Estate and Life Planning

Estate planning is more than just making a will. A simple will can very easily be made by a lay person or any lawyer. Simple will packs are often available in newsagencies or can be ordered online. But making a simple will is not estate planning.

Estate planning is, first, the art of planning one’s estate where the end product is a will that fully reflects the testator’s wishes. This will is the product of a thorough process that carefully establishes the personal circumstances of the testator. Estate planning nowadays should aim to avoid conflict between family members and beneficiaries after your death, making sure that loved ones are looked after, disabled family members are taken care of, minor children are looked after assets are passed on to the people you love or whom you wish to control your assets, assets are protected if they need protection, ,tax arrangements are optimal .

Estate planning also has a second component – planning for life events.

While we don’t like to think about incapacity, it is not unusual to become reliant on others, either temporarily or indefinitely. This could be because of an accident (by definition, unplanned), illness or old age. Even young people in their 20s can be affected by accidents or illness. Life planning ensures that your wishes are carried out and you are looked after in the way you wish. Usual life planning instruments include an enduring power of attorney and the appointment of one or more enduring guardians.

If you do not have an estate plan or your estate plan is out of date, your estate might not be passed on to the people you love, control of your assets might be transferred to the “wrong” people, your estate might be subjected to expensive estate litigation (which can also be very stressful for your surviving family).

If you became incapacitated, people might be appointed to make decisions on your behalf who you don’t want to have looking after you anymore, decisions might be made on your behalf you wouldn’t agree with , your loved ones may struggle to make decisions on your behalf because you left no instructions about what you would like to happen.

Asquith Legal can help with all aspects of estate and life planning. We offer a free initial estate ‘‘wellness’ check. If you do not have an estate or life plan, we can help get you started .

Contact our Estate and Life Planning by sending us an email and we will get in touch shortly, or phone between 8:30AM and 5:00PM Monday to Friday.

Office hours — (02) 4208 0403

Monday                       8:30 am – 6:00 pm

Tuesday                      8:30 am – 6:00 pm

Wednesday                8:30 am – 6:00 pm

Thursday                    8:30 am – 6:00 pm

Friday                          8:30 am – 6:00 pm

Saturday                     Closed

Sunday                        Closed