WHY ESTATE PLANNING IS IMPORTANT
Having a Will ensures that your estate avoids needlessly complicated, lengthy and costly legal fees or court hearings after your death.
Why do you need a Will?
A Will allows you to take control of how your estate is dealt with once you die. If you choose not to make a Will you will be subject to strict legal rules which will mean you have no control over how your estate is distributed. In some cases, your property and valued belongings can even go to the State Government. Having a Will can also provide peace-of-mind when it comes to who will look after your children in the event of death. It is important in this situation to have a good understanding of what you can and cannot do, which is where engaging a solicitor becomes vital.
Why do you need a Law Firm to draft your Will?
Due to the serious nature of these documents there are strict requirements when making a Will. Failure to follow these rules can lead to your Will being invalidated after your death and sometimes leave you in the same position as if you never had a will at all. Similarly, failure to consider supporting legislation may lead to Wills being challenged or contested meaning high legal costs and time delays for your estate.
There can also be significant tax and other cost implications when inheriting from a deceased estate. It is important for your legacy to ensure that you maximize tax savings where possible. Cases where a self-drafted Will left instructions for funds to go to a bankrupt spouse/child causing the entire inheritance, or part thereof to be used to satisfy outstanding debts whilst the family members received nothing are all to common. Complex legislation dealing with superannuation and pension allocation can also be very troublesome and lead to loss of funds or high and unexpected tax costs if not dealt with by an industry specialist.
Why Chose LadyBird?
At LadyBird Law our team are focused on helping you throughout the Estate planning process. We’ll make sure you understand what’s going on, and keep you informed every step of the way.
[endif]--We understand that this is not always an easy subject to navigate. That’s why our team are dedicated to providing the very best in personal service to help take the stress out of your Estate Planning. We explain everything to you in plain English, so you’ll understand exactly what’s happening and why. We will keep you up to date throughout the entire process, so there’s less stress and no last-minute surprises. ![endif]--