A Brief Overview of Estate Planning In Australia
Updated: Apr 8, 2022
Estate planning is critical for you, your estate, and your family members, since it provides certainty along with allowing you to save money in the long run. All your legal and financial problems must be integrated into a properly structured estate plan. Although people tend to postpone estate planning, hiring an estate lawyer can provide you assurance and peace of mind before it may be too late.
What’s The Difference Between A Will And An Estate Plan?
A will and an estate plan are similar yet distinct matters. While a will details distribution preferences concerning belongings after a person passes away, an estate plan consists of multiple legal documents for the purpose of conveying a person’s various assets.
A solicitor is willing to assist you with your estate planning. This process needs to be created to represent your preferences in manners such as taxation, financial commitments, business operations, and the distribution of your assets.
In a Last Will and Testament, your attorney considers factors such as, family structures that include stepchildren, future financial management, family businesses which will be passed onto future generations, etc. and will ensure your assets go to the intended beneficiaries and guarantee your children are protected in your preferred way.
What Should I Consider While Estate Planning?
When it comes to estate planning and financial management, there are legal considerations to be made. The appointment of trustees, the distribution of your inheritance to your specified beneficiaries, and the appointment of guardians for any children, are all important concerns that should be handled in your will. The procedure is flexible and collaborative. Wills, Power of Attorney authorization, and Living Wills, are just a few of the paperwork and forms that estate preparation necessitates.
How Much Does It Cost To Set Up A Will?
There is no precise answer to the expense of writing a will. For instance, if you’ve had more than one marriage, if you own a business, or if you have any further specific requests, the cost of a Will would vary depending on its complexity and content. However, what does not alter, is the value of hiring expert legal assistance for this critical task.
In Need of Legal Assistance?
We at Nazarian Law, are experts in such important and delicate legal proceedings. We will guide you through all the legal requirements to proceed with your estate planning and ensure your wishes are fulfilled.