Estate Planning

Estate planning is a comprehensive plan to create the documents required to arrange your affairs and ensure there is the efficient and effective distribution of your estate after your passing. An estate plan is designed in a way to help protect your loved ones and family to minimise the tax liability upon transfer of assets in a logical, legal way while ensuring your wishes are followed.

Estate Planning Includes: 


Creating a Legal & Updated Will
Drafting Powers of Attorney 
Drafting Advance Care Directives 
Appointment of an Enduring Guardian 

 What is the difference between Estate Planning and a Will? 

 
A will details what must happen to your assets after your passing and, if required, who you want to appoint as guardian of your minor children. An estate plan is an exhaustive plan that includes documents that are effective during your lifetime and documents that aren’t relevant until your death. 
 
An estate plan is a comprehensive plan that includes effective documents during your lifetime and other documents that aren’t in effect until your death. A will details where you want your assets to go at your death and who you would like to serve as guardian of your minor children.
 

Estate Planning

Creating a Legal & Updated Will 

What you put in a will is entirely up to you. We’re here to assist you in any legal advice or choices you need to make in your will and point out any pitfalls, complications or nuance in language that can result in complications when your final will is read. 

Making a will affords you peace of mind and the opportunity to:

  • Express your wishes regarding your funeral,  memorial service and any last wishes or words you want your loved ones to hear when you’re gone;
  • Set up a trust to support young children or a person with a disability;
  • Appoint and name the parental guardians for your children/s;
  • Give money to charities or foundations that you would like to support.

 Drafting Powers of Attorney 

 
A Power of Attorney (POA) is a document used to allow someone to act on your behalf – as if you had done the act yourself. Commonly, a POA is used to deal with financial affairs, assets and real estate but can also be used for something particular like buying a collector’s item in your name.
 

In short, a POA authorises someone else to act on your behalf. This legal agreement is made by one person (named the ‘Grantor’), allowing another person (named the ‘Attorney’) to do things with the Grantor’s money, shares, real estate, bank accounts and other assets.

 

Drafting Advance Care Directives 

 
Advance care planning is the planning for your future health care and what you would like or not like to receive if you were unable to communicate your preferences. For example, if you become seriously ill or injured and can’t state your preferences, an advance care directive is there to make the choice you’ve already chosen. 
 

Advance care planning gives you the opportunity to discuss, think and record your preferences for the type of care you would receive and acceptable outcomes. In addition, it helps to ensure your doctors and loved ones know what your health and personal preferences are and that these preferences are respected.

 

Appointment of an Enduring Guardian 

 

An Enduring Guardian is someone you appoint to make health and lifestyle decisions on your behalf when you cannot make them for yourself.

It’s up to you to decide the areas or functions you wish to give to your Enduring Guardian. These may include making decisions such as where you live, what services are provided to you at home, and what medical treatment you receive.
 
Get in touch with Queensland Probate today for a free 15-minute consultation to discuss your needs.