Mention the words “Estate Planning” and the Will immediately comes to mind for most people. While the Will is certainly an essential document as it appoints your personal legal representative (i.e. Executor) and names the people (i.e. Beneficiaries) that you want to receive the property and possessions you own upon your death, planning for your estate typically requires more than that.
An effective estate plan is one that is comprehensively thought out and will best allocate your estate and protect the interest of your beneficiaries in a tax effective manner in the event of your passing. At Biz Lawyers & Advisory, our lawyers can help you create an effect estate plan that provides the following solutions:
- Creating a Will that fully encompasses your wishes to ensure all your assets are transferred according to your wishes.
- Nominating an executor who has the duty to carry out your wishes in the Will and is granted the power to administer your estate by collecting assets, paying off any debts and distributing the assets.
- Considering whether a Power of Attorney is required where you can legally appoint someone to make decisions, sign documents and act on your behalf in relation to certain matters. This can be extended to an Enduring Power of Attorney in relation to your investments and other financial matters which will allow this appointment to continue even if you suffer a loss of mental capacity such as dementia or some other disability or impairment as a result of an accident.
- Exploring key estate planning issues unique to your circumstances in a tax effective and efficient manner, including how to deal with your superannuation and the inclusion of a valid binding beneficiary nomination.
- Preparing a testamentary trust which will have several significant advantages giving the trustee the discretion to allocate income and capital among any of the beneficiaries and wide powers of investment. A testamentary trust will also provide asset protection for any beneficiaries who may face legal claims such as divorce or bankruptcy.
- There are a number of different ways to deal with medical and lifestyle decisions, and this includes the appointment of an Enduring Guardian who has the power to make personal and lifestyle decisions for you, including decisions as to where you live and with who.
Having an effective estate plan will assist in protecting your assets and ensuring that they are distributed in accordance with your wishes.
Here at Biz Lawyers & Advisory, we understand the legal intricacies and details for an effective estate plan – contact us today for an initial consultation.