Importance of Estate Planning
A failure to execute estate planning documents under a proper estate plan may have adverse consequences for you and your family.
If you do not have an estate plan, and you either lose capacity or die, legislation will govern who has the primary conduct of your affairs. This may not be consistent with your intentions.
During your Lifetime
Suppose you lose decision-making capacity without having an Enduring Power of Attorney, Enduring Power of Guardianship, or Advance Health Directive. In that case, one of your friends or family would need to make an application under the Guardianship & Administration Act 1990 (WA) in order to:
- Make financial and legal decisions on your behalf.
- Make healthcare and lifestyle decisions on your behalf.
- Make treatment decisions on your behalf.
Our succession lawyers can assist you to choose a trusted person to be your attorney or guardian when you lose decision-making capacity. We will also help you understand how your attorney or guardian would manage your healthcare and financial affairs.
After your Death
If you were to die without a Will (intestate), the Administration Act 1903 (WA) will regulate how your estate is administered. Making a Will is one of the few ways to ensure your wishes are carried out as you intended. It is also a way to tell your loved ones how you would like your estate distributed after your death.
Having a valid Will can prevent disputes over many matters you may not have considered. For example, who the most suitable person is to act as your executor or administrator, the arrangement of your funeral, or the appointment of guardians for infant children.
Non-Estate Assets
Generally, an individual’s most significant assets include real property (houses or parcels of land) and superannuation. Most people assume these assets form part of their estate. However, that is not always the case. For instance, the type of ownership of real property can affect whether that asset will go to the estate or someone else. Different types of ownerships can also affect other joint assets, shares, and trusts, which may not automatically form part of your estate.
We provide comprehensive estate plans to our clients to ensure that they understand their estate’s asset structure. We also offer advice and pragmatic solutions to deal with non-estate assets.
Blended Families
Everyone would want their loved ones taken care of after their death. Our succession lawyers understand that Australian families may be blended. We regularly work with our clients to understand their family structure to provide personalised estate planning advice to achieve a desirable result.
Working with your Advisors
The best estate plans involve collaboration between your trusted advisors. You may wish to instruct Gregson & Associates to work with your accountant or financial advisor to prepare your estate plan. The benefits of collaborating with your advisors include effective estate planning and giving foresight to the first point of contact when you die.