Up to half of Australians are thought to be passing away without leaving a will that is legally binding, putting their assets at danger of being embezzled in a costly judicial system for years after they pass away.
It is not surprising in certain respects. In the end, everyone must conduct estate planning, even if it might be difficult because contemplating death is a difficult process at the best of circumstances.
Fortunately, whether you are only looking to prepare a will or have more complicated concerns like a small business or family trust, there are methods to get ahead of the game and make the process easier.
In any case, you should seek independent legal counsel when it comes to estate planning in order to determine the best approach to divide your assets among your family members.
However, there are a few things you can do before hiring an estate lawyer or financial planner to speed up (and lower the cost) the process, according to a number of industry professionals.
Planning for assets
Asking oneself a few basic questions is the first step in any estate planning process, according to Emma Blay, a senior associate at Barry Nilsson Lawyers.
These include who your beneficiaries might be, who you might want to be the executor of your estate, and what would happen to your assets if you passed away or lost your capacity tomorrow.
Think about your final wishes as well, such as whether you want to be buried, cremated, or donate your organs.
"When the clients have already considered these concerns, we get the most out of our sessions," Blay stated.
According to Michael Tiyce, principal of Tiyce & Lawyers, the next stage was to list all of your possessions that could be bequeathed to family.
Property, super, other savings, and any capital you own may fall under this category.
Legal advice is necessary, and it does not have to be difficult. Frequently, it might be pretty simple," Tiyce stated.
For most of us, a one-page document is plenty. (However) complicated situations can occasionally arise.
To prevent the procedure from taking longer and costing more, Blay advised gathering financial statements and other documentation prior to seeing a lawyer.
This covers trust deeds, super statements, life insurance documents, company constitutions, business succession agreements, rate notices for properties, and super nominations.
Blay stated, "We want to make sure they understand how it all works."
Family issues
Thinking carefully about who and how your assets might be passed on is the next step in beginning estate planning.
Some Australians may find this to be really easy.
However, as Blay pointed out, family issues may be very complicated, especially if you have had several marriages or children with different people.
"The composition of the family has changed over the years," Blay stated.
"Blended families, or spouses with children from past relationships, are very common."
This step of the procedure is full with potential problems, especially since each person's circumstances are unique and regulations governing how estates must provide for dependents like children differ across the nation.
A competent attorney should be able to guide you through the procedure, according to Tiyce. Having a broad notion of who you would like to inherit certain portions of your assets, however, is also beneficial.
This includes anyone you may wish to leave out of your will, as you will eventually need to give written justification for the choice in order to help prevent future legal challenges.
0 Comments