The Role and Value of Estate Lawyers North Shore, Auckland
Estate lawyers ought to play a pivotal role in helping individuals and families manage their financial legacies. Sadly, not enough people seek help and guidance from estate lawyers North Shore. Doing so could save families a lot of grief, stress, and unnecessary cost.
What Does An Estate Lawyer Do?
There are two main aspects of the work that estate lawyers North Shore carries out. They are estate planning and estate administration.
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Estate Planning
There are two main areas to estate planning. They are will and trusts.
Wills
It is essential for anyone who owns property or other major asset to have an up-to-date will. This can save a lot of uncertainty while they are alive and reduce inter-family strife when they pass on.
If there is no will when a person dies, their estate is distributed according to law under the Administration Act. The deceased person has no say in how their assets will be distributed. This can be a disappointment to surviving family members, friends, or favourite charities.
A will can also include any post death wishes such as the type of funeral they want.
It is important to review the will from time to time. This is especially so if there is a change in circumstances. For example, if a couple is in a de facto relationship, but then decide to get married, their previous wills are no longer valid. Simply, your will is revoked upon marriage.
Trusts
Another key aspect of estate planning is that of trusts. These are often family trusts, but can also be business, inheritance, parallel, and charitable trusts.
A trust can protect assets within the entity from creditors which can be useful if someone owns a business. Their personal assets are protected in case there is a call on the business.
A family trust can also protect the assets if there are calls on ownership such as in blended families.
Other uses for trusts include managing inheritance so, for example, someone only inherits the legacy at a certain age.
Making provisions for beneficiaries is another common use such as providing an education fund for grandchildren.
A lawyer will advise on best practice, remind trustees about their responsibilities, and draft the Title Deed.
Estate Administration
This is when a person dies and the will or trust come into effect.
The lawyer will apply for probate so that the estate can be distributed under the terms of the will or trust.
Once probate has been granted, the lawyer will begin the administration of the estate. This will include determining the identity and values of any and all assets the deceased person owned. This is often quite complex and requires knowledge and understanding of how people often hide assets from partners or family members. That is more common than oy might think.
The lawyer will also have to determine any outstanding debts, although this is not surprisingly, a lot easier as creditors will come knocking to get their money back.
Finally, the lawyer will assess any tax liability and ensure that the IRD bill is settled.
Once all the data is collected, and debts settled, the lawyer can then distribute the remaining assets in accordance with the deceased person’s wishes as laid out in their will.
Summing Up Estate Lawyers North Shore
It is highly recommended that people go to see one of the estate lawyers North Shore, if they own any property or have significant savings.
The lawyer will help people write a will to ensure that their assets will be distributed according to their wishes upon their death. They can also help protect those assets while they are alive via a family trust.
Finally, at a time of grief and stress, the lawyer will carry out the complex processes to administer the estate of the deceased.
If you need a will, or want to review yours, it is best to talk to McVeagh Fleming, one of the biggest law firms in the area. They have a team of lawyers ready to help you.