As you get older, it’s essential to start thinking about your future and what will happen to your assets if you pass away. The state may decide how your assets are distributed if you don’t plan. This can be stressful for your loved ones, who may have to deal with financial matters that they aren’t prepared for right away.
In recent years, Brisbane has seen an increase in the number of estate planning lawyers.
The growth of estate planning lawyers in Brisbane is due to the increasing population of Brisbane and surrounding areas and the increase in property values. The Brisbane population has grown from about 1 million in 2011 to over 1.5 million in 2016 and continues to grow. The population increase has resulted in increased property values.
What is estate planning?
Estate planning is developing a plan for your assets, which can be valuable and essential to your family’s financial security. It includes the necessary steps to ensure that your wishes are carried out after death, avoiding probate court by using trusts or other legal tools. The goal is to protect your family’s financial security while minimizing taxes and debts.
Why should I have an estate plan?
Your estate plan is the blueprint for your future. Estate planning is when you take steps to ensure that your wishes are carried out after death, so it helps you protect your family and loved ones from unnecessary legal battles. It can also help avoid probate court, which can be costly and time-consuming for beneficiaries if there is no written plan. A proper estate plan will ensure that assets are distributed according to what you want rather than how the courts see fit. There’s no better way to let go than knowing those closest to you will be taken care of as best possible with minimal hassle.
What is a will?
A will is a legal document that designates how your assets will be distributed upon death. Wills can also nominate a guardian for minor children and name an executor who will oversee the distribution of assets.
A living trust is another critical estate planning tool that lets you name someone to manage your affairs should you become incapacitated or die. It allows you to avoid probate proceedings, which can be costly and time-consuming.
Do I need a trust?
A trust is a legal document that allows you to manage your assets and property after you die. Trusts can be created for many reasons, including:
- To help children or other family members who may not be capable of managing their finances
- To prevent the public from knowing how much money an individual has (this is called a “blind trust”)
- To allow someone else to oversee investments, value changes and money distribution.
Who should be your beneficiaries?
It would be best if you also thought about whom you want to inherit your assets. This can include the following:
- Your spouse, if you choose to pass them on in your will.
- Your children.
- Your parents and other blood relatives, such as siblings or cousins.
- Any friends who have been exceptionally loyal and supportive to you throughout your life.
How do I choose an attorney to draw up my estate plan?
The most important thing to know about choosing estate planning lawyers in Brisbane is that you want to select someone with experience. You can find out if a lawyer is experienced by asking friends and family who have gone through the process, looking up their website, checking with your financial planner or accountant, talking to real estate agents and insurance agents (if applicable), and reading online reviews. Another good way to find out more about attorneys is by asking other attorneys they recommend as good estate planning lawyers.
An estate plan helps ensure that your assets and loved ones will be cared for after death. There are many ways to create an estate plan, but having a lawyer who understands the options available can make this process easier.