Most lawyers you would find on a lawyer’s list would tell you that if you have any assets, it is essential to start estate planning as soon as possible so that you can work out the how and where of distributing your estate in the future. It is not all about making a will either. Sometimes as a person ages they become unable to administer their estate due to mental problems from dementia or having a stroke. Family lawyers are the people to consult if you want to ensure your assets are distributed according to your wishes.
Estate planning will help you to not only state your wishes regarding the distribution of your assets after you pass away, it will help you to avoid unnecessary tax, something that most people want to do. It will make the division of assets much easier and enable you to avoid paying the court costs inherent in the judicial system deciding who should get your estate if you haven’t make your wishes known.
If you have any kind of possessions, even if it is only a house and car, it is important to get estate planning advice and the best people to give it are Lawyers Perth, since they know all about the legal aspects and what can be done. People with many assets or a business see the need for estate planning, but often those with fewer assets don’t bother with it.
This is a mistake, because estate planning also includes making a Will and if you don’t have one when you die, your estate may not go to your preferred heirs. In fact, if you only have a house, most of the value could well be taken up with the court costs and fees that will be incurred to settle the estate. So your children or spouse could end up with next to nothing.
Having a Will can also prevent bad feeling amongst the family that is likely when each one vies for their share – or decides that they should get the most assets. Estate planning will also reduce the tax that must be paid and it can provide for children who are under age or who you don’t trust to handle a large amount of money wisely. This will be in the form of a trust that can pay out small amounts or keep it all until they become more mature at a certain age that you can specify.