These days estate planning is more than deciding who will benefit from your assets when you die.
Traditionally, formalising that decision in a Will would have been adequate, but recent changes in legislation and modern family structures, demand a more thorough approach.
The aim of Estate Planning is to minimise emotional and financial hardship for the people you care about. To establish a comprehensive estate plan, you'll need to do the following
Consider all your options in the context of your circumstances
Set up clear, legally recognised arrangements that will give effect to your wishes in the event of your death or incapacity
An up to date Will is still the cornerstone of a good estate plan, and depending on circumstances, a Trust may be necessary to achieve the right level of planning and protection. You should also have Enduring Powers of Attorney to provide for your personal care and welfare, as well as the ongoing management of your assets and financial arrangements if you should become incapacitated.
For more in depth information about Wills, Enduring Power of Attorney and Trusts, click on the link at the top of this page.
The information on this website about estate planning is of a general nature and is not a substitute for legal or other professional advice. You should always seek advice relevant to your persona circumstances before you make decisions about creating a Will, enduring Power of Attorney or Trust, or changing any of your current arrangements.