Estate planning is the process of arranging how you will distribute assets and properties after your death. Regardless of the number of properties and assets you have, an estate plan puts everything in order. When done properly with the assistance of lawyers in Sunshine Coast, it also helps limit the tax that your beneficiaries will have to pay.
Here’s a quick guide to estate planning:
Identify Your Assets and Beneficiaries
The first step to developing an estate plan is to determine your assets and your beneficiaries. Assets include retirement savings, investments, and real estate properties. To decide on your beneficiaries, answer the following questions:
- To whom do you want to give your properties?
- Whom do you want to make medical decisions on your behalf?
- Whom do you want overseeing your financial affairs when you’re not mentally or physically fit to decide?
- Your beneficiaries don’t necessarily have to be family members. They may be people or organizations that you trust, including your friends and charities that you support.
Make a Trust
Trusts allow you to put conditions on when and how the state will distribute your properties. Many lawyers in Sunshine Coast and across the country can help create your trust, which allows you to give your estate to your beneficiaries without costs. Your trust can also protect your assets from lawsuits and creditors.
You may think that you don’t have an estate but you do and you’d want to leave your assets with people you trust and love.