Estate planning is far more than simply preparing a Will. A well thought out estate plan is far broader as it includes discussions around:
- asset protection features for your beneficiaries (if they are young and vulnerable, could go through a divorce or bankruptcy, or unable to manage their own wealth independently);
- tax planning to ensure that your wealth is maximised for your intended beneficiaries;
- ways to minimise estate claim risk if you are considering not providing as much for a particular beneficiary who could bring a claim for further provision form your estate;
- superannuation planning as superannuation is not automatically governed by your Will;
- succession of your entities such as companies and family trusts, as these entities require a robust estate plan which may differ to your personal assets; and
- who makes decisions for you if you were incapacitated.
As experienced estate planning lawyers in Brisbane, we can guide you through the process and help you maximise your estate for your loved ones and avoid common mistakes people make.
What is the best advice we can give you as estate planning lawyers?
Some of the best advice we can give to people looking to engage in estate planning in Brisbane is that seeking professional legal advice from an expert in this area can make all the difference.
As estate planning lawyers, here are some of the items that we consider important when discussing your estate plan:
Ensure compliance with the laws
Estate planning covers a variety of different laws including: succession, property, trust, superannuation, company, tax, family and bankruptcy, just to name a few. Some of these laws change state by state. Seeking the advice of professionals who are experts in estate planning in Brisbane can ensure your documents are legally compliant.
Consider superannuation and tax implications
Many people are not aware that their superannuation does not automatically form part of their estate and that there could be tax consequences for your beneficiaries. This is a key element of your estate plan that we consider as estate planning lawyers. To read more on this, click here.
Put in place measures to protect your inheritance for your loved ones
This could include setting up trusts in your Will, known as Testamentary Discretionary Trusts, to provide protection for the inheritance you are leaving to your loved ones. This can be particularly useful where there is a risk of a beneficiary going through a divorce or bankruptcy, or if they are particularly vulnerable and may not be able to control the inheritance independently.
Appointing trusted persons in the keys roles in your estate plan
Choosing the right people in key roles of your estate plan such as your executors and guardians can ensure that your affairs are managed by people you trust and avoid complications and delays in administering your estate. You may find that you do not have people who are appropriate to act in these roles, and an expert estate planning lawyer can discuss the possibility of appointing professional trustee companies to act in this role.
Protecting your inheritance from eligible claimants
Failing to provide for certain people in your Will can lead to costly legal disputes, often referred to as Family Provision Applications. Engaging an estate planning lawyer can help identify potential risks in your situation and structure your plan to reduce the chances of disputes. Click here to read more.
Review and update your estate planning regularly
Life changes such as marriage, divorce, starting/ending a defacto relationship, children, grandchildren, retirement and starting up your own business can all impact your estate plan. Regularly reviewing your estate plan can ensure your documents are up to date. As experienced estate planning lawyers we also can give you tips as to when we consider updating your plan to be crucial.
Planning for incapacity
Estate planning is not just about what happens when you pass away. It is also about planning for unexpected circumstance that could arise while you are still alive but you cannot make decisions for yourself. Incapacity documents such as the Enduring Power of Attorney allow you to appoint people to manage your affairs when you are no longer able to do so, which is crucial in ensuring your wishes are respected. You may also wish to discuss an Advance Health Directive which can help govern the more detailed aspects of your health treatment (such as whether you would like CPR, blood transfusions etc….).
Future proofing your estate plan
We say to clients that estate planning is not a one-time task and it should be reviewed and evolve over time as your circumstances change. However, a properly drafted estate plan can often mean that there is more longevity in your documents, which reduces the need to see an estate planning lawyer on a regular basis. Estate First Lawyers can provide you with guidance as to what major trigger events should spark a review.
If you are unsure where to start with your estate planning in Brisbane, seeking the advice of our experienced lawyers can help you navigate the process.
Why chose our estate planning lawyers?
Choosing the right lawyer for your estate planning in Brisbane can make a world of difference in safeguarding your assets for your family and ensuring your intentions are carried out.
- Tailored to your circumstances
We take the time to understand your unique circumstances and goals providing customised estate plans that reflect your personal wishes and protect those important to you
- Local expertise and knowledge
If you are looking to begin your estate planning in Brisbane, our team have extensive experience in all aspects of the estate planning journey, including Wills, testamentary trusts, superannuation, tax considerations, business succession and assets protection, among other things. This ensures that a comprehensive plan is put in place for you and your family.
- Proven track record
With a team of highly experiences estate planning lawyers and years of experience in assisting clients in creating effective estate plans, we have a strong history of delivering top quality service to our clients.
- Reasonable fixed fees and fast turnaround times
After meeting with one of our experienced estate planning lawyers, we will provide you with a fixed fee quote. We will also complete your work in a timeframe that is discussed at the end of your meeting (often within 3-6 weeks from your initial consultation).
Estate planning is one of the most important steps you can take to protect your future and provide for your loved ones. Our team of experienced lawyers are here to guide you through the process with tailored advice and practical solutions to secure your legacy, and give you peace of mind for the future.
