Wills, Estates and Assets

This is a big concern for many. If you die without a will, the state will distribute your assets according to its laws, which may not align with your wishes. If you die without a will in New South Wales, your estate will be distributed according to the rules of intestacy as set out in the Succession Act (NSW). This means the law dictates who inherits your assets, which can be quite different from what you might have intended. Here’s a breakdown of what happens:

The estate is administered: Someone close to you, often a relative, will need to apply to the Supreme Court for a grant of administration. This authorises them to act as the administrator and distribute the assets according to the intestacy rules.

Distribution of assets: The order of inheritance is:

1. Spouse: If you were married, your spouse inherits the entire estate after debts are paid.
2. Children: If you have children but no spouse, your children inherit the entire estate divided equally.
3. Parents and siblings: If you have no spouse or children, your parents inherit everything if they are alive. If not, your siblings will inherit, divided equally.
4. Other relatives: If you have no spouse, children, or parents living, other relatives like grandparents, uncles, aunts, or cousins may inherit according to a set order.
5. The State: If no eligible relatives are found, the entire estate goes to the State government.

For a free no-obligation chat about your unique circumstances, call Jessica today on (02) 4941 8970, or contact us.

Choosing an executor for your will is an important decision. This person will be responsible for carrying out your wishes after you pass away, so it is crucial to select someone trustworthy, reliable, and capable. Here are some key factors to consider:

• Trustworthiness and honesty: This is paramount. You need someone who will faithfully execute your wishes as outlined in your will.
• Organisational skills: The executor will need to handle various tasks like gathering assets, paying debts, and distributing inheritances. Choose someone who is organised and detail-oriented.
• Availability and willingness: The executor’s role requires time and effort. Ensure the person you choose is available and willing to take on this responsibility.
• Understanding of your estate: It is ideal if the executor has some understanding of your financial situation and assets.
• Age and health: Consider the age and health of the person. You want someone who is likely to be around to fulfill their duties.

Here are some potential candidates to consider:

• Spouse or partner: A common choice, assuming they meet the criteria above.
• Adult child: A responsible and organised child could be a good option.
• Close friend or relative: A trustworthy friend or relative can be a suitable choice.
• Professional executor: Lawyers, accountants, or trust companies can be appointed for a fee, which can be helpful for complex estates.

There is no single ‘right’ answer for who to choose as your executor. The most important thing is to select someone you trust completely and who possesses the necessary skills and capabilities to handle the role effectively. For expert on this and any other queries around estates and planning, call Jessica, our experienced estate planning lawyer, today at Whitelaw McDonald Lawyers on (02) 4941 8970, and have a free no-obligation chat.

Minimising taxes on your estate is a crucial aspect of a well-rounded estate plan. Strategies like maximising superannuation contributions, utilising lifetime gifts to loved ones, and establishing testamentary trusts can all help reduce your estate’s taxable value. Exploring spousal lifetime transfers can also be beneficial for married couples. Remember, tax laws can be complex and change over time. To make sure you’re utilising the most effective strategies for your unique situation, call Jessica, our experienced estate planning lawyer, today at Whitelaw McDonald Lawyers on (02) 4941 8970, and have a free no-obligation chat.

While you can create a will without a solicitor, involving one in your estate planning process offers significant advantages:

• Ensuring legal validity: Estate planning laws can be intricate and vary depending on your location. A solicitor ensures your plan is legally sound and avoids potential challenges or misinterpretations that could arise later.
• Minimising tax liabilities: Solicitors can advise on strategies to minimise the inheritance tax burden on your estate, saving your loved ones money in the long run.
• Addressing complexities: If your situation involves a business, blended family, significant assets, or specific wishes, a solicitor can craft a plan that meets your unique needs and avoids complications. This could include establishing trusts or other legal structures.
• Preventing Disputes: A well-drafted will with clear instructions reduces the risk of confusion or conflict among beneficiaries. This promotes family harmony during a difficult time by ensuring everyone understands your wishes.
• Peace of Mind: Knowing your estate is handled by a professional allows you peace of mind and the confidence that your wishes will be carried out correctly.

The team at Whitelaw McDonald Lawyers has extensive experience in estate planning and successfully guided countless clients through the process. We know every situation is unique, and we will tailor it to your situation, keeping you informed through the entire process, so you can focus on what matters most – your loved ones and your future. Get in touch with Jessica today at Whitelaw McDonald Lawyers on (02) 4941 8970 for a free no-obligation chat, or get in touch.

Life circumstances change, so it’s important to review and update your estate plan periodically. People often wonder how often this should be done.

We generally recommend to review and update your estate plan at least once a year. Here are some reasons why:

• Life changes: Major life events like marriage, divorce, birth of children, or the death of a beneficiary can significantly impact your wishes.
• Changes in assets: If you acquire or dispose of significant assets like property or investments, your plan needs to reflect your updated financial picture.
• Legal changes: Laws and regulations around estate planning can evolve over time, so ensuring your plan remains compliant is crucial.

Our highly experienced team at Whitelaw McDonald Lawyers will help you in reviewing your existing estate plan and making any necessary updates. We will advise you on the best course of action based on your specific circumstances. Get in touch with Jessica today at Whitelaw McDonald Lawyers on (02) 4941 8970 for a free no-obligation chat, or get in touch.