Planning for your family’s future after you’re gone is a really important legal task. If you take the time now to make an effective legally binding Will and Testament you can save your family stress and money in what will undoubtedly be a difficult time for them.
GDA Lawyers can help:
- Advise you in regard to estate and Probate laws
- Write a will that maximises the inheritance for your family
- Set up family and testamentary trusts
- Advise you in regard to choosing executors and guardians
- Minimise the chance that your will is contested and subject to litigation
- Advise in regard to estate tax (including capital gains) and financial concerns
- Safely store your will and other important legal documents
At the same time as considering your Will, we strongly recommend that you also put in place plans for any future incapacity through Power of Attorney and Guardianship documents.
In New South Wales a Power of Attorney is used to appoint someone to make financial decisions on your behalfs such as selling your house or operating your bank accounts, whereas an Appointment of Enduring Guardians is used to appoint someone to make health and living arrangement decisions. This will ensure that if you somehow become unable to make decisions about your finances, your medical treatment or living arrangements then the person or persons who you trust to make these decisions can do so unhindered.
We are also experienced in assisting our clients with applications to the NSW Civil & Administrative Tribunal for appointment as guardians and/or financial managers of their loved ones who no longer have the capacity to manage their own affairs.
Estate planning is also an important aspect of protecting your assets and your future. It goes beyond drafting a will and includes:
- The assessment of assets
- The assessment of likely taxation
- Advice regarding the possibility of claims against the estate by third parties
- The protection of assets
It is very important to have a succession plan in place that makes the transition easy not only for yourself but also for your family or employees and minimises the chances of the business or farm having to be sold up when you leave.
Estate planning is an active process of re-evaluating the estate when circumstances in life change, such as:
- Newly married couples or those divorcing
- A change to the family’s asset pool
- A change in working conditions such as the buying or selling of a business
- Changes to superannuation, insurance policies or taxation levels
- The establishment of discretionary trusts
A successful plan is made involving all family members as it will take into account not only provisions for your retirement income but also the plans, aptitudes and existing assets of younger generations.
Contact us to find out more or to arrange a consultation with our experienced lawyers.