Estate planning is something many people want to put off until it is too late.  Often people also do not realise that having an estate plan is not just about making a will, it is also about having the necessary legal structures in place for end of life medical care and financial management.   There are a number of reasons why having an estate plan is important. Also, having the advice of a legal professional in the course of the preparation of a will can help to avoid some of the pit falls which could include:

– Increased legal costs resulting from uncertainty in the testamentary intentions when there is no will or an improperly drafted will.
– The passing of the assets of an estate to the NSW Public Trustee if there is no clear executor or beneficiaries under the will, or no will.
– The need for the beneficiaries to pay increased taxes where the structure of the estate has not been properly considered.
– The loss of the assets of the estate due to the assets of the estate being exposed to the bankruptcy of beneficiaries, one beneficiary’s spendthrift nature or propensity for conflict.
– The possibility of exposing the estate to claims under family provision legislation, particularly where there is a blended family situation and one of the blended family members has been excluded from the will without a stated reason for doing so.
– The need to make an application to the Guardianship Tribunal for appointment of an enduring guardian if someone is no longer capable of making decisions about their medical care and living arrangements.
– The need to deal in a person’s property and financial assets like bank accounts, shares, life insurance policies and superannuation if they no longer have the mental capacity for doing so themselves.

There are so many reasons why it is a good idea to engage a professional service to assist in the preparation of a will and other estate planning documents. If you would like assistance with an estate related matter please do not hesitate to contact us.