Estate planning helps protect your assets. It provides clarity for your loved ones. Whether you want to draft a will, set up a trust or appoint a power of attorney, planning ahead reduces stress. The following are some of the ways to approach it.

Why estate planning is essential?

• Estate planning allows you control over your assets. Without a will ACT Intestacy laws decide how the estate is distributed. It might not align with your wishes.
• It reduces family disputes. Clear documentation minimizes confusion. Family members are less likely to be in a conflict.
• Powers of attorney and guardianship appointments allow trusted individuals to manage your affairs if you are unable to.

What does estate planning include?

Estate planning in Canberra covers wills which outline how your assets are distributed.

• A simple will prevents legal complications.
• It includes the enduring power of attorney, EPA.
• It appoints someone to manage your financial and medical decisions If you lose capacity.
• It involves Testamentary Trust, which protects assets for minors, vulnerable beneficiaries, or tax efficiency.
• Superannuation’s nomination directs how your super is distributed. It isn’t automatically part of your estate. Your lawyer will enter it along with your will.
• A business succession plan ensures a smooth transition for family businesses or farms.

Finding a reliable estate planning lawyer in Canberra

• When looking for an estate planning lawyer, find someone who specializes in wills and estates. They have better expertise than generalists.
• Some firms offer transparent fees. They have a fixed rate for straightforward wills or bundled packages.
• A good lawyer will anticipate issues like tax implications and blended family dynamics. They also have the Local Knowledge. ACT and NSW have different roles for power of attorney.

Canberra’s estate planning lawyers will happily help you through the technicalities of estate planning. They have award-winning for estate disputes and succession planning. Find lawyers known for holistic plans addressing business and family needs. Look for advocates providing tailored advice for complex estates. If you want affordable options and EPAs consider checking online platforms.

Estate planning fees in Canberra

• Simple will start around $300 to $900.
• Complex estates, including trust and overseas assets exceed $3000.
• A power of attorney can cost anywhere from 200 to $900.

Most firms offer free initial consultations to discuss your requirements.

You might be tempted to make a DIY will, and although the templates are easily available, they miss the legal requirements. It leads to disputes or invalid documentation.

Review the bill every three to five years or after major life changes.

Do not ignore superannuation. It isn’t automatically part of your estate. Always update beneficiary nominations. Do not overlook digital assets. Include instructions for online accounts and cryptocurrencies.

Before you start estate planning, take an inventory of your assets. List the properties, investments, super and personal items. Find beneficiaries who you want to benefit, including contingencies.

Consult a lawyer to draft legally sound documents. Make sure to store documents securely.

Estate planning in Canberra isn’t just for the wealthy, it’s the practical step to protect your family and assets. Contact a local specialist to discuss your options.