Compelling Reasons To Have An Estate Plan – Says 2023 ThreeBestRated® QLD Estate Lawyers, Brisbane

Every individual is recommended to have a proper estate plan, and particularly if you have assets which need to be dealt with. Why?

Because life is uncertain; you will never know what will happen next, and you will generally not be around to guide your family yourself! 

In case of your sudden demise, your family or children will never know what you intended to do with your assets. And, they probably don’t know the proper way to carry out everything that you have been doing all these years. In such events, the estate plan you have can guide your children or other family, help them with how your property is to be divided,  or provide the groundwork as to how your business or investments should be managed, amongst other benefits.

It is like a road map that you can leave behind for your family. 

Let's ask an expert from QLD Estate Lawyers in Brisbane, Queensland, to elaborate on this.

What is Estate Planning

An estate plan is often considered to be just a Will. Although your Will is an important part of your estate plan, other documents and options available can be just as important.

If you lose capacity before you die, then a Will is of no assistance. You need an Enduring Power of Attorney in place that sets out who you want to manage your affairs for you. Without an Enduring Power of Attorney, persons you may not want to manage your affairs could be appointed to act, and until someone is appointed then the Public Trustee has power over your affairs.

Another aspect of estate planning is working out what assets you have and how you can best pass them to your family. It may for example be open and preferred to avoid certain assets being dealt with in your Will, such as making superannuation binding nominations, or establishing a trust where your assets are held and you only need to pass control of that trust under your Will.

These are just some of the issues involved. Seeing a professional will ensure all options available to you are considered and the best plan for you is put in place.

Benefits Of Estate Planning:

• A proper estate plan will be structured in a way to take advantage of the various tax reduction strategies that are available and maximise the benefits to be received by your family.

•  An effective Will means that the time and cost spent at the time of administering your estate is reduced as much as possible.

• The persons you want to manage your estate are appointed, as opposed to a set order of priority detailed in legislation that may give persons you feel would be unable to properly manage your estate the right to be appointed.

• You not only choose who is to be appointed (whether as executor, trustee or attorney), you can also dictate what powers they have, put specific obligations or limits in place, and provide more flexibility than they otherwise would have …

• Through a suitable plan, you can continue to support charities or other causes important to you like educating the poor or benefiting scientific research, even after your demise. 

• It helps you understand the nature of your ownership or other interest in all of your property and other assets, so you can address any changes that need to occur before you do to maximise your legacy for your family or others you wish to benefit.  

• It is the only way for how you want your legacy to be dealt with to be put in place. No estate plan means that rigid government formulas and processes apply.

Certainly, it is also the only way to properly consider and determine how to best protect your properties and other assets from challenges or other risks. 

It is not too late or too early to create a plan. All you need to do is to hire professional estate planners to structure it in the way it benefits you and those you will be providing for.

Reasons To Choose QLD Estate Lawyers:

Scott Forster’s Queensland Estate Lawyers is a pre-eminent law firm, focusing specifically on Estate Planning, Will Preparation, estate administration and all and other succession law related services. Scott is a solicitor of the High Court of Australia and the Supreme Court of Queensland, with 25+ years of experience in the industry. His solid expertise in trust and estate law has allowed him to be a member of the Society of Trust and Estate Practitioners (STEP) since 2005. 

Qld Estate Lawyers has experienced estate lawyers with extensive knowledge and understanding about the intricacies of estate law. This means that regardless of the complexity of the situation, and the size of the estate, they can bring about the best possible solutions for their clients. This experience, together with their compassion and empathy,  puts them ahead of their competition. Their track record has resulted in them getting through the rigorous 50-Point Inspection of ThreeBestRated® to be honoured as a top estate law firm. 

The full breadth of Trusts, Estates and Will related services ranging from estate planning, estate and trust administration, complex Probate and Letters of Administration advice, Elder Law, and trust and estate litigation along with related services are offered by the firm. If you want to get your estate planning in order, just tap here to contact them: https://qldestatelawyers.com.au/