Estate planning is the process of preparing tasks to manage your assets when you pass away or lose capacity. Planning your estate involves making a will, setting up trusts, choosing an executor, handling funeral arrangements, and more. Engaging an estate planning lawyer can help ensure these tasks are completed efficiently and according to your wishes. In Australia, estate planning is essential for managing assets and ensuring they are distributed as per your instructions after your death.
Estate planning, wills, and trusts are crucial components of managing your assets and ensuring they are distributed according to your wishes after your death in Australia. Here's an overview of each:
Estate Planning: An Overview
- Organising affairs for efficient asset management and distribution.
- Comprehensive plan addressing asset distribution, tax minimisation, dependent provision, and incapacity planning.
Wills: Legal Documents
- Outlines the distribution of assets post-death.
- Allows specifying beneficiaries.
- Appoints an executor for estate management.
- Nominates guardians for minor children.
- Must be written, signed by the testator, and witnessed by two independent non-beneficiaries.
Trusts: Trusts Overview
- Legal arrangements where trustees hold assets on behalf of beneficiaries.
- Can be established during one’s lifetime (living trusts) or through a will (testamentary trusts).
- Serve asset protection, estate planning, and tax planning purposes.
- Common types in Australia: discretionary, unit, and testamentary trusts.
Estate Planning in Australia
- Ensure estate planning complies with relevant legislation and reflects individual circumstances.
- Regularly review and update estate planning to account for personal, financial, or legal changes.
- Finding an estate planning lawyer in Australia can be crucial for ensuring that your assets are managed and distributed according to your wishes.
Finding an Estate Planning Lawyer in Australia
Here are some steps to find a qualified estate planning lawyer in Australia:
- Referrals
- Ask friends, family members, or colleagues for recommendations if they have used an estate planning lawyer in the past and had a positive experience.
- Legal Directories
- Use online legal directories, such as the Law Society of your state or territory, or commercial directories like FindLaw or Legal Match, to search for estate planning lawyers in your area.
- Online Search
- Conduct an online search using terms like "estate planning lawyer" or "wills and trusts lawyer".
- Professional Associations
- Check if the lawyer is a member of professional associations such as STEP or EPCA, which indicates a commitment to excellence in estate planning.
- Reviews and Testimonials
- Look for online reviews and testimonials from previous clients to gauge the lawyer’s reputation and quality of service.
- Initial Consultation
- Discuss your needs and assess the lawyer’s expertise and approach.
- Determine your comfort level working with them.
- Ask about their experience, approach, and fee structure.
- Credentials and Experience
- Check qualifications and certifications related to estate planning.
- Look for experienced lawyers in will drafting, trust establishment, probate, and estate administration.
- Fee Structure
- Inquire upfront about the lawyer’s fee structure, including whether they charge hourly rates, flat fees, or contingency fees for their services.
By following these steps and conducting thorough research, you can find a reputable and experienced estate planning lawyer in Australia to help you create a comprehensive estate plan that meets your needs and objectives.
