Your top 5 questions answered by our lawyers
Have you ever wondered about the importance of creating a Will or found yourself pondering the complexities surrounding this legal document?
At McManus & Co Lawyers, we understand that crafting a Will can be a daunting task, and we’re here to provide answers to the top five frequently asked questions to guide you through the process.
1. Why make a Will?
Many people question the necessity of having a Will, often underestimating the impact it can have on their loved ones. A Will is a crucial document that ensures your wishes are carried out after you’re gone. It appoints someone to act in your shoes, to distribute your assets in the way you choose, to act as guardian of any minor children, and ideally to provide directions for what happens in the event that your loved ones die before you. By making a Will, you gain peace of mind knowing that your estate will be distributed as you wish.
2. Why do I need a lawyer?
While it’s possible to create a basic Will yourself, the expertise of a lawyer in drafting your Will is absolutely recommended. Homemade Wills frequently include mistakes, such as a lack of executor, misdescribed property, gifts of superannuation, incorrect witnessing, we could go on and on. Such mistakes require costly legal rectification after death, so having a lawyer draft your Will is money well spent. A lawyer can also add a lot of value, by addressing your unique concerns, helping you design the distribution of your estate in a tax efficient manner, minimising the risk of a dispute among your beneficiaries and mostly importantly, ensuring your Will is valid.
3. How much does it cost?
The cost of creating a Will varies depending on the complexity of your assets and your wishes. At McManus & Co Lawyers, we offer fixed fee packages that are tailored to your specific needs. Our goal is to make the process simple. All our fixed fee packages and details are available at www.mcmanuslawyers.com.au/your-estate-plan
4. How long does it take?
Two meetings is all it takes for most people to make a Will with a lawyer. At McManus & Co, we start with one 45 minute meeting with you (in person or via Zoom) to obtain your instructions and to provide advice, and end with one further meeting of about the same length in person to go through the Will, to answer any questions and to sign and witness your Will. If you need more time or if you need a will drawn urgently, we can adapt the process to your needs.
5. Can I leave someone out of my Will?
A person making a Will has complete freedom as to how they dispose of their estate. However a limited collection of people have a right to challenge a Will if they consider they have not been adequately provided for.
If you are considering leaving someone out, an experienced Will lawyer can provide you with advice about whether that someone could challenge your estate and whether they are likely to be successful. At McManus & Co Lawyers, where possible, we’ll also advise you as to how you can minimise the risk of such a claim, either by making changes to the structure of your assets or by making certain gifts from your estate.
At McManus & Co Lawyers, we focus on making the process of creating a Will as straightforward as possible. Contact us today on 9318 4188 to discuss your specific needs or you can make an appointment directly via our website www.mcmanuslawyers.com.au