Estate planning is the process of structuring and management of your financial and personal affairs during your lifetime and preparing for the management and disposal of your financial and personal affairs on your passing. This process can reduce and eliminate uncertainties that may arise with your financial, legal and personal affairs during your lifetime, on your death and during the administration of your Estate.
Estate planning is a very important and effective tool to ensure your legal, financial and personal affairs are managed properly and by an appropriate person should you be unable to do so due to your health, hospitalisation or an overseas trip or in the event you lose your mental capacity to manage your own affairs. In this regard, Power of Attorney and guardianship documents can be prepared and tailored to your personal needs and asset structures to ensure the continued management of your financial, legal and personal affairs in these circumstances.
Estate Planning also concerns the drafting and structuring of your Will. A Will is a legal document prepared by a person setting out the manner in which they would like their Estate distributed following their death. A Will is an important document so as to ensure that the deceased’s Estate is distributed in the manner in which the deceased wanted. Estate Planning considers the structure of your Will to protect your Estate and your beneficiaries’ future in the most appropriate form such as providing for a beneficiary with financial issues or a disability or who may be a minor as well as preparing your Estate against a claim you fear may be made against your Estate.
Estate planning also concerns your superannuation and how best to deal with your superannuation benefits on your death. Importantly, superannuation is not an asset ordinarily distributed under your Will, unless it is paid to your Estate, and should be given separate consideration.
It is very important to discuss your family relationships, special needs or problems and your asset structures to ensure your Estate Planning documents are prepared appropriately. Your estate planning documents should also be reviewed regularly and especially if there is a change in circumstances, for example, breakdown of relationship, marriage, the birth of a child or financial hardship.
Brydens Lawyers are the experts in Estate Planning. To ensure your Estate is managed in accordance with your wishes contact Brydens Lawyers today.