Estate planning involves making choices and putting a framework in place so your assets can be dealt with and decisions made on your behalf in the event that you cannot make decisions for yourself because either you have lost capacity or have passed away.
Estate Planning is more than just preparing a Will, it involves a holistic review and consideration of your personal circumstances.
Every Estate Plan is different and involves a consideration of many factors.
- Some assets such as superannuation and anything you own jointly with another person, such as money in joint bank accounts or perhaps your home, may fall outside the class of assets which can be distributed under your Will.
- Is your Will open to challenge? If so, can additional measures be put in place to protect your wishes?
- What is your family situation? Are you single, married, divorced or in a de-facto relationship? Wills generally become void on marriage but not on divorce.
- Do you have minor children, children to different relationships, adopted children or step-children?
- Do you have any tax or trust structuring in place?
- Is a Simple Will or Testamentary Trust Will appropriate in your circumstances? A Testamentary Trust Will, may provide beneficiaries with tax advantages as well as asset protection in circumstances where a beneficiary is at risk due to their age, having a disability, is at financial risk (for example due to possible bankruptcy or working in a high risk profession) or be in a volatile personal relationship.
- Are you running a business? Do you have a separate business succession plan? What happens to the assets of a business on your death is dependent on how the business is structured and you may not be able to pass the business assets under your Will.
- Do you have any insurances in place and if so, have you correctly appointed the beneficiaries of such a policy?
At Black and Blanco, we take the time to understand your personal circumstances and wishes and make the estate planning process easy by offering flexible consultations and providing fixed fee quoting.
Ready to discuss your choices and proactively make plans and decisions so that you are in control of your future? Contact us to organise an obligation free 20 minute telephone consultation.