New South Wales' notional estate laws allow courts to consider assets beyond a person’s actual estate when distributing assets after passing. This means that trusts, superannuation funds, and other structures your clients believe are excluded from their estate may still be subject to claims.
Advisers working with NSW residents should carefully assess all assets, including those held outside the estate, to ensure their clients’ estate plans align with these unique laws. Reviewing beneficiary designations, updating wills, and ensuring trust structures are aligned can help mitigate risks. Estate planning is not just about drafting documents - it’s about ensuring a client’s wishes are properly carried out while minimising potential disputes.
Regular plan reviews, tax-efficient strategies, and clear communication with family members are essential steps in protecting a client’s legacy. Given the complexities of NSW’s estate laws, seeking advice from an estate planning specialist who understands these nuances can provide valuable peace of mind.
Note: Always seek advice from qualified estate planning lawyers when working with clients. We have a number of NSW firms on the Inherit Australia legal panel to help you manage the complexities of notional estate laws.
Comments