Why You Need An Estate Planning Lawyer And How They Make A Difference

I don’t think there is anyone who does not worry about what will happen once they are gone. I have come across a lot of people wondering things like: What will happen to my family and my property once I am gone? Do I need estate planning for that?

But there is something that you need to understand! You see, estate planning isn’t just about death; it’s also about ensuring your intentions are carried out and your loved ones are safe.

Having an estate planning lawyer helps make the process transparent, fair, and lawful, no matter how big or small your house or portfolio is.

In this article, I will talk about the following things:

• What is the meaning of estate planning?
• Why should you hire an estate planning lawyer?
• Mistakes to avoid during estate planning. 

Therefore, if these are a few things that you want to know, keep on reading this blog till the end…

Do I Need Estate Planning? What Estate Planning Really Means!

Making a will is only one part of estate preparation. It’s about making a plan that includes your money, health, and family. An estate plan makes sure that your real estate assets are handled and given out the way you want them to be. It can also assist in keeping things from getting more confusing, stressful, and confrontational later on.

Your estate includes your home, money, retirement accounts, investments, and real estate. It also includes things like family heirlooms, digital accounts, and sentimental items. If you don’t have a clear strategy, these things can get very problematic for the people you leave behind very fast.

Why You Should Hire An Estate Planning Lawyer?

You might be thinking, “Can I just do it myself? Do I need estate planning?” There are a lot of templates on the Internet. However, estate law in Australia can be hard to understand, and each person’s case is unique.

A qualified estate planning lawyer makes sure that your documents are legal and that your desires are clear and can be followed.

They can help you with:

• Writing or changing your will
• Making powers of attorney and guardianship papers
• Making plans for life insurance and retirement
• Taking care of trusts and protecting assets
• Making sure your beneficiaries are correctly named and safe

These may seem like tiny things, but they can make a major difference if your life changes, like getting married again, buying a house, or having more kids.

1. Getting To Know The Legal Side

In Australia, each state has its own laws relating to wills and estates. This means something that is legal in one state may not be legal in another state. Estate planning lawyers are well aware of the differences and can ensure your plan is legal in your state of residence. 

They can also advise you on how to make your will more difficult to challenge. Estates are a common area of dispute, especially if a document is old or hard to read. A lawyer can help you structure documents that can avoid family disputes and long legal disputes in the future.

2. More Than A Will

A will is an important element of structuring your inheritance, but it’s not the only thing you need to do. An everlasting power of attorney, a binding death benefit nomination, and an advance care directive are some of the other documents that make up a whole plan.

There is more to estate planning than just one form or signature, as you can see if you have ever looked at a reference on the subject. Each document has a particular job: one is for your money, one is for your health decisions, and one is for how you want your estate to be divided up. Together, they let you decide what happens during and after your life.

3. Keeping Your Family And Money Safe

Your family can avoid extra worry and money loss by making good plans for your estate. If something goes wrong, your loved ones will already know what you desired. They will have the legal papers to back it up, which will save time and money in court.

It also makes sure that the people you pick to take care of any small children or dependents are the ones who do so, not a court.

If you own a home or a business, estate planning helps make sure that the transfer of ownership goes easily and that taxes are handled well. It’s not just for rich people. Anyone who aspires to ensure proper execution should consider estate planning.

Mistakes To Avoid: Things People Often Do Wrong!

Many people make mistakes with their estate planning that they could have avoided, even if they mean well. Here are some things to think about:

• Not making changes to your docs. Your old documents may no longer be valid if you get divorced, have a new child, or sell your home.
• Not remembering digital assets. Your online accounts, passwords, and subscriptions are all now part of your estate.
• Not including informal plans. Without written documentation, promises or verbal instructions don’t mean anything in court.
• DIY templates with no help. A small mistake in the wording of a will can make it void or cause problems.

You may prevent these problems and make sure everything is legally binding by hiring an experienced lawyer.

Understanding The Steps And What To Expect

When you consult a lawyer to draft your estate documents, the first thing they will usually do is talk to you. They will ask about your family, your assets, and what your wishes are. You do not need to know about everything to begin. That is what they are there to help you with. 

Next, they will assist you in organizing your documents and identifying what you already have. These will include title to real estate, insurance documents, and superannuation statements.

After which, they will write or amend the documents you require, and go through each document with you in a way that lays it out in basic English so you know exactly what you are signing. 

You can also discuss who you would like to be your executor or trustee, that is, someone whom you trust to give effect to your wishes. While many choose a close family member, it is also common to engage a professional, particularly when there may be a more complicated estate.

Know When To Look Over Your Plan

Estate planning is not normally just a one-time project; it is advisable for you to periodically check in on your estate plan every few years, or anytime you experience an important life change. These can be things like starting a new job, buying a new home, or a change in your financial situation.

A lawyer can help you understand these issues in a much clearer manner.

So, the answer to “do I need estate planning?” is a big YES. Preparing your estate is about ensuring that your family, assets, and wishes will be respected regardless of what may happen.  

Reach out to Coleman Greig Lawyers to take your mind off what’s more important than planning your estate: your family and your peace of mind!