Often, we find that people think estate planning is something you only need later in life, or that it’s just for the wealthy.
But if you own a home, have super, a business, life insurance or a family, then you already have an ‘estate’, and you need to have a plan for it now to protect you and your family.
Without an Estate Plan in place, your assets will be distributed in accordance with intestacy laws, which may not align with your wishes. If you lose capacity, your family may also face challenges managing your affairs. This usually causes family stress, delays and unnecessary legal costs.
Another misconception we often come across is people thinking that if they have a Will then they have an Estate Plan. However, a good Estate Plan is much more than this; it’s a comprehensive strategy that incorporates a complete set of legal documents (including Wills, Enduring Powers of Attorney, Advance Care Directives, Superannuation Death Benefit Nominations, Letters of Wishes and more) that should provide flexibility, security and peace of mind that your affairs will be managed exactly as you intend and your loved ones are protected and cared for if you die or lose capacity.
See our article on the benefits of testamentary trusts here
We are experienced Wills and Estate Planning lawyers based in Prospect and work with families across Adelaide to tailor Estate Plans to suit their unique personal and family circumstances.
Book a free chat with us today to discuss how we can help you put an appropriate Estate Plan in place to protect your family’s future.