Estate planners can guide you in planning and organising the disposal of your assets during your lifetime or after your demise. They can help you draft a plan that will ensure the proper disposition of your wishes. The essential components of estate planning include:
- Making a Will (the legal document that sets out the last wishes of a deceased)
- Arranging a trust
- Executing a power of attorney
- Arranging your healthcare matters; and
- Life insurance transactions. Because estate planning involves various legal processes, estate planners will be a big help.
Planning ahead will allow you to set your affairs in order. Thus, you must consult with estate planners or legal professionals if you’re thinking of starting your planning stage today. This article will show you ten reasons why you need estate planners.
10 Reasons Why You Need Estate Planners
The estate planning process may involve a lot of paperwork and legal transactions. Getting the help of estate planners or legal professionals will save you from the stress and hassle big time! Here are ten reasons why you need estate planners:
- Having someone guide you during the planning process will give you peace of mind knowing that an estate law expert will be with you every step of the way.
- An estate plan will serve as a protection for your loved ones. It will ensure the proper distribution of your estate assets.
- To protect your assets from potential creditors or unforeseen events, an estate planner will help you implement strategies that will safeguard your wealth.
- Having an estate plan will make sure that your business will continue to thrive and protect your family’s interest.
- Estate planning is also disability planning. In the unfortunate event that you become incapacitated, the estate plan will protect your healthcare, financial affairs, and legal decisions.
- Asset management can go smoothly through the guidance of an estate planner.
- With an estate planner by your side, you can immediately raise any concern or question regarding matters about wills, trusts andd family trust, and succession.
- The estate planner will assist you in outlining arrangements for your minor children and financial support for your dependents.
- Preventing destructive dispute is a must when it comes to the disposition of assets. With the help of a meticulous estate law expert, it can prevent possible conflicts between family members over such assets and inheritance.
- Getting an estate law expert will also help you save money because proper planning can minimise or help with understand the capital gains tax, land taxes, and income tax
If you’re interested in knowing more about wills and estate, please don’t hesitate to consult with a legal professional on this matter.
Estate Planning Checklist
To jumpstart your journey, below is a checklist that will guide you in organising your to-do list and documents:
- Do an inventory of your assets. This includes real estate properties, personal belongings, vehicles, bank accounts, savings, investments, superannuation or self managed superannuation funds, life insurance policies, business interests, and digital assets.
- Create a spreadsheet of your debts. This will include credit card debts, personal loans, mortgages, and other liabilities.
- Determine your beneficiaries. Here, you must identify the persons or organisations that will inherit your properties and assets.
- Draft and comply legal documents. Here’s a general list of legal documents that you might have to prepare with your legal representative:
- Will
- Power of Attorney
- Enduring Power of Attorney
- Advance Care Directive
- Enduring Guardian
- Review your superannuation and life insurance. For this step, you must nominate your beneficiaries for your superannuation death benefits and review your insurance policies and beneficiaries. If you intend to revoke one or more beneficiaries, do it now.
- Tax. A tax or estate lawyer may explain this more comprehensively to you. You must understand the potential estate and inheritance taxes that the disposition of properties will incur. With a legal expert, you can discuss strategies that will minimise your tax liabilities.
- Regular update and review. Inevitable life changes will come your way, that’s why you must regularly update and review your estate plan at least every two years or when there are big life events.
- Consult an estate planning lawyer. Estate planning involves legal transactions that might be too overwhelming to take care of alone. Thus, having a consultation with a legal expert can unburden you of these transactions and lessen your doubts and worries.
Note that this checklist is only a general overview of everything that you need to accomplish during the planning process. To secure every requirement, you must talk to a lawyer for professional guidance and advise.
What Is Estate Administration?
In an estate administration, an executor will be responsible for administering the deceased’s estate. He or she has the responsibility to confirm the assets, pay debts, and transfer the remaining assets and funds to the nominated beneficiaries.
Executors are often friends or relatives of the deceased. Some of them might not fully know what to do and the duty might overwhelm them. If someone appoints you as an executor of their estate, seek the legal guidance of a lawyer immediately.
Here are some tips that will guide you if you’re an appointed executor:
- Know and understand the deceased wishes andd personal circumstances
- If you know the location of the Will or you have it, make sure that it’s the original copy.
- If the deceased have not provided a ready-made list of his or her assets, identify these and make a comprehensive list of the properties and debts.
- Communicate with the beneficiaries and keep them up-to-date with the estate’s progress.
- Notify creditors and other relevant parties such as banks, insurance companies, and government agencies of the death.
- Always keep a detailed record of all your transactions in the administration of the estate.
- Ask support from family, friends, or legal professionals.
- Accept that there will be challenges during the process.
Protect Your Legacy andd Estate Plans With JB Solicitors
Estate planning is a smart and strategic move. However, the process can be intimidating and might require meticulous steps. To safeguard your legacy properly, consult with estate planners or lawyers from JB Solicitors.
Our estate planning lawyers will help you create and comply accurate documentation, avoid misunderstandings, provide efficient administration, and legal guidance throughout the entire process. If you’re feeling unsure with your financial and legal decisions, schedule a consultation with our estate lawyers today.