Whilst the thought of planning what will happen to your worldly possessions upon your death can be a confronting experience it is a valuable and necessary step to ensure your loved ones are provided for in the manner you desire.
As an example – It may be that you have remarried. If this is the case you must think very carefully about how you wish to have your estate distributed. If you have children from a previous relationship and your new spouse has children also from a previous relationship you must decide who your beneficiaries will be and how they will benefit.
It would be practical to expect that if you entrust your possessions to your new spouse that they in turn would favour their own children. Indeed the law demands that all possessions be distributed to family members should you pass without strict instructions in place.
Another case in point is if you have minor children who will need a guardian to oversee their education until such time as they become adults. Perhaps one particular child may be in need of special care. In this case a trust may be a suitable option.
If you were to pass without a plan or will in place you are said to die intestate. In this situation the court will usually distribute your estate evenly amongst your spouse OR your children. You can see how this could greatly impair the quality of life for some whilst feathering the nest of the not so needy in others. The angst this experience causes has torn families apart.
Wills and Trusts – the Cornerstone of Estate Planning
The first step when considering how you wish to have your estate dealt with is to make a list of assets including the form of their ownership and current fair market value. This should include any superannuation and insurance payments that would be made upon your death.
With death, financial responsibilities do not end so it is important to list outstanding debts or mortgages that may exist.
The next step is to determine who your beneficiaries will be and how and when your estate should be distributed. This is where the sound advice of professional property law solicitors Brisbane such as GM Law will be advantageous.
With their professional, strategic advice and guidance a satisfying plan can be designed according to your particular circumstances and desires. You will be surprised how much lighter you feel once you have ensured your wishes will be honoured and carried out in a compassionate legal manner.
GM Law can be contacted at http://gmlaw.com.au