Estate Planning – Wills, Trusts and Powers of Attorney

Estate planning is the process of arranging and managing your assets and affairs so that they are distributed according to your wishes after you pass away or if you become unable to manage them yourself.

Here’s what estate planning typically involves:

1. Creating a Will: A legal document that outlines how you want your assets (like property, money, and possessions) to be distributed after your death. It can also name guardians for any minor children.
2. Setting Up Trusts: Legal arrangements that allow a third party (a trustee) to hold and manage assets on behalf of beneficiaries. Trusts can help minimize taxes, provide for minor children, disabled beneficiaries or protect assets from creditors.
3. Designating Beneficiaries: Specifying who will receive benefits from accounts such as life insurance, superannuation, retirement plans, and bank accounts.
4. Power of Attorney (Financial & Personal Services): Appointing someone to make legal financial and personal decisions regarding your finances and lifestyle on your behalf if you become unable to do so.
5. Appointment of Medical Treatment Decision Maker Form: Appointing someone to make medical decisions on your behalf or receive medical updates if you become ill and unable to communicate or make these decisions.
6. Advance Care Directives: These are completed with your treating medical doctor and assisting with planning for your future care such as recording your values and preferences for your medical treatment and make legally binding statements to your health practitioners in relation to your consent, refusal or specific future medical treatment.
7. Minimizing Taxes and Expenses: Planning to reduce estate taxes, legal costs, and other expenses to maximize what your beneficiaries receive.
8. Organizing Assets: Compiling a comprehensive list of assets, debts, and important documents so your estate can be settled smoothly.

Estate planning assists with ensuring your assets are distributed according to your wishes, provides financial security for your loved ones, and reduces potential conflicts or confusion after you’re gone. It’s important to update your estate plan regularly, especially after major life events like marriage, divorce, business investments, increase or decrease in assets or the birth of a child.

At Beaumaris Lawyers & Conveyancers, we have a compassionate approach towards our clients and we can provide expert advice in relation to your Will and other Estate planning documents which is undeniably the most important documents in your life. Contact us to find out more or to arrange a consultation with one of our lawyers.