What Is Estate Planning?

by | Sep 11, 2023 | Estate Planning

Key Benefits of Estate Planning

Estate Planning Solicitors Penrith, Richmond, Hawkesbury, Glenmore Park

Estate planning is a process of preparing important documents that will assist with your administration of your estate in the event that you pass and with issues such as advanced care directives for health care providers, disability services and your accountants.

Normally an estate plan involves a meeting with a solicitor to discuss the documents that can and should be prepared recommending usually a will, a power of attorney and enduring guardianship documents.

These are explained in more detail, see our other blog article, outlining each of these services or email us reception@rafton.com.au and we can email you an estate planning brochure that clearly outlines each of these important documents.

Unfortunately, a lot of people don’t want to think about an estate plan but there are several really important reasons to seriously consider updating your documents and to make a booking.

Some important points are:

  • Many people are under the misapprehension that superannuation is part of their estate and that superannuation will be paid in accordance with their wishes.  This is not always the case and there can be serious consequences including taxation consequences depending on whom your superannuation is left to.  In addition to this, unless you have made a binding nomination the trustee of your superannuation fund will ultimately hold the final decision or discretion to disburse your super.
  • Advance care directives and enduring guardianships are very important documents that help prevent any disputes between family members and/or health care providers in the event that you are unable to make decisions for yourself.  They are also a very important tool that assists with liaising with the National Disability Insurance Scheme providers and services such as home care, Meals on Wheels and cleaning services.
  • Another important reason to ensure that your will is updated as it provides clear direction as to whom you would like to leave your estate and assets to once you die.  This can be especially important in cases of blended families, divorce or separated persons and its also very important to look at updating your will in the event that you remarry.

Our specialist Wills and Estates Team can discuss these with you during a confidential telephone appointment or an appointment in person at our offices located at Penrith, Glenmore Park, Richmond which also services the Windsor, Kurrajong, Londonderry, North Richmond and Bligh Park areas, as well as our St Marys and Parramatta offices.

Contact our team or make a confidential booking on line via our booking service www.rafton.com.au.