Estate planning is the process of ensuring that when the time is right your wealth is transferred in accordance with your wishes. Proper estate planning is required to protect vulnerable family members and to minimise the risk of losing valuable assets. Proper estate planning also includes strategies such as:
In a time of extended families, superannuation, life insurance, or remarriage, you need to know what the law is and how best to arrange your affairs so that the assets you have worked so hard to acquire are protected for you, your spouse and/or your family. Having a valid Will is the best way to safeguard your assets and ensure that once we pass away our family members are properly provided for. The likelihood of an estate dispute occurring is also reduced.
The cost of doing a Will or Enduring Power of Attorney is insignificant in comparison to the costs, delay and possible trauma suffered by the family if you die without a valid Will.
A trust agreement is a document that follows your wishes for property held in trust for your beneficiaries. Common objectives for trusts are to reduce the estate tax liability, to protect property in your estate, and to avoid probate.
ENDURING POWERS OF ATTORNEY (EPA)
An Enduring Power of Attorney is used to appoint someone to make financial and/or personal/health decisions on your behalf. Decisions regarding your personal/health matters will not begin until you are incapable of making those decisions for yourself. For financial decisions, you can nominate whether you want the attorney to begin making financial decisions for you straight away or at some other date or occasion, such as once you’ve lost capacity to make these decisions.
ADVANCE HEALTH DIRECTIVE (AHD)
An advance health directive —sometimes called a living will—is a formal way to give instructions about your future health care. It comes into effect only if your cognitive health deteriorates and you become unable to make your own decisions. It outlines the medical treatment or health care you want, enables you to appoint an attorney for health and personal matters and includes include information that health professionals should know including religious, spiritual or cultural beliefs.
ENDURING POWER OF ATTORNEY (EPA)
Four easy steps:-