When it comes to safeguarding your wishes and ensuring your loved ones are taken care of, an estate lawyer plays a crucial role. Golottas Solicitors, a reputable name in the legal field, is dedicated to preserving your intentions through every step of the estate planning process. In this blog, we’ll explore the realm of estate lawyers, shedding light on contesting wills & discussing probate in Australia.
What is an Estate Lawyer & How Can They Help?
An estate lawyer is a legal professional who specialises in matters related to the distribution of assets, property, and wealth after a person’s passing. Also known as estate planning attorneys, they guide individuals in creating plans that ensure their final wishes are honoured while minimizing potential conflicts among beneficiaries.
The Role of an Estate Lawyer
Golottas Solicitors understands that estate planning is about more than just drafting documents – it’s about crafting a comprehensive strategy that reflects your values and ensures a smooth transition for your loved ones. Our experienced estate lawyers work closely with you to:
- Draft Wills and Trusts
A fundamental aspect of estate planning is creating a valid will or setting up trusts that outline how your assets will be distributed. Our estate lawyers tailor these documents to your specific wishes and circumstances, addressing everything from property distribution to charitable donations.
- Minimise Taxes and Expenses
Estate lawyers possess in-depth knowledge of tax laws and regulations. They can help you structure your estate plan in a way that minimizes tax liabilities, preserving more of your assets for your beneficiaries.
- Provide for Dependents
If you have dependents, an estate lawyer can assist in establishing guardianship arrangements and trusts to ensure their financial well-being and care.
- Plan for Incapacity
Estate lawyers also address scenarios where you might become incapacitated and unable to make decisions. They can draft documents like powers of attorney and advance healthcare directives to ensure your wishes are respected even in such situations.
- Navigate Complex Situations
Whether you have blended families, complex business arrangements, or unique assets, estate lawyers have the expertise to navigate intricate situations and create plans that prevent disputes down the line.
How Could Someone Contest a Will & Is There a Timeframe?
While the intent behind a will is to carry out a person’s wishes, situations can arise where individuals seek to contest its validity or fairness. Understanding the grounds for contesting a will and the associated timeframe is crucial for anyone involved in such situations.
Reasons for Contesting a Will
Contesting a will typically involves raising concerns about its legitimacy, fairness, or the circumstances under which it was created. Common grounds for contesting a will include:
Lack of Capacity
If the testator (the person who made the will) was not of sound mind or mentally incapacitated when creating the will, its validity can be questioned.
Undue Influence
If someone exerted undue influence or pressure on the testator, leading them to make decisions against their true wishes, the will may be contested.
Fraud or Forgery
If there’s evidence of fraud or forgery in the creation or execution of the will, it can be challenged.
Invalid Execution
Wills must meet specific legal requirements to be considered valid. If the will was not properly executed according to these requirements, it could be contested.
The Timeframe for Contesting a Will
In Australia, there’s a timeframe within which a person can contest a will. This timeframe varies depending on the jurisdiction and the circumstances. Generally, interested parties have a limited period after the grant of probate to bring a claim challenging the validity or fairness of a will. This timeframe can range from 6 months to a year.
It’s crucial to seek legal advice promptly if you believe you have grounds to contest a will. Delays can impact your ability to pursue a claim, so consulting with an estate lawyer early on is essential.
Do All Wills Have to Go Through Probate in Australia?
Probate is a significant aspect of estate law, but not all wills require it. Understanding when probate is necessary can provide clarity and guidance as you navigate the intricacies of estate planning.
Understanding Probate
Probate is a legal process that confirms the validity of a will and grants authority to the executor to administer the deceased’s estate. It involves proving the authenticity of the will, paying any outstanding debts or taxes, and distributing assets according to the will’s terms.
When Is Probate Required?
Not all estates require probate. Whether probate is necessary depends on various factors, including the nature and value of the assets, as well as how they are owned:
Small Estates
In cases where the estate’s assets are minimal, probate may not be required. Different jurisdictions have different thresholds for defining a “small estate.”
Joint Ownership
Assets held jointly with another person, such as a spouse, often pass directly to the surviving owner without the need for probate.
Assets with Beneficiary Designations
Assets like life insurance policies and retirement accounts that have designated beneficiaries usually bypass probate and go directly to the beneficiaries.
Trusts
Assets held in a living trust typically do not go through probate since the trust’s terms dictate the distribution.
Benefits of Avoiding Probate
Avoiding probate can offer benefits such as privacy, cost savings, and quicker distribution of assets to beneficiaries. Assets that don’t go through probate can often be distributed without the delays associated with the probate process.
Golottas Solicitors: Navigating the Probate Process
Golottas Solicitors understands the complexities of probate and its implications for your estate. Our skilled estate lawyers can guide you in assessing whether probate is necessary for your estate and help you develop strategies to streamline the process if it’s required. We aim to make the probate process as smooth and efficient as possible, ensuring that your loved ones receive their inheritances in a timely manner.
Making Informed Decisions in Estate Planning
Understanding when probate is necessary can significantly impact your estate planning decisions. Golottas Solicitors is dedicated to providing you with the knowledge and guidance you need to make informed choices that align with your wishes and priorities. Contact us today to ensure that your estate plan is structured in a way that respects your intentions and minimises the complexities of the probate process.
