WILLS AND ESTATE PLANNING LAWYERS WOLLONGONG

Estate planning is the process of arranging the distribution of your assets and wealth after your passing to ensure it aligns with your wishes, minimises taxes, and maximises the benefit to your loved ones.

A Will is essential because it allows you to specify how your assets are distributed, name guardians for your minor children, and ensure your wishes are legally upheld.

When an individual passes away without a Will, this is known as dying ‘intestate.’ In such cases, it is necessary to file an application with the Supreme Court to obtain ‘Letters of Administration.’ These letters represent the formal authorisation from the court which allows a designated person to oversee the distribution of the deceased’s estate.

It’s a good practice to review and update your Will whenever significant life events occur, such as marriage, divorce, the birth of children, or changes in financial circumstances.

A trust is a legal arrangement to hold and manage assets for the benefit of beneficiaries. Trusts can be valuable for various reasons, including avoiding probate, safeguarding assets from creditors, and reducing estate taxes.

Effective estate planning strategies, such as gifting, setting up trusts, and utilising exemptions, can help minimise the impact of estate taxes on your assets.

A power of attorney is a legal document that grants someone the authority to act on your behalf in financial, legal, or medical matters if you become incapacitated.

An advanced health care directive is a legally binding document that empowers you to make informed decisions about your medical treatment preferences, particularly in situations where you may become unable to communicate those choices.

Yes, it is possible to appoint multiple executors or trustees to share the responsibilities and ensure the efficient administration of your estate or trust.

A family trust can provide asset protection, income distribution flexibility, and control over how your assets are used for the benefit of your family members.

Certain types of trusts, such as irrevocable trusts, can help protect your assets from creditors, provided they are structured correctly and meet legal requirements.

Yes, you can typically update your Will or trust to change beneficiaries, as long as you follow the legal procedures and requirements in your jurisdiction.

An estate planning lawyer specialises in helping clients create and implement effective plans for their assets, Wills, trusts, and other related matters, ensuring their wishes are carried out.

Kells’ experienced team of lawyers can help you on a range of estate planning matters, from creating Wills and trusts to contesting and defending a Will, and from providing complex advice on blended family arrangements and business structure reviews, to lodging family provision claims for persons under legal incapacity.