Estate Planning and Wills are both crucial components of any comprehensive estate plan. While people often use these terms interchangeably, there is a significant difference between the two. 

A Will is a written document in which an individual outlines how they would like their assets to be distributed after their death. On the other hand, Estate Planning is the process of strategising about how to manage  assets during a person's lifetime and pass them on after they pass away. Estate Planning is a broader concept that encompasses more than just the distribution of assets, including matters such as tax planning, guardianship for minors, powers of attorney and healthcare directives. 

Wills and Estate Planning include all aspects of planning while the client is still alive, such as: preparation of a Will (simple and complex), Powers of Attorney, superannuation Binding Death Benefit Nominations, asset protection, tax planning and Guardianship & Administration matters at VCAT.

Deceased Estates refer to all aspects of administration of an estate after someone dies, such as: Applying for Probate or Letters of Administration, Management & Distribution of the estate, Survivorship applications and other property transfers, Estate Disputes, Contesting a Will, and Family Maintenance Claims. 

To ensure that your estate plan is comprehensive and legally sound and is executed as such, it is recommended that you consult with Wills and Estates lawyers. They can advise on the best strategies for achieving your goals and ensuring that your assets end up in the hands of your chosen beneficiaries.

Having a Will is an essential component of any well-rounded estate plan. While it may not be at the forefront of your mind, it’s important to remember that having a Will demonstrates that you’ve taken the time to think about what will happen after you’re gone. By outlining your wishes in a Will, you have the opportunity to appoint the executor of your estate, specify how your assets will be distributed, and provide directions for any final wishes you may have. 

Having a Will is important for everyone, no matter what your age, occupation, or assets may be. A Will ensures that your wishes are carried out after your death. It also reduces the risk of disputes among family members and loved ones. Without a Will, the current legislation at the time of death will determine who inherits your assets, which may not align with your wishes.

Consulting a Wills and Estates lawyer at Goldsmiths Lawyers can help you navigate the complex process of creating a valid Will to ensure that your wishes are respected and your legacy is protected. Creating a Will also protects your loved ones in the event of your passing. Whether you’re young or old, it’s always a good time to start thinking about your estate plan and whether a Will should be a part of it. 

When it comes to executing a Will or administering a Deceased Estate, many people believe that they can handle everything on their own.
‍
However, the reality is that the legal process involved in these matters can be complex and confusing without the guidance of a qualified lawyer. Wills and Estates lawyers have the experience and knowledge needed to ensure that your wishes are carried out in the most effective way possible. They can help you navigate the legal system, provide advice on tax implications, and help you avoid costly mistakes. While it may be tempting to try to do everything yourself, seeking the help of a lawyer can give you peace of mind.

‍Get in touch to learn more about our expert legal services in Estate Planning, Wills, and Deceased Estates administration. Our team of seasoned lawyers is here to guide you through the process with sensitivity, compassion, and unparalleled legal expertise.