing you with comprehensive “Wills and Estate Planning” advice focussed on protecting you if you ever become incapacitated and ensuring the smooth transition of wealth from you to your loved ones on your passing.
We can assist you with:
Our team is well equipped to assist you in navigating the complexities of life – be that blended family circumstances, beneficiaries with disabilities or special needs, beneficiaries encountering marriage or relationship difficulties (which gives rise to a need to put in place mechanisms to avoid the wealth generated by your family ending up in the hands of an ‘outsider’), bankruptcy risks, financial risks due to professional or business activities, tax considerations, social security considerations, or a combination of these circumstances.
Our team also has a thorough knowledge of the complex rules and regulations relevant to developing a comprehensive estate plan. We have extensive experience in providing “Wills and Estate Planning” advice, working together with other trusted advisors (including accountants and financial planners) and implementing plans and structures to ensure your wealth is protected, managed and preserved during your lifetime, managed by those you trust in the event of your incapacity and distributed to those you wish to benefit in the event of your death (with appropriate protective mechanisms, where relevant).
Having a ‘simple Will’ in most cases, is not enough. At Wallace & Wallace Lawyers, our experienced team is committed to helping you implement an estate and/or business succession plan, tailored to your circumstances, that protects your interests and secures your legacy.
When should I update my estate plan?
You should review/update your estate plan if any of the following apply to you:
- ownership of assets within Trusts, Companies or Self-Managed Super Funds
- marriage, separation or divorce
- death of a spouse, beneficiary, executor or attorney
- birth of an additional beneficiary
- a breakdown in your relationships with the people you have named as beneficiaries, executors, attorneys or guardians
- changes in the needs of your spouse, children or grandchildren
- changes in your assets or financial circumstances (for example as a result of the sale or transfer of assets, inheritances, bankruptcy)
- blended family situations (including taking on dependents)
- risks to your beneficiaries of bankruptcy or relationship breakdowns
- retirement planning
- a decline in your health
Wills & Estate FAQs
What is a Will?
A Will is a legal document setting out:
- who you wish to control the distribution of your estate (the executor);
- who you wish to distribute your estate or assets to; and
- if you have children under the age of 18, who you wish to be the guardian of those children.
Why do I need a Will?
A Will puts you in charge of how your money, property and possessions are distributed after you pass away. It also gives you peace of mind that your family will be taken care of according to your wishes.
What will happen if I die without a Will?
Dying without a valid Will is called intestacy or dying intestate. If you don’t have a will when you die, your money, property and possessions will be shared out according to the laws of intestacy instead of your wishes. This can mean they pass to someone you hadn’t intended, or that someone you want to pass things on to ends up with nothing.
How old do I need to be to make a Will?
You need to be at least 18 years of age and of sound mind to have a Solicitor make a Will for you.
What does an executor do?
The executor is the person or persons that you nominate to be in charge of the administration of the estate following your death. Usually the executor will be a family member or a trusted advisor, such as your accountant or Solicitor. The executor’s role is to distribute your estate in accordance with your wishes.