Everyone has an estate that typically consists of a house, real estate, investments, car, checking and saving accounts, life insurance, furniture, and any other personal possessions. If you want to decide the assets’ distribution to the people and organizations you care about, an estate lawyer in Australia can help you. Their legal plan will list who will receive your assets, when they will receive it, and what they will receive. In short, a good estate plan will guarantee that your wishes are carried out.
You might think that getting started on an asset protection plan in Australia will be an unnerving process. Fortunately, you don’t have to do it alone. There are legal professionals and financial planners in the form of estate lawyers who will help you create your plan. Understanding what an asset protection plan is and how you can utilize one will help you make the most out of your strategy.
However, it can be challenging to find a good estate lawyer in Australia who has experience in the courtroom and drafts up the necessary documents for an accurate and thorough estate plan. So, find below some ways in which an estate lawyer in Australia can help you to protect your assets so that you can plan ahead to protect yourself, your family, and your legacy.
1. Reduce Taxes for the Assets Left Behind
When you plan ahead and pave the way for your heirs to inherit your assets, the taxes they will owe to the government will be much less than if you did not pave the way for them. Federal and state taxes can take a considerable amount of any asset or money that your children or heirs may inherit from you. However, there are ways to minimize the amount of taxes they would have to pay for whatever inheritance they will receive from you. So, it is best to be prepared well in advance.
2. Protect Your Heirs
An estate plan or well-designed will is the best way to protect your children and beneficiaries from any reason that they would not receive the parts of your estate that you would want them to if you pass away. By clearly stating in your will who will get what and how much they will get, you are protecting your loved ones from any misunderstandings that can lead to court cases.
3. Name the Guardian of Your Children
In case both parents suddenly die, the courts will step in to decide who will raise the children unless you made a will that clearly states who will be the legal guardian of your children if you pass away suddenly. This is a sensible precaution for parents, especially if their children are young.
4. Prevent Family Disputes
Family disputes over who gets what or who should receive more money are undignified. You can avoid this for the family members you may leave behind by clearly defining in your will who will get what and how much. Asset protection in Australia is crucial for people who have a complicated family situation and lots of assets to be divided. Those who have more than one wife and children should also consider estate litigation in Australia.
One of the most thoughtful and caring things you can do for yourself and loved ones is hire an estate lawyer in Australia and adequately prepare an estate plan. This will avoid court interventions, contains your last wishes, names individuals that get along with your family to manage your assets, and protects your family from high costs, taxes, and even their irresponsibility or naivety. This will help to give you and your family members peace of mind.
Since it is better to be safe than sorry, take some time to get in touch with our estate lawyers today. This will give you more freedom to enjoy and live your life.