Estate Planning Lawyers

While many of us are familiar with the idea that we should have a Will prepared to look after our loved ones when we die, that’s really only one part of your estate planning. Engaging a skilled and experienced lawyer who practices in Wills and estates will ensure all the decisions you need to consider are addressed in your plan.

Estate planning is the process of organising and arranging your legal, financial, and business affairs and includes preparation of documents like:

  • Your Will to distribute your assets in accordance with your wishes, after you die;
  • Power of Attorney to manage your personal and legal affairs and make lifestyle decisions on your behalf, if you become incapacitated to do so yourself;
  • Advance Care Directive which instructs your doctors about your personal preferences related to medical treatment if you lose capacity to make those decisions yourself;
  • Testamentary trusts, a document created under your Will and holds your assets in a trust;
  • Business estate planning which involves creating relevant documents to address decisions to be made after you die, about assets you hold in entities such as a business, company, or partnership.

For many of us, our assets are spread between private companies, family trusts, superannuation, insurance, joint ventures, digital currency, and businesses. So, it’s important to ensure your estate planning covers all your assets and decision-making requirements after you die or if you become incapacitated.

Questions to consider when preparing your estate planning

  • Who you want to take care of your financial, personal, and medical affairs if you were to lose capacity by way of Enduring Powers of Attorney (financial and personal) and Medical Treatment Decision Makers?
  • Who should have control of your business interests including your Family Trust, Unit Trusts, Companies, Self-Managed Super Funds, and Small Businesses?
  • What do you want to happen to assets owned jointly or in entities you control?
  • Who do you trust to make these decisions when you no longer have capacity or have passed away?
  • What is the most tax-effective method of transferring your assets?
  • What life insurance do you have in place?
  • Who are the beneficiaries of any death benefits associated with your superannuation fund?
  • What happens to your digital currency?
  • What happens to your digital assets such as emails and social media accounts?
  • Ensuring spouse, partner, children, dependants are looked after when you die or become incapacitated.
  • Ensuring that your pets are taken care of with relatives or charities.
  • Bequests and endowments are made to charities of your choice.

All these questions are included as part of the estate planning process to ensure that all your assets and the controllers of your associated entities are put in place. You can then rest easy knowing that if you die or lose capacity, the people you trust have been appointed to take care of the people you love.

Contact a Wills and estates lawyer

We are Wills and estates lawyers, located in the inner north of Melbourne. We provide our Wills and estates services across Victoria, either in-person or remotely.

It doesn’t matter if your estate is big or small, protecting your personal decisions and your assets is paramount.

Contact David Davis Lawyers

Phone: 03 9014 1299