Will and Estate Plan: Taking Care of Your Assets

Estate Planning in TownsvilleWhile death is the last thing you may want to think about, it is always important to decide how your assets will be distributed when you die. It is advisable to give your family and relatives instructions about your medical and legal preferences if you lose the capacity to make important decisions yourself.

Estate Plan

This includes your will and all directions on the distribution of your assets after your death. An estate plan, for the most part, includes documents about how you will be cared for medically and financially if you become unable to do so on your own. These documents include the will, testamentary trust, powers of attorney, superannuation death nominations, powers of attorney, and power of guardianship.

A Valid Will

According to statistics, nearly half of all Australians die without a will. Don’t let this happen to you and to your assets. ConnollySuthers and other Townsville family lawyers say that a will covers important matters, such as who will look after your kids if they're still young, how you want your assets to be shared, what trusts you want established, and many other things. You can get the help of private solicitor or trustee to create your will.

Powers of Attorney

It is best to appoint someone as your power of attorney, which will give them the authority to look after your affairs. This, of course, will depend on your state or territory. In general, there are different types of power of attorney. There is the general type, which means appointing someone for a specified period. Others include the enduring power of attorney or appointing someone if you lose the capacity to make decisions, and medical type or making only medical decisions on your behalf if you are unable to do so.

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Testamentary Trusts

This only takes effect when the one who creates the will dies. These are arranged to protect your assets. You may need to create a testamentary trust if your beneficiaries are minor or if they have diminished mental capacity. You may also do so if you do not want family assets split as part of a divorce settlement or become a part of bankruptcy proceedings.

To make sure that your wishes are fulfilled after you die, do not underestimate the importance of a good will and estate plan. Contact your family lawyer or find one today to help prepare for your family’s future.