Estate Planning
Estate Planning is much more than just making a Will
The big picture of caring well for those who remain after your incapacity or death must never be forgotten. Therefore, Estate Planning includes:
- Clearly understanding what is in your estate - including assets that may be held in other structures controlled by you (for example Superannuation and Family Trusts)
- Maximising the benefit to your intended beneficiaries (taking into account taxation, asset protection and pension consequences)
- Providing for an effective succession of control of your non-personally held assets (for example the power of appointment under a Family Trust)
- Making adequate provision for those who can reasonably expect to benefit from your estate. This includes being aware of those who may have a potential claim against your estate to minimise the risk of such a claim.
- Making sure an Enduring Power of Attorney is in place. Your Will only operates when you die. Your Enduring Power of Attorney covers incapacity.
- Informing your executors about the composition of your estate.
Your estate plan may end up being simple or sophisticated, but either way, all these issues will need to be well thought-through.
Online Estate Planning Resources
Resources to help you in your Estate Planning from www.onlinelegal.com.au: