Estate Planning and Wills
Many people assume that estate planning and the making of a Will are not important in their lives.
Young people often view estate planning and Wills as unnecessary. They believe that nothing untoward will happen to them and that these matters are only relevant to the older generation.
Many of the older generation see no necessity to make a Will or seek estate planning advice on the basis that they are not wealthy and do not have an investment property or shares.
Estate planning is important for all of us as it ensures that your assets are distributed to the beneficiaries chosen by you in the manner you intended. Another reason for estate planning is to ensure that the distribution of your estate upon death attracts minimal tax.
Depending on the circumstances, estate planning encompasses the preparation of a Last Will and Testament, structuring the manner your real estate and other investments are held and the setting up of appropriate business and investment structures including discretionary family trusts.
An important aspect of estate planning is having a will and testament in place. Wills are for everyone, young and old. Please click on Wills to find out more on creating a Will.
Once a Will is made, many people believe that the Will is sufficient planning to take care of the distribution of their assets when they pass away. However, many assets fall outside the scope of a Will including, for example, real estate held by two parties as joints tenants, bank accounts held jointly with another person, superannuation benefits and assets held under a discretionary trust.
Therefore, estate planning on how your assets are to be disposed upon your death is important to ensure that your assets are distributed according to your wishes. Please click on Estate Planning to find out more on its importance.
Call Robertson Hayles Lawyers at (08) 9325 1700 today to arrange an appointment and meet with an experienced Estate Planning and Wills Lawyer to discuss your needs.