No-one likes thinking about their death which is why estate planning in Cairns is often one of those tasks that’s put off for another day. However, when you do eventually pass away, estate planning is the only way to be certain that those you love the most, get what’s rightfully theirs. Our estate planning lawyers can help you develop an effective plan to safeguard the future of your loved ones when you’re not there.
Planning for your family and their future is important, and besides making plans to be financially secure in your retirement, you also want to make sure your family is looked after – and this entails more than simply making a will.
Having a will is just a small part of estate planning. Did you know that if you don’t have a valid Will, your assets and estate may be administered by the Public Trustee? This could cause long delays, stress, and even hardship for your family before they can access their inheritance.
Estate planning in Cairns serves to give you and your family peace of mind knowing that your assets and their distribution have been legally and professionally taken care of, in the event of your death.
So, what’s involved in a complete estate plan?
As a general rule, it involves:
- Looking at your investments, assets, and estate as a whole
- Naming decision-makers to act on your behalf
- Ensuring that ownership of your assets is delivered to the correct beneficiaries
- Ensuring that your assets are protected from such things as bankruptcy, marriage breakdowns etc.
- Reducing any tax payable to the lowest possible amount
- Creating a Will (this is legally binding) and a Statement of wishes (this is morally binding)
What can estate planning Cairns lawyers do for you?
Here at Strategic Lawyers, we’ll help you create an estate plan that is both legally and financially sound and fulfils all of your wishes. You can rely on us from start to finish – from planning your estate through to when it’s time to execute your Will.
Factors to Consider in Estate Planning
To give you and your family full protection, there are a few things to consider. Making a Will is one them but there are other considerations which, depending on your circumstances, are just as important. Preparing them is vital to alleviate stress on your family and to ensure your wishes are carried out.
Your Will
While it’s easy for anyone to make a Will, it is a legal document and therefore we recommend getting a lawyer to draft it. This way you’ll it right and there will be less chance of any disputes arising.
Powers of Attorney
Granting a Power of Attorney to someone means that they’re legally entitled to make decisions on your behalf, so it’s a matter to take very seriously. It needs to be a person you trust explicitly. It’s always best to get legal advice before giving anyone Power of Attorney.
Testamentary Trust
This is a type of trust that’s created by your Will and doesn’t come into effect until after your death. This enables you to hold specified assets as part of your Will which can be paid to any beneficiary you choose. It could be an asset such as your superannuation balance, part of, or even your entire estate.
Taxation Implications
Whoever is in charge of executing your Will, is likely to encounter certain tax implications. These may include tax returns, superannuation issues, and money payable from trusts. By working with our estate planning Cairns lawyers, you can identify these issues in advance.
What other important documents do I need?
The majority of people have already thought of a Will and it’s fair to say that this is a vital document if you want to ensure that your wishes are upheld when you pass away. However, depending on your circumstances, there are other documents you need to obtain so that your loved ones aren’t left guessing as to your wishes and directions should something happen to you. This is where Strategic Lawyers can help. We’re always here to lend a hand. Should you have any questions regarding estate planning in Cairns, please don’t hesitate to contact us.