Estate planning is the legal procedure that guides a person’s decisions on how their property and possessions are distributed after their death. Estate planning protects a person’s loved ones from unnecessary troubles and expenses. Estate planning also ensures that a person’s wishes are carried out. For example, if a person has minor children or is disabled or elderly, they can direct who will care for their children or manage their property.
There are three basic types of estate planning:
- Wills – It tells your family and your community how you would like your estate distributed after you pass away and who will receive your property. A will can also often be used to address other important matters, such as designating a guardian for minor children or sorting out the division of property among multiple heirs.
- Trusts – Trusts are legal arrangements where the trustee holds a legal, binding title to any asset for the benefit of the beneficiary. The trustee and beneficiary typically use trust documents to specify how the trustee may spend, invest, or otherwise handle the trust’s assets. Trusts often serve as important elements of comprehensive estate planning because they can help accomplish specific goals such as protecting loved ones and preserving assets.
- Powers of Attorney – While writing an estate planning attorney, the term “powers of attorney” is often used interchangeably with “durable powers of attorney.” This is basically giving an “agent” the authority on making financial decisions for you if you become incapacitated due to physical or mental disability. It also appoints an agent to make medical and health care decisions on your behalf.
How can the estate planning lawyers help you?
When the time comes to start estate planning or review your estate plan, it is important that you have an experienced attorney dealing with estate planning. The estate planning lawyer can help you with all your estate planning needs. The estate planning lawyer can prepare the estate plan, review the plan and advise you of any issues, and, if appropriate, revise the plan. The estate planning lawyers in Sydney can also assist with annual reviews of the estate plan.