Estate Planning
Smart estate planning strategies that safeguard your assets & healthcare needs.
We’ll help you protect your present and plan for your future.
At Betar Lawyers we have considerable expertise in all areas of estate planning, from creating a simple Will to complex estate management and protection.
What is estate planning?
An comprehensive estate plan is an all-encompassing solution for your financial affairs and healthcare needs. It covers what happens whilst you are alive and when you die.
It involves much more than just planning to distribute your assets to certain people. A good estate plan will cover every eventuality, such as mental incapacitation, illness and death, and all the important decisions that need to be made. Estate planning also removes any uncertainty over the value and distribution of your assets, maximising the value of your estate by reducing taxes and other expenses.
At Betar Lawyers we specialise in effective estate planning, making sure you clearly understand the implications of any decisions, so you have peace of mind. We work closely with your accountant and your financial advisor to devise the right strategy, that safeguards your assets and care, minimises financial liabilities and takes care of the interests of your beneficiaries, too.
What your estate plan covers
Estate planning typically involves:
Preparation of your Will
Determining who will administer your estate: Executor and trustees
Establishing a discretionary testamentary trust
Designating guardians for any minor children and beneficiaries under your Will, and in the case of your incapacity
Determining Power of Attorney: Who can make financial decisions if you cannot
Establishing a Guardianship: Who can make healthcare and care decisions if you cannot
Creating a Living Will/Advance Healthcare Directive: Directions for your end-of-life care if you cannot make decisions for yourself
Estate planning is especially useful if:
You have children and wish to provide for their welfare, education and advancement in life
You have considerable assets and your beneficiaries require the creation of more complex trusts within your Will
You have vulnerable beneficiaries with special needs
You have investment or business structures that are complex and may include a family discretionary trust, a self-managed superannuation fund or a private company
You wish to minimise tax liability of your estate or your beneficiaries, for example via superannuation or testamentary trusts.
Everyone should have some form of an estate plan, whether you are single, married or have children.
Our estate planning services
At Betar Lawyers we specialise in all aspects of estate planning, including:
- Wills
- Testamentary Trusts
- Probate and estate administration
- Living Wills/Advance Healthcare Directives
- Prenuptial Agreements (before or during a relationship)
- Separation Agreements (when a relationship ends)
Estate Planning FAQs
+ Why do I need an estate plan?
Many people assume that an estate plan is only for people who have considerable assets or are wealthy. Or, if they already have a Will, that they do not need an estate plan.
But an estate plan covers everything that a Will alone cannot.
Such as control and protection of your assets, and decisions about your healthcare when you are unable to make these decisions for yourself. These are critically important documents, particularly towards end of life.
An estate plan also ensures that the financial interests of your beneficiaries are protected. As well as detailing those practical matters of who gets what and what sort of control you wish to place on gifts that you make.
That’s why everyone should have an estate plan, regardless of your assets and wealth.
+ What do I need to think about when planning my estate?
In addition to how exactly you want your assets to be distributed, you will need to think about things like:
Who you wish to handle your affairs – you will need to name someone to be the executor of your Will and any trustees
Who you wish to be the legal guardians of any children/dependents that you have
Who you wish to be your Guardian – who will make those important medical decisions for you?
Who you wish to give Power of Attorney to – this person will manage your financial affairs
Whether you want to set up a Testamentary Trust or include any special conditions, such as distribution of assets to dependents only when they reach a certain age
What healthcare decisions are to be made, if you cannot decide for yourself
Although these can be difficult things to think about, it’s important to consider them now, so you can plan your estate in confidence and have peace of mind that you have taken care of every eventuality.
At Betar Lawyers we have many years of expertise in estate planning, we will guide you through the entire process with sensitivity and empathy.
+ What personal documents do I need to bring to plan my estate?
We will explain what information and documentation we will need from you to plan your estate, and what to bring to your appointment.
Typical documents include things like title deeds to your house, assets such as a car, insurances and so on.
+ What is a testamentary trust?
This is a trust that is detailed in your Will. When you die, this becomes a testamentary trust. The purpose of the trust might be to protect a gift for your children (who are not adults) also called infant beneficiaries.
This will detail how you want that gift to be used, for example, for the education welfare and advancement in life of that beneficiary. Perhaps to pay school fees, pay for school uniforms, school books, excursions and all manner of things.
+ Is it possible to protect the testamentary trust?
You might like to protect the testamentary trust by ensuring that the trustee is not the beneficiary of the trust. Circumstances where you might like to ensure that the testamentary trust is protected is because a child of yours is:
- Drug dependant or an alcoholic
- A gambler
- In financial difficulty
- In prison
- Going through a separation from their partner
+ Is a testamentary trust a detailed document?
The testamentary trust is a complex arrangement and is included in your Will. It contains a range of provisions, just like any discretionary trust, and must comply with trust law.
+ Can I do my own estate planning?
For an estate plan – and indeed a Will – to be actionable, it has to be legally valid. Although just writing down your wishes may seem enough, the law regarding Wills and estates is complex.
The correct legal advice for your personal and unique circumstances is vital, to ensure your wishes are clear, can be carried out and to prevent estate disputes in future. ‘DIY’ online Will kits are not advised for this reason.
+ Useful glossary: Estate planning terms and meanings
Estate planning sounds complex because of the legal terminology. Here’s a useful guide to common terms you’ll come across when planning your estate.
At Betar Lawyers estate planning is jargon-free. Everything is explained to you in a simple and easy-to-understand way. You will always understand what’s going in your estate plan. And vitally, the implications for you and your family.
Assets: Assets are simply everything that you own, from property to your car to jewellery and valuables.
Beneficiary: Anyone who receives something from your Will.
Executor: The executor is the person who formally arranges for distribution of your assets according to your wishes.
Probate: Probate is when the Will is recognised as legally valid by the Supreme Court. Banks or financial institutions may request probate (also known as a ‘grant of probate’) to release any assets or funds. Probate may also be necessary if there is a dispute over the Will.
Testamentary Trust: A testamentary trust is a special trust that protects the assets placed into it, on behalf of beneficiaries. Testamentary Trusts are often used if you are naming minors as beneficiaries. Or you feel there might be a risk of your assets being claimed by a third-party, if for instance a beneficiary has an ex-partner that may be entitled to a claim.
Trustee: A trustee is the person who legally looks after any assets on behalf of a beneficiary.
We are always available to answer any questions about estate planning and the process. Just call us on (02) 9279 1100.
+ Useful links: Estate Planning
For more information about estate planning, visit:
Estate Planning costs
We will provide an honest and upfront fee estimate, so you know exactly how much your estate planning will cost, with full disclosure of fees and any expenses. All our work is backed by our Value Guarantee, our promise of exceptional service.
Plan your estate with Betar Lawyers
Contact us to talk about your estate planning needs +61 (0)2 9279 1100 or book a consultation below.