What is an Estate Plan?
A comprehensive estate plan empowers you to make critical decisions that can safeguard your assets, protect your loved ones, and ensure that your wishes are respected when you are no longer here.
At LD Lawyers, I understand that planning your estate can be a deeply personal and emotional experience. It's not just about drafting legal documents - it's about making decisions that will impact your loved ones for years to come. That's why I take the time to get to know you and your unique circumstances before we even start the planning process.
Here are just a few of the things I'll help you with:
Choosing someone you trust to make personal, financial, and medical decisions on your behalf if you're unable to do so
Deciding who your assets will go to when you pass away
Understanding the implications on your assets when you die, such as CGT, stamp duty, and tax on superannuation
Writing a letter of wishes explaining your decisions and leaving love letters to your loved ones
I prioritise my clients' needs and take the time to listen to you, understand your unique situation, and provide tailored legal solutions. We don't believe in rushing through meetings or charging by the minute. Instead, we take the time needed to fully comprehend your relationships, family history, and financial situation to create a customised estate plan that aligns with your wishes and values.
I understand that estate planning can be complicated, which is why I can collaborate with your financial advisor or accountant, if necessary, to ensure that your assets are protected and that the most tax-efficient arrangement is achieved. My goal is to provide you with the peace of mind that comes from knowing that your estate is in good hands and that your legacy is protected for future generations.
I also know how difficult it is to choose a guardian for your minor children, which is why we'll talk you through the process with empathy and understanding. And with our help, you can appoint powers of attorney, enduring guardians, and advanced healthcare directives, so you can be confident that the right decisions will be made on your behalf if you're unable to make them yourself.
I want to remove the stress and uncertainty for your loved ones by avoiding the need for them to apply for a guardianship or financial management order. Let me help you create an estate plan that gives you peace of mind and ensures your loved ones are taken care of when you're no longer able to do so yourself.
What does an estate plan include?
Will
Your Will is not just a legal document that determines the distribution of your assets; it's a personal expression of your values, wishes, and priorities. It allows you to name the people who matter most to you, including your executors, trustees, guardians, and appointors. Each of them has a specific and vital role to play in ensuring that your final wishes are respected.
Your executors will be responsible for managing your estate and carrying out your wishes, while your trustees will hold any assets in trust for your beneficiaries. Guardians will be responsible for taking care of any minor children, and appointors will have the power to appoint or remove trustees.
By carefully selecting these important people and outlining their roles and responsibilities in your Will, you can ensure that your wishes are carried out in the way that you want. And with the help of a knowledgeable and compassionate Wollongong lawyer, you can create a Will that reflects your unique situation, values, and priorities.
Discretionary Testamentary Trusts
A discretionary testamentary trust may add length to your will, but it also offers significant benefits to your loved ones, such as:
Tax benefits and increased flexibility
Protection of assets
Safeguarding against relationship breakdowns
Shielding from bankruptcy
Deferring taxes for overseas beneficiaries
By incorporating a discretionary testamentary trust into your estate plan, you're not only providing for your loved ones after you're gone, but also ensuring their financial security and well-being for years to come.
Enduring Power of Attorney
Your Enduring Power of Attorney is a crucial legal document that empowers you to select someone you trust to make important legal and financial decisions on your behalf, should you become unable to do so yourself. The beauty of an Enduring Power of Attorney is that it can be activated at any time, providing peace of mind that you have a trusted person in place to act on your behalf. What's more, it's called 'enduring' because it remains valid even if you lose capacity to make decisions on your own, which can be an immense relief to both you and your loved ones.
Advanced Health Care Directive
A comprehensive document you can complete detailing what is acceptable and unacceptable during end of life care.
This document takes some of the pressure off your guardians and puts everyone on the same page as you.
Enduring Guardianship
Your Enduring Guardianship is a crucial legal document that allows you to choose someone you trust to make important medical and lifestyle decisions on your behalf when you're no longer capable of making them yourself. This ensures that your preferences and values are respected and followed even when you're unable to communicate them. It's essential to have an enduring guardianship in place to provide peace of mind for you and your loved ones during challenging times.
Letters of Wishes Workbook
A non-binding letter to your executor is a thoughtful way to express your wishes after you're gone. It can include a range of personal requests, such as:
A list of sentimental items you'd like certain people to have, to ensure that they go to those who will cherish them most.
Details about how you want your children to be raised, to ensure they receive the love and guidance you intended.
Your funeral requests, so your loved ones know how you want to be remembered.
By leaving behind a letter to your executor, you can provide a sense of comfort and guidance to those you leave behind, knowing that your wishes have been communicated and will be respected.