Estate Planning with a Solicitor:

A Comprehensive Guide to Will Creation | Estate Law Gold Coast

Effective estate planning involves the crucial step of crafting a will. Without one, legal complexities may arise, leading to unintended beneficiaries or an undesirable distribution of assets. Engaging with a solicitor becomes indispensable in simplifying the seemingly daunting task of creating a will. This guide outlines the steps involved in the process, ensuring a clear and legally sound representation of your wishes.

01

Initiating the Process:

Start by reaching out to your solicitor, who will require proper identification to initiate the creation of your will.

02

Identifying Relevant Persons:

Your solicitor will then gather details about significant individuals in your life, including the executor of your will, immediate family members, and intended beneficiaries.

03

Reviewing Previous Wills:

If you have existing wills, provide your solicitor with current and past copies. This step is crucial for addressing any desired changes regarding beneficiaries and their shares.

04

Listing Assets and Liabilities:

Compile a comprehensive list of your assets, liabilities, and any superannuation or life insurance policies you may possess.

05

Business and Trust Details:

If you have connections with private companies, trusts, partnerships, businesses, or self-managed superannuation funds, share these details for a thorough understanding of your financial landscape.

06

Understanding Costs:

Your solicitor will offer a written estimate or fixed fee for finalising your will. Don't be deterred by the cost; the peace of mind and the assurance of proper estate handling without potential conflicts among beneficiaries are well worth the investment.

07

Drafting and Reviewing:

Following your discussions, your solicitor will prepare a draft of your will for your review and discussion. Any necessary amendments will be made before you sign the final document.

08

Partner with a Solicitor in your estate planning for expert guidance not found in a DIY Will Kit

Collaborating with a seasoned lawyer or solicitor allows for the inclusion of clauses and advice that may not be apparent without expert advice. This can significantly streamline and simplify the process, ensuring that the lead-up to your passing and the period after align with your specific wishes.

09

Completion and Confirmation:

Once the drafting is complete, you'll sign the final will, and your solicitor will provide a tax invoice for the agreed-upon fee and your will-making process is successfully concluded!

Conclusion:

Teaming up with a solicitor streamlines the will-making process, ensuring accurate and legally binding documentation of your wishes. Don’t be deterred by the misconception of complexity or the associated cost; with the right guidance, creating your will becomes a straightforward and essential task. Whether you’re considering a ‘no contest clause’ or seeking advice on a ‘release under the Succession Act,‘ collaborating with your solicitor is a vital step in securing your legacy effectively, especially if you’re on the Gold Coast.

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Disclaimer

The posts in this blog are published as general information only. They are not intended to nor do they constitute legal advice. HTW Legal Group strives at all times to provide users with accurate information but we do not guarantee that the information contained in this blog reflects accurately current law or procedure.

You should not act or refrain from acting in any matter based upon the information contained in this blog without first seeking the advice of a lawyer who practices in the area of law related to your matter. Do not hesitate to contact HTW Legal Group to make an appointment with one of our team of experienced lawyers to obtain advice tailored to your personal situation.