Let’s face it: having your Will prepared by a lawyer can be costly. But sometimes it’s a case of ‘penny wise and pound foolish’ – and no one wants to be that guy! Here’s three reasons why Equity Trustees Estate Planning National Manager Michael Crowe says it’s worth it.
- You will receive comprehensive advice and have a complete and up-to-date Estate Plan tailored to your unique individual needs.
While your Will is an essential and foundational document, it is forms part of a wider suite of estate planning documents, including an Enduring Power of Attorney, Advanced Health Care Directive and superannuation death benefit nomination.
Mr Crowe said as part of the professional estate planning process, a lawyer will engage in comprehensive discussions with you to understand their client’s assets and liabilities, familial circumstances and estate planning objectives. They can then advise which documents are required and how they should be structured.
“When a lawyer prepares a Will, for example, they will ensure inclusion of all necessary clauses such as a guardianship or contemplation of marriage clause, depending on the circumstances of the client,” Mr Crowe said.
Deciding who to nominate to take care of your health and financial matters when you lose capacity and how best to distribute your wealth after your death are two of the most important decisions you will make during your lifetime.
“It is as important to have that protection and certainty in life as it is in death,” Mr Crowe said.
Additionally, depending on your circumstances, a lawyer can discuss with you how a professional trustee company like Equity Trustees could assist.
“When a client understands the complexity and time required to administer an estate, often they find it difficult to identify the right people within their own network to act as executor and they are interested to know how Equity Trustees can provide support in this space,” Mr Crowe said.
- A lawyer can reduce the risk of you being unduly influenced.
In Australia, the court recognises each person’s freedom to choose who will benefit from their estate following their death. Unfortunately, some people – particularly vulnerable or elderly people – can be unduly influenced or unfairly pressured into changing or making a Will.
“A lawyer will take all necessary measures to reduce the risk of their client being unduly influenced or coerced into making or updating their Will,” Mr Crowe said.
“For example, it is our practice is to meet with our client in person to take their initial instructions and then later sign their Will without any beneficiaries present.”
Additionally, a lawyer keeps legal notes on file which can be used as evidence in court should the Will maker’s testamentary intention ever be questioned.
- A lawyer will ensure compliance with all formal legal requirements.
A lawyer has experience with precedent documents, drafting, legally prescribed formalities and relevant witnessing requirements across all estate planning documentation.
Additionally, a lawyer will ensure the use of correct and consistent wording and legal terminology throughout the Will to avoid any construction issues – in other words, to avoid requiring the Court to determine what the Will maker meant when they used a particular word which has a specific meaning at law.
Compliance in these areas is necessary to protect the client both at the time documentation is executed and after they lose capacity or pass away.
Mr Crowe said that while it can be a costly and more time-consuming exercise to seek professional estate planning advice, it is “invaluable”.
“Ensuring you have a valid Will in place is one of the most important things you can do for your own peace of mind and to protect the people you love after your death,” he said.
“The reality is that if you die without a current valid Will, your estate will be dispersed in accordance with the law and not your wishes.”
For more information or to schedule a meeting with one of our Estate Planning Lawyers, please contact us on 1300 133 472.