Estate planning is more than just a part of your financial plan. It’s a long-term strategy that reduces stress on your family and stops any second guessing in its tracks.

Here at Taxcellent Consulting Services Lawyers, we’ll help you create an estate plan that is financially and legally sound, and emotionally fulfilling. We’re here to help from the planning of your estate, through to the time when your Will needs to be executed.

To protect you and your family completely, there are a few different things you need to consider. A Will is one of them, but there are other equally important considerations you’ll want think about depending on your circumstances. Preparing for them is the key to reducing stress on your family and ensuring your wishes are fulfilled.

Your Will

Your Will is a legal document, and while it’s easy to make a Will, it’s best to have it drafted by a lawyer. This way you’ll be able get it right and minimise any chances of disputes surrounding your Will.

Powers of attorney

Giving someone power of attorney means they can legally act on your behalf, so it is something to be taken very seriously. You will need to choose someone you trust. Make sure you get legal advice before giving anybody power of attorney.

Testamentary trust

A testamentary trust is a trust created by your Will and comes into effect after your death. It gives you the ability to hold assets as part of your Will, to be paid to whomever you choose. This could be something like your superannuation balance, or even your whole estate.

Taxation implications

When the person who is in charge of your estate is executing your Will, there are several tax implications involved. This can involve superannuation issues, tax returns, and money payable from trusts. Working with a lawyer means you can identify these issues well in advance.

Most people have thought of a Will, and it’s a vital document to ensure your wishes are upheld if you pass away. However, depending on your situation, there are other documents you need to obtain so that your loved ones are not left guessing as to your wishes and directions if something ever happens to you. This is where we can help you – our experienced estate planning lawyers are always ready to lend a hand. Should you ever have any questions, contact us today.