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Estate planning is the umbrella phrase for making decisions concerning:
- Creating a will allows you to designate nominees for your assets, the guardians for your children, and the executors and trustees of your estate.
- Creating an enduring power of attorney, which enables you to specify how, if you become unable to manage your affairs, you would like your personal, financial, and medical affairs to be handled.
Planning your estate is thinking about what will happen to your possessions if you or your partner pass away or you become mentally incapable of managing your affairs. Estate planning lawyers Brisbane can assist you on how to organise your estate so that it is dispersed following your preferences and that the interests of your family are safeguarded and tax efficient.
You might think about the following issues as part of your estate plan:
- Is your Will up to the minute?
- How much life insurance do you have?
- Are there any tax ramifications to how you divide your assets?
- Do you have a superannuation-binding death benefit nomination?
- Whether you should have an everlasting guardian or power of attorney?
If you are a business owner, you might also need to consider putting suitable business succession plans in place.
Nevertheless, estate planning lawyers Brisbane will help you get ahead with such questions. To ensure that you don’t have to worry and that the transfer of your assets to your nominee or guardian goes off without a hitch, an estate lawyer will construct the following documents for you.
Will:
A will is a written statement of your wishes for the distribution of your possessions upon your passing. One of the most important documents you will ever sign is this one.
Enduring Power of Attorney (EPA):
You can grant your lawyer the authority to handle all or a portion of your financial, personal, and health concerns through an enduring power of attorney (EPA). When you lose capability, an EPA for financial problems may take effect right away.
It may also take effect on a specified date or at a specific event. There are various more factors to take into account when making this choice. It is advised to get legal counsel to make sure your decision is well-informed.
If your estate planning lawyers engage in a conflict between their duties and your interests (for example, in financial interactions), they will enter into a ‘conflict transaction,’ which they can only conduct if you authorize it. It is preferable to talk about this with your lawyer.
Your EPA can get revoked immediately:
- on your passing
- when you select a new lawyer
- if your lawyer passes away or becomes incapable of making decisions
- if your lawyer loses their ability, for instance, if they become a paid health care provider or goes bankrupt.
If you think you are capable and are aware of what you are doing, you are free to choose to revoke your EPA at any moment. Your estate planning lawyers will advise you on how to proceed.
Estate Litigation:
The law acknowledges that while an individual has the freedom to choose how their assets are divided, those who qualify also have the right to equitable treatment and support.
Estate planning lawyers in Brisbane can help you with your claim if you have been unfairly neglected in a will or have been left out of one.
Estate Administration:
The management, collection, and distribution of a deceased person’s assets and liabilities is known as estate administration.
If you have been chosen as an executor, an estate planning attorney can aid you in seeking a grant of probate from the courts to guarantee that you are protected and that your appointment as executor of your Will is legitimate.
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