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Private Client law refers to the legal services provided to individuals and families regarding their personal, financial, and estate-related affairs. In Sydney, Australia, this area of law includes a broad range of matters such as writing wills, estate administration, trusts, succession planning, powers of attorney, and guardianship. Private Client lawyers aim to protect your interests, ensure your wishes are respected, and help you manage and transfer your assets efficiently and in accordance with the law.
There are many occasions when seeking the advice and assistance of a Private Client lawyer can be crucial. Some common scenarios include:
In Sydney, Private Client law is governed by both state and federal legislation. Key aspects include:
These laws set clear requirements for drafting valid wills, appointing decision makers, dealing with disputes, and managing estates. Rules can be complex, especially where there are business interests, overseas assets, or family disagreements.
A will is a legal document outlining how you want your assets distributed after your death. Having a will helps ensure your wishes are followed, appoints guardians for minor children, and can prevent disputes. Anyone with assets or dependents should consider having a will.
If you die without a will, your estate is distributed according to a legal formula under the Succession Act 2006 (NSW). This may not reflect your preferred wishes and may complicate the administration of your estate.
Eligible people, such as spouses, children, or dependents, may challenge a will if they believe they have not been adequately provided for. This is usually done through a family provision claim in the Supreme Court of New South Wales.
Probate is the legal process where the Supreme Court of NSW confirms that a will is valid and authorises the executor to distribute the estate. Probate is usually required for significant assets or when institutions, such as banks, request it.
An enduring power of attorney allows you to appoint someone you trust to make financial and legal decisions on your behalf if you lose capacity to do so in the future.
An enduring guardian is someone you appoint to make health and lifestyle decisions for you if you become unable to do so yourself. This might include decisions about medical care, living arrangements, and personal services.
A trust is a legal arrangement where a trustee manages assets for the benefit of beneficiaries. Setting up a trust involves a formal deed and, often, professional legal and financial advice to ensure compliance and suitability for your needs.
Family businesses require careful succession planning to ensure continued operation and fair division among heirs. This may include buy-sell agreements and tailored will provisions. A Private Client lawyer can advise on best practices and structures.
There is no inheritance tax in NSW. However, other taxes may apply, such as capital gains tax, particularly if assets are sold. Estate planning can help manage and minimise these liabilities.
Costs depend on the complexity of your affairs and the services required. Many lawyers offer fixed fees for standard wills and powers of attorney, but charges for more complex matters or litigation can be higher. It is best to discuss fees upfront with your chosen lawyer.
Several organisations and governmental bodies provide helpful information and assistance regarding Private Client law in Sydney:
If you believe you need advice or assistance with a Private Client issue in Sydney, it is important to take the following steps:
Dealing with your private affairs can be complex and emotionally challenging, but getting quality legal advice helps protect your interests and gives you peace of mind.
