If you do not set up some kind of estate plan before you depart this world then you’re making the lives of the ones that you love a lot more complicated.
This is especially true if you have a particularly large estate and so it is very important to have some kind of plan in place in the event that you die unexpectedly. You take care of your family members now and so this is something that you want to keep happening after you’re gone or if you become incapacitated in any way. One essential part of the plan is to make sure that you make a will and you also have a list of the things that you own and any bank accounts that you might have.
It’s likely that this all sounds very complicated to you but the good news is that you can always turn to professional estate litigation lawyers in Sydney CBD to help you out and to point you in the right direction. They will ensure that there is a list of beneficiaries about bank accounts for example so that the money is transferred to them almost immediately. It may also be a good idea to get your legal representative to set up a trust and you may want to give power of attorney to someone that you trust.
The following are just some other top tips when setting up your estate in Australia.
- Make a list of what you own – There may be some things inside your property that are more valuable than others so list the things that you feel that have great value like jewellery that you have collected over the years, any art that is hanging on the walls and any antique furniture that you might have. If there is one particular thing that you want to leave to an individual then take a lot of that as well. Be prepared for a longer list than you first anticipated.
- List your non-tangible assets – This includes any financial assets that you might have in banks and building societies for example. It’s likely that you have some kind of life insurance policy in place as well as other policies. It is a good idea to write down the account numbers and actually tell someone where exactly the documents are.
- Write down all of your debts – Even when you die, you have to pay the money that you owe so make a list of all of the credit card debt that you have and any other financial obligations. To make things easier for your family, keep all of your paperwork together for various bank accounts and credit cards as this is very important information.
The most important thing however is that you get in touch with a legal professional who understands estate litigation. You always have done the right thing by your family and so there is no reason for that to change after you have departed this earth. This is an extremely responsible thing that you are doing and you are to be commended for it.