Nobody likes to think about it too much, but inevitably one day you will need Wills and Estate Lawyers to finalise a Will regardless if you’re in Sydney or in any location.
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 and minimises the chances of your assets being left in the wrong hands.
Estate planning goes beyond drafting a will – it 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
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.
Further Reading: Why is it important to get a Will done professionally?