Planning for your family’s future after you’re gone is a really important legal task.
If you take the time now to make an effective legally binding Will and Testament you can save your family not only stress but money in what will undoubtedly be a difficult time for them.
Shire Legal’s will and estate planning lawyers can help:
- Advise you in regard to estate and Probate laws
- Write a will that maximises the inheritance for your family
- Set up family and testamentary trusts
- Advise you in regard to choosing executors and guardians
- Minimise the chance that your will is contested and subject to litigation
- Advise in regard to estate tax (including capital gains) and financial concerns
- Safely store your will and other important legal documents
At the same time as considering your Will we strongly recommend that you also put in place plans for any future incapacity through Power of Attorney and Guardianship documents. This will ensure that if you somehow become unable to make decisions about your finances, your medical treatment or living arrangements then the person or persons who you trust to make these decisions can do so unhindered.
Why can beneficiaries only inherit after 30 days?
It is common for Wills to contain an express statement that beneficiaries must survive the testator for at least 30 days in order to inherit under the Will.
The requirement that beneficiaries survive testators by 30 days is found in Succession Act 2006 (NSW) s 35. Section 35(2) however, allows this rule to be excluded by a contrary intention in the will.
It is understood that the law was introduced for practical reasons – to avoid the multiplicity of administration of the same property through several estates. Some suggest that it was derived from the common law doctrine of lapse. US commentary states that this was developed as a remedial measure that was initially introduced to effectuate intent when drafters fail to anticipate lapse and do not expressly provide alternative takers. As the legal concept is based on the presumed intent of the testator, the law provides that it does not apply if there is contrary intent.
Contact us to find out more or to arrange a consultation with an experienced lawyer in Miranda.