Understanding Estate Planning

A staggering 50% of Australians die without an estate plan in place! If you’ve got people in your life who you love and want to take care of, it’s wise to build an estate plan. The plan is the way that you anticipate and arrange for your estate to be passed onto your beneficiaries in the most financially efficient and tax-effective. Keep reading to understand estate planning in NSW!

During these uncertain times, if you're looking for the best lawyer in Sydney CBD, NSW, Jeffrey of JCL Legal is available by mobile phone. Please call him on 0419 233 670.

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Planning for your family’s future after you’re gone is a really important legal task. Your estate plan is more than just drawing up a will. It needs to consider who matters, what you have now, what you may have in years to come, and what your final wishes will be. Your lawyer's role is to document these wishes to ensure they are legally enforceable and can be carried out when you pass.

What Is Estate Planning?

An estate plan involves a number of legal documents that detail how you want to be looked after if something happens to you (i.e. if you become incapacitated later in life). It also outlines how your estate and assets will be protected while you are alive and then distributed after your death. Estate planning can be combined with savings, investment, retirement, and long-term care planning, as well as trusts, to form an all-inclusive tax-saving financial plan for the preservation of your assets; the protection and continued operation of your business; the support and care of your minor children upon you and your spouse’s death; and much more. Our expert estate planners are able to advise you and assist you in the preparation of wills and estate planning issues, such as: • Powers of Attorney • Enduring Guardianship appointments • Choosing an executor of a will • Special disability trusts • Wills and probate.

Change Your Will

The time is now to get your will and estate planning right. Once you have passed away, the will cannot be changed without the intervention of the Supreme Court. The cost of which will far outweigh the cost of seeing your solicitor. It is therefore important and a good idea that you get it right the first time!

How Does An Estate Plan Help?

You can make your wishes known

One of the benefits of a sound estate plan is the ability to formalise your wishes in writing. This can help if someone contests what you’ve said you want after you’ve passed away, or if you’re unable to speak for yourself.

You could minimise disagreements

Unfortunately, disputes often arise when unsettled assets need to be distributed among others—especially if there are no clear guidelines set. Being prepared with an estate plan could go a long way in preventing disputes should family members need to divide assets among themselves or make other hard decisions on your behalf.

When Should You Do Estate Planning?

You don’t need to wait till you’re nearing retirement to begin planning a will or your estate. There are also some key life milestones that can trigger you to either create or review your will, these include: • Buying a house • Getting married/separated • Setting up a business • Having kids • Creating a family trust or SMSF.

What You Should Consider When Planning Your Estate

• Who may be eligible to claim on your Estate under family provision legislation, and what may need to be done in order to give your Estate maximum protection from any potential claim? • Who are your beneficiaries and what is the impact of an inheritance on their financial position—particularly in relation to government benefits which they may be relying on? • Do you have the precise description of the assets, their location, whether they are held individually or jointly and their value? • How financially astute are your beneficiaries and are you concerned about their money management skills?

Hire The Best Lawyer in Sydney Who Cares About Your Needs

Since effective estate planning takes time and careful contemplation, have your plan structured by a professional lawyer who specialised in this field. A good Family Lawyer in Sydney like Jeffrey of JCL Legal will be able to assist you with any legal issues in an efficient manner. To better your chances of meeting your goals in a timely manner, they can handle negotiations on your behalf and if needed, represent you in court. During these uncertain times, if you're looking for the best lawyer in Sydney CBD, NSW, Jeffrey is available by mobile phone. Please call him on 0419 233 670.

Contact JCL Legal now! We are a law firm that cares about your needs.