It is vital for every person, especially individuals with families, to know what is going to happen to their assets after their eventual passing. So it also stands that is vital that whatever you think is going to happen happens. Using an estate planning lawyer helps ensure that your wishes will be carried out in the way you want.
What is Estate Planning?
Estate or succession planning encompasses a wide variety of end-of-life planning decisions. Many people have a basic understanding of Estate Planning and what it entails. However, eventually, questions will arise, either before or after your passing about the legitimacy of your estate planning documents (such as a Will or Testamentary Trust). There are also things to consider outside the scope of the Will, this includes:
- Joint Property
- Life Insurance
- Trust assets
How can a Brisbane estate planning lawyer help me?
You will begin with a free consultation with an estate planning lawyer to review your current financial, familial, and health situation. At this consultation, your estate planning lawyer will discuss with you what documents you require to affect your last wishes. Estate planning documents might encompass:
- Simple or Complex Will;
- Enduring Power of Attorney;
- Advanced Health Directive;
- Superannuation Binding Death Benefit Nomination; and
- Testamentary Trusts.
Your Brisbane estate planning lawyer has the knowledge to assist you in protecting and preserving your estate.
Is there a difference between estate planning and succession planning?
Yes and no. Succession planning refers to the area which broadly includes estate planning, retirement planning, and business continuity planning. Estate planning is an essential part of succession planning and applies to your estate, i.e. your personal property, belongings and interests.
I don’t have any assets, why should I see a Brisbane estate planning lawyer?
Even if you don’t have assets, you do have an estate. Estate Planning is a way for you to protect your family and loved ones. Proper estate planning gives you the ability to leave your loved ones the items you wish them to receive after you are gone, in the way you want them provided, at the time you want them given.
What is the point of estate planning?
A large part of estate planning is the ability to save every single tax dollar, legal fee, and court fee possible. Estate planning also helps to keep you in control of your affairs before death.
If I’m in perfect health why should I plan for the possibility of disability?
Effective estate planning always involves plans for the unexpected, especially regarding disability. It allows you to plan for your incapacity and direct the distribution of your property in the event you do become disabled, incapacitated or injured.
Do I need to see an estate planning lawyer?
Yes, if you want to ensure that your family will be taken care of after you are gone, and do not want to take any chances or make any costly mistakes. Unfortunately, many people never realise their estates are not in order, and their family find out the hard way. The biggest problem is that some people just fail to plan their estate correctly.
How do I plan my estate?
Planning your estate does not have to be complicated. It can begin with a free consultation with one of our estate planning lawyers.
In your will and estate planning consultation, we will ask you a variety of questions to help ascertain what documents you require and how those documents should be drafted to represent and give affect to your last wishes.
Questions you should consider when you see your estate planning lawyer
- Whom do I want to look after my estate?
- Whom do I want to gift my assets?
- Any conditions attached to my gift?
- How will I pay my debts?
- Do I have any specific gifts to give?
Questions you should consider when you’re injured or otherwise unable to handle your personal affairs
- Who do I want to look after my financial and health decisions while I am unable?
- What do I want them to be allowed to do?
- Any medical procedures I’m opposed to?
Starting with these questions can help determine what legal documents you need for your estate planning and how those documents should be worded. In most circumstances, you will require a Will and Enduring Power of Attorney. However, this much depends on your circumstances.