Prepare a Will For Your Family

The thought of preparing a Will can seem peculiar and even uncomfortable, mostly because we are working with something that can be very confronting and which we will never see the benefit of in our lifetime.

But estate planning and preparing a will are very important, especially for our families and loved ones once we have passed. Large numbers of Australians still do not have a will or estate plan that is valid and up to date. There is also a misconception that engaging a lawyer to arrange a will is costly and time-consuming, which is usually not the case at all. For this reason,  some people opt for DIY or online Will kits as an alternative to using an experienced lawyer which this can lead to problems further down the line if not correctly completed.

There are three main things that are essential to consider when you are putting together your will and estate plan.

An Up-to-date Will

As soon as you are an adult and have some assets, it is advisable to arrange a will. It’s likely that as a young person, your assets are still growing and may not be substantial. Regardless of your assets or liabilities, it is still important to have a Will.  If you don’t, your family will need to take additional steps in order to be able to finalise your estate.  Not having a Will can also lead to problems for the loved ones left behind because if a person dies intestate, their assets will be distributed according to legislation and will not necessarily go to the people you would prefer it to.

The help of a trustworthy Wills and Estate planning lawyer can be invaluable as they will work through the legal process quickly and efficiently.

Through your will, you are able to specify your wishes regarding beneficiaries, executors, and guardians for your children.

Tax Implications

Even though in Australia we don’t have an inheritance tax, there are other forms of taxation that could affect beneficiaries once the estate is finalised. An experienced lawyer will factor in any potential tax implications that may be relevant, making sure that the interests of your loved ones are protected as well as saving them from unnecessary hassle at a difficult time.

Enduring Power of Attorney

This part of your estate planning is just as important as your Will. Setting up an Enduring Power of Attorney means that if something happens to you in your lifetime that incapacitates you, the person or people you havenominated person will have the legal power to make decisions on your behalf and in your best interests, in terms of your care and finances.

How to get started 

An excellent place to start is by talking with an experienced lawyer specialising in Wills and Estate planning.

Contact Cairns Wills & Estates Lawyers to arrange an obligation free appointment.

At Cairns Wills & Estates Lawyers, we understand that the thought of planning your will and estate can seem peculiar and even uncomfortable,  you are considering something that you will never see in your lifetime and the benefits will never directly be experienced by you.

But writing a will and planning your estate is essential, especially for your family and loved ones once you have passed.

Still, a large number of Australians do not have a will or estate plan that is valid and up to date. There is also a misconception that engaging lawyers to arrange a will and estate plan is costly and time-consuming, which is usually not the case at all. For this reason,  some people opt for DIY or online Will kits as an alternative to using an experienced lawyer; this can lead to problems further down the line if not correctly completed.

There are three main things that are essential to consider when you are putting together your will and estate plan.

How to get started 

An excellent place to start is by talking with an experienced lawyer specialising in Wills and Estate planning.

Contact Cairns Wills & Estates Lawyers to arrange an obligation free appointment to discuss your requirements.