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Brisbane ESTATE PLANNING LAWYERS
(07) 3180 0106
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is your estate plan upto date ?
Despite what people might think, there is no one size fits all estate plan. Estate planning is more than just making a will and involves a careful analysis of your personal relationships and financial interests, whilst your Will is likely to be the primary component of your estate plan it is by no means the only component. Speak to one of our friendly estate planning Lawyers in Brisbane today.
An effective estate plan is much more than just a will and there can be significant advantages to exploring issues such as asset protection, business succession, the establishment of trust funds, superannuation, taxation and insurance.
An effective estate plan can also put in place strategies for dealing with unforeseen events such as health problems that might result in you being unable to manage your own financial or personal affairs in the future. Planning ahead is key to preserving and growing your wealth, both for your future and that of your loved ones.
Will
A will is a legal document which as far as possible, ensures your assets are distributed according to your wishes after you die. Your will can cover all of your assets in your own name such as your house, land, car, shares and bank accounts. It does not cover life insurance or superannuation. A Will allows you to appoint an executor to distribute your assets to beneficiaries. Your choice of an executor should be carefully considered as the role can be quite demanding and often complex and require guidance from an experienced estate administration lawyer.
Letter of Wishes
As part of the estate planning process, you can make a document called a letter of wishes also known as a statement of wishes, to guide your executors and beneficiaries in the administration and distribution of your estate. Unlike your will, a letter of wishes is an informal document that accompanies your Will. The main reason you might consider writing a letter of wishes is to provide extra guidance to your executors including any unexpected decisions, expectations for the care of your children, the division of personal heirlooms and the location of important documents or assets.
Power of Attorney
A Power of Attorney is a separate legal document from your Will. It allows you (the principal) to appoint someone you trust (an attorney or attorneys) to make decisions for you during your lifetime. These decisions can be personal in nature such as health matters which relate to personal or lifestyle decisions such as support services, where and with whom you live and your health care more generally. You can also appoint an attorney or attorneys to make financial decisions that relate to the management of your finances.
Advance Health Directive
An Advance Health Directive (AHD) is a way for you to communicate your wishes about medical treatment should you be unable to make decisions about your treatment in the future. It is a very important document and most people don’t think they will ever need it or complete it before it’s too late. Although it involves unpleasant and uncomfortable discussions, an AHD will benefit you greatly when a critical health issue arises and ensure that your loved ones know exactly what you want when they need to make important decisions.
Superannuation
If you have superannuation and do not have a Binding Death Benefit Nomination in place in respect of your superannuation policy, then in the event of your death the trustee of your superannuation fund may have a discretion to determine who receives your superannuation death benefits. This may affect the value of your estate and may mean that your superannuation death benefits are not paid to your preferred beneficiary/s.
Estate planning advice
There can be significant advantages to exploring issues such as asset protection, business succession, the establishment of trust funds, superannuation, taxation and insurance. Our Brisbane Lawyers have the scope, scale and expertise to be there for you, whenever or wherever you need us to be, we explore issues from different angles & offer bespoke legal advice tailored to your individual needs. When you choose Brisbane City Lawyers, you are choosing a legal team with one direction - forward.
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If you would like to chat to a Brisbane Lawyer we offer a FREE 20 minute telephone consultation.