While it's not pleasant to think about or talk about it, the day will come when you will not be around in this physical world any longer.
And while losing someone is very painful indeed, what can be equally painful are any lose ends that may have been left behind.
Without proper planning and documentation, families of loved ones are often left to deal with who gets what and how much.
Whether it be money in a bank account, properties, a successful business, jewellery and even precious art if you have not spent time and effort in clearly stating how you want your assets dealt with when you've departed, then you will most likely leave behind much more than the pain of grief alone.
You want to ensure your family and children are taken care of and you want to ensure your assets are not eaten up by unnecessary taxes and any other costs that will eat into your hard-earned money.
The number one purpose of having a proper Will drawn up and Estate Planning is to ensure your assets are distributed as you would like and to whom you'd like.
You want to ensure your family will be looked after once you've left.
It is very important to have a succession plan in place that makes the transition is easy not only for yourself but also for your family.
Estate planning goes beyond simply drafting a will - proper estate planning includes:
- The assessment of assets
- The assessment of likely taxation
- Advice regarding the possibility of claims against the estate by third parties
- The protection of assets
Estate planning is an active process of re-evaluating the estate when circumstances in life change, such as:
- Newly married couples or those divorcing
- A change to the family's asset pool
- A change in working conditions such as the buying or selling of a business
- Changes to superannuation, insurance policies or taxation levels
- The establishment of discretionary trusts
A successful plan is made involving all family members as it will take into account not only provisions for your retirement income but also the plans, aptitudes and existing assets of younger generations.
At PW Lawyers, we will ensure the process of drawing up your Will and Estate Planning requirements is seamless, painless and rewarding knowing you will have done everything you can to ensure a peaceful life for your family and children.
Contact PW Lawyers for your Will and Estate Planning needs on 02 9415 8192.