Wills & Estate Planning Lawyer Services in South Yarra
Secure your loved ones’ future with expert wills & estate planning guidance from Matthies Lawyers. Our experienced lawyers simplify the process, ensuring your wishes are clearly documented and executed with precision.
Estate Planning: Protect Your Legacy
Estate planning is the process of making arrangements for the distribution of your assets and the management of your affairs after your death or incapacity. It is an important part of financial planning and can help to protect your loved ones from unnecessary stress and conflict.
Benefits of Estate Planning
- Control over your assets: Estate planning allows you to decide who will inherit your assets after your death. Without an estate plan, your assets will be distributed according to the laws of intestacy, which may not be in line with your wishes.
- Protection for your loved ones: Estate planning can help to protect your loved ones from unnecessary stress and conflict after your death. By having a Will and other estate planning documents in place, you can ensure that your assets are distributed according to your wishes and that your loved ones have the legal authority to make decisions about your care.
- Reduced tax liability: Estate planning can help you to reduce or eliminate estate taxes. There are a number of strategies that can be used to reduce your estate tax liability, such as making gifts to your loved ones during your lifetime and setting up trusts.
- Peace of mind: Knowing that your affairs are in order can provide peace of mind and reduce anxiety. Estate planning can help you to feel confident that your loved ones will be taken care of after your death.
Family & Divorce Law
Wills & Estates
Estate Planning: Avoid Common Misconceptions
There are a number of common misconceptions about estate planning. Here are a few of the most common:
- Estate planning is only for the wealthy:
This is simply not true. Estate planning can benefit people of all wealth levels. Even if you have a modest estate, an estate plan can help to ensure that your assets are distributed according to your wishes and that your loved ones are protected.
- A Will and a power of attorney are the same thing:
A Will is a legal document that outlines how you want your assets distributed after your death. A power of attorney is a legal document that gives someone else the authority to make decisions or to undertake specific tasks on your behalf. A power of attorney only functions while you are alive.
- Estate planning is a one-time task:
Your life is constantly changing, and so should your estate plan. It is important to review your estate plan every 5-10 years or when there is a separation, divorce or death in the family to make sure that it is still up-to-date and reflects your current wishes.
Don’t let these common misconceptions keep you from getting your estate planning in order. Contact Matthies Lawyers today for a free consultation.
Frequently Asked Questions
What happens if I die without a Will?
If you die without a Will, your assets will be distributed according to the laws of intestacy. This means that your assets will be distributed to your closest living relatives, such as your spouse, children, or parents.
However, the laws of intestacy may not reflect your wishes. For example, if you are not married and have no children, your assets may be distributed to your parents or siblings, even if you would prefer to leave them to a friend or charity.
How do I update my estate plan if my circumstances change?
Your estate plan should be a living document that reflects your current wishes and circumstances. This means that you should update it whenever there is a significant change in your life, such as marriage, divorce, the birth of a child, the purchase of a new home, or a major change in your health.
What are the tax implications of estate planning?
Estate planning can have a significant impact on your tax liability. An experienced estate planning lawyer can help you minimise your taxes while still ensuring that your assets are distributed according to your wishes.
What are the emotional and psychological benefits of estate planning?
Estate planning can provide peace of mind and reduce anxiety by knowing that your affairs are in order. It can also help to prevent conflicts among your loved ones about how your assets should be distributed.
What are some common mistakes that people make when it comes to estate planning?
One of the most common mistakes is not having an estate plan at all. Another common mistake is not reviewing your estate plan regularly to make sure it is still up-to-date. It is also important to appoint the right beneficiaries and trustees for your assets.
Can I contest an estate plan?
In some cases, it is possible to contest an estate plan. For example, if you believe that the Will was not signed validly or that the testator was not of sound mind when they signed the Will, you may be able to contest it in court.
However, contesting an estate plan can be a lengthy and expensive process, and it is not always successful.
What should I do if I am named as the executor of an estate?
The executor of an estate is responsible for carrying out the terms of the Will. This includes distributing the deceased person’s assets, paying their debts, and filing their final tax returns.
Being an executor can be a time-consuming and challenging task, but it is also an important responsibility. If you are named as the executor of an estate, it is important to seek legal advice to make sure you understand your responsibilities and how to fulfil them.
Contact Matthies Lawyers today for a free consultation to discuss your estate planning needs.
Take the First Step
If you do not have an estate plan in place, contact Matthies Lawyers today for a free consultation.
Our experienced estate planning lawyers can help you to create a plan that meets your specific needs and ensures that your wishes are carried out.
From the Blog
How Parenting Orders Imposed by the Court may Affect Mental Health These cases were once known as custody disputes, but are now known as Parenting cases....
Understanding Emancipation Laws in Australia: What Every Parent Should Know About Child Emancipation
Defining Legal Independence for Minors Emancipation is the process by which a person under 18 years of age can seek independence from their parents. It is...
It is no secret that Australia currently has an aging population with the median age of the population currently sitting at 38 years of age, 3 years older...