Creating an estate plan is the best way to determine what happens to your personal belongings and assets upon your death. While it is possible to create an estate plan yourself and to write your own will, Lancaster Law & Mediation recommends that clients obtain the services of a qualified estate and wills lawyer who can guide them through the process. We also recommend that you update your estate plan throughout your life. Do you need an estate planning lawyer? Read on to find out more about how a wills and estate planning lawyer can help you.
What Does an Estate Planning Lawyer Do?
An estate planning lawyer is specifically trained to create a plan for how your assets will be passed in the event of your death. They create draft documents, fie documentation, advise clients on how to structure inheritance and update the plan to reflect your present wishes.
Do You Need an Estate Planning Lawyer?
While most people can benefit from hiring the services of an estate lawyer, there are certain situations where the help of a professional lawyer can go a long way in ensuring that your assets are comprehensively protected.
You Own a Business
For small business owners or partners in an enterprise, having a clear plan of action in the event of your death can reduce the potential for disputes and confusion.
Foreign Assets and Interstate Assets
If you have a large number of assets which are spread out across different states or foreign assets subject to government regulations of that country, an estate lawyer provides the legal expertise to ensure that all asset transfer requirements are fulfilled.
Transfer of Assets to Charitable Trusts
Some individuals prefer to transfer their assets to a charitable trust as part of their estate plan. An experienced lawyer will be able to set up these donations while also keeping an eye on potential tax regulations which may arise as a result.
Bequeathing Assets to a Step Relative
Bequeathing assets to a step relative requires deliberate steps that must be included in an estate plan to ensure that they are well taken care of.
Experienced Wills Dispute Lawyers Sydney
Lancaster Law & Mediation has built a reputation for providing comprehensive legal services with estate planning lawyers Sydney wide working to ensure that the affairs Sydney residents are properly administered. Contact us online or over the phone on 02 4227 1177.