Estate Planning -What is it and do you need it?

Estate Planning is about so much more that writing a Will and it’s a sad fact that almost half of us don’t even do that. Often Wills are outdated due to marriage, divorce and changes in circumstances. Whilst we spend our lives looking after our families and striving to accumulate wealth and assets,rarely do we consider how we can protect ourselves and our families if and when something unfortunate happens.
Estate planning covers looking after you and your affairs if you become mentally incapacitated due to accident or illness and can also include specific instructions as to the medical care you would like to receive at the end stage of your life. By including Enduring Power of Attorney and Advance Health Directive documents to your plan you can ensure the best possible outcome for yourself at a difficult time. You can also ensure that someone you trust is there to look after you when you need it the most.
Estate planning also covers your assets and how you would like them to be distributed after your passing. This could be a simple Last Will and Testament, or, depending on your circumstances, it may be more appropriate to include a Testamentary Trust. A Trust will ensure that your Estate is protected from bankruptcy and family court claims and can be used for the purposes that you intend. Trusts are often used to ensure family members use their inheritance wisely and tax affairs can be managed more effectively.
Other things to consider when doing an Estate plan are your superannuation accounts and any existing family trusts. If you have a business then succession planning is a must to ensure a smooth transition when the time comes.
With so much to consider it is very important to get the right advice. Australian Probate Lawyers offer an obligation free in-home consultation to discuss your needs. One of our lawyers will ensure you get the right advice to make the best decisions for yourself and those you care about.

If you need to update an old Will or make an estate plan simply call

Cheryl Evans on 1300 760 771

to arrange a time. Please don’t put it off until it’s too late.

Cheryl Evans
Law Clerk
Australian Probate Lawyers