Estate planning has the same goal just like writing a will. It ensures that your estates are managed properly even long after you are gone. Some lawyers are dedicated to creating these plans for clients and ensuring that they are legally binding.
Considering how important they are in property management, it is crucial to understand who they are and what they do to ensure that even in the process of recruiting one, you have something to check before hiring.
Crucial information about estate planning lawyers
– Who are they?
Estate planning lawyers are professionals who have specialised in handling all matters related to wills, trusts and assets management. By doing this, they assist you in coming up with a detailed plan that dictates how to distribute your assets and also manage other affairs in the event that you are incapacitated or dead. So, these lawyers must ensure that your plan and other documentation comply with what is stipulated in the Queen’s Law in Brisbane. This ensures that your family do not get into fights over who should get what when you are dead or incapacitated.
– Services offered by estate planning lawyers
Estate planning lawyers offer a wide range of services including:
· Drafting wills: they help clients create a legally acceptable will that clearly outlines how their property will be divided among their family members.
· Establishing trusts: these lawyers must set up trusts which are crucial in protecting assets for the beneficiaries, especially minors and those who have special needs.
· Power of attorney: did you know that an estate planning lawyer can assign someone to make financial or medical decisions in case you are not in a position to do so? That is why they have privileges similar to an attorney.
· Updating estate plans: estate plans undergo regular changes to reflect the various changes that occur in the course of life. without updating these changes, your will may be challenged in court and your wishes not be upheld.
· Probate assistance: here, the lawyer ensures that all legal protocols are followed after your death and the assets are distributed to beneficiaries as outlined in the will.
– Common misconceptions about estate planning
· Estate planning is meant for the rich: there is this notion going around that estate planning is supposed to be undertaken only by upper-class individuals. However, the truth is estate planning is essential for anyone who has assets and dependents who look up to them.
· It is a one-time thing: well, estate planning requires regular updates to keep it valid. Your life can change instantly and all those changes need to reflect on your plan. For instance, if you get a newborn or accumulate some huge cash from lucky boxes.
· You can plan for yourself: it is understandable that there are many templates on the Internet that can help you to create an estate plan by yourself. However, you may miss up on the key aspects of it and end up making it invalid. A lawyer knows exactly how to handle every aspect of it and can give you an excellent outcome in a short period.
Final thoughts
Estate planning lawyers are interesting professionals to learn about because everyone may need their services at any stage of life. Hence, it is crucial to know more about them and know how they can assist you in planning for your wealth. Explore Brisbane’s best estate planning lawyer.