Estate Planning involves organising your affairs so that your wishes are carried out after your death. Some people only need a simple will in order to achieve this. Most people, however, either need or could benefifit from a comprehensive estate plan drafted by an estate planning lawyer, preferably one with expert qualifications, such as membership of the STEP.
When Should you Consider Estate Planning?
You may require comprehensive estate planning services if—
- you have substantial assets;
- the personal circumstances of your beneficiaries are complex (for example, you have beneficiaries with special needs – see this blog post on point);
- you get divorced – a perfect time for estate planning (see, for instance, this blog post on point);
- you are about to enter into a new relationship, particularly one where one or both of you brings assets and children to the relationship;
- you are involved in complex business structures such as companies, self-managed superannuation funds, or family trusts;
- your tax affairs are complex and you wish to minimise the tax liability of your estate.
An estate planning lawyer is able to help you develop an appropriate estate plan to ensure that your wishes are carried out in the most efficient and tax-effective way possible.