Estate planning is about taking control.
It involves thinking about how you will provide for and protect your family, how you will build and protect your wealth, and how you will share your wealth with the people you care about.
Estate planning involves thinking about such issues as how you will continue to look after your family and business if something happened to your spouse; it involves planning how to prepare your children for responsible independence.
All of these issues are relevant throughout your life, not just on your death. In fact as people live longer, they are increasingly looking to transfer wealth to the next generation during their lifetime, in a structured and planned manner. Proper consideration of these issues raises a number of commercial, taxation and financial issues.
They key documents associated with personal succession planning are the Estate Plan, Will, an Enduring Power of Attorney and a Medical Power of Attorney or Enduring Power of Guardianship. However, a number of other documents and strategies may also be appropriate, depending on your particular circumstances.
While most people consider their affairs to be relatively simply, the reality today is that a growing number of people have complex affairs. This is a result of increasing complexity in our laws, including investment, family, bankruptcy, superannuation, pension and taxation laws. People also want to transfer their wealth in a “tailored” manner, to suit their personal and family circumstances.
Most people want a “simple Will”. We understand this. However, from our experience, we think that you should start by looking for a “Complete Will”. While a Complete Will™ may be simple, a “simple Will” may not necessarily be complete. The days of pretending that these important issues can be easily dealt with by filling out a standard “Will pack” or online questionnaire are over.
If you are not sure whether your personal affairs are up to date, you are in need of a Mid-Life Legal Check-up™. A Mid-life Legal Check-up™ will provide you with a structured way to work through these issues:
- To identify which issues are relevant for you; and
- To provide you with a complete plan to ensure your affairs are in order.
