Whether drawing up contracts and documents is part of your daily job or not, there’s one document that can be overwhelming to plan and create. We are, of course, talking about drawing up your estate planning. Did you know that studies have shown that more than half of the Australian adult population does not have any legally binding will or estate planning in place?
Fortunately, you don’t have to let this important aspect slide, as expert estate planning lawyers are available to make this process as simple and efficient as possible. This post takes a look at the most common tips shared by these experts to help you get your estate planning started.
What is an Estate Planning Lawyer?
As the title suggests, estate planning lawyers are legal experts who specialise in the field of creating comprehensive and concise legal plans to manage a person’s affairs and assets after their death. An essential aspect here is the drafting of a will, setting up a trust, and establishing the necessary powers of attorney and guardianship.
Your estate planning lawyer can also advise on the key ways to minimise risks of claims against your assets and offer guidance on tax-effective strategies. These experts can also help you appoint a person to make any necessary lifestyle or health decisions on your behalf in the unfortunate event that you become incapable of making these decisions for yourself.
Make the Process Simpler, not Harder.
Drawing up your will can be quite challenging. This is especially the case when you have a lot of relatives or you have diverse assets that need to be divided. Fortunately, estate planning lawyers strive to find the best and most effective techniques to simplify this process for all parties involved. With this in mind, our team of legal experts has drawn up a few important and handy tips to help you get this process started.
Don’t Delay
Many people delay their estate planning because they always believe they will have time to do it later. The reality is that it should be done as early as possible. Having your estate planning in place will ensure that your family and loved ones don’t have to experience undue stress, financial hardships, or lengthy legal battles after your passing. You can avoid this by speaking to an estate planning lawyer sooner rather than later.
Take the Necessary Steps to Protect Your Assets
You may think that statements such as “life is unpredictable” and “no one knows what the future holds” are quite clichéd, but you have to face the reality that they are true. This often means that you don’t know how future events will affect the status of your assets. It’s therefore a good idea to safeguard your assets as soon as possible.
Expert estate planning lawyers recommend making a list of all your assets. Divide your list into “tangible assets,” which are physical items such as your car or home, and then “intangible assets,” which could refer to non-physical things you own, such as intellectual property (trademarks, patents, and copyrights). Once you have your list, your estate planning lawyer will assist you in restructuring your investments to safeguard them and minimize risk.
Create a Will and Assess it Often
Having a listed breakdown of everything that you own makes it much easier to create your will. The good news is that you won’t have to struggle to do this on your own. Your estate planning lawyer will assist you with the administrative side of it. All you have to do is decide how you would like your assets divided.
A formal will can go a long way toward avoiding family feuds and can also minimise general estate taxes. Experts recommend reviewing your will at least once annually and making changes where necessary. This is essential when you buy new assets or sell any that you would have listed for distribution.
Choose an Executor
You will also need to appoint someone to execute (carry out) your final wishes. This person is typically known as an executor of your estate. The goal here is to choose a responsible person whom you trust.
Experts recommend choosing someone who isn’t a beneficiary in your will to ensure an impartial process. You can also opt to nominate your estate planning lawyer to assist with this. Doing this ensures that everything happens legally and the way you want it.
Include Your Retirement Accounts
It’s essential to include all retirement plans and solutions in your estate planning. This includes ensuring that your beneficiary details are up to date. Doing this ensures that the right people receive your benefits after you pass.
Final Thoughts
When it comes to getting end-of-life affairs in order, it’s easy to see why many people are hesitant to get the estate planning process done. By using the tips and guidelines we’ve shared, you’ll be able to start thinking about the steps needed in a more constructive way. This will go a long way toward giving you peace of mind that your family will be taken care of when you’re no longer around to do it.
