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What is estate planning?
Estate planning is designed to protect yourself, your assets and your loved ones. It’s one part of your financial plan that ensures your estate (your assets, savings and other investments) is managed how you want in the event that you’re unable to make decisions or pass away.
Estate planning involves more than just a Will. There are other important legal documents to complete your estate plan to ensure that all your wishes are documented. These include who can make decisions on your behalf if you lose mental capacity, or what your directions might be for future medical treatment.
To understand what other legal documents you require and to ensure they're properly prepared, it's best to speak with a Wills and estate planning lawyer.
What does an estate plan involve and why is it important?
Generally, a complete estate plan involves:
- looking at your assets, investments and estate holistically
- nominating decision makers to act on your behalf (Powers of Attorney)
- ensuring that the ownership of your assets is passed on to the correct beneficiaries
- ensuring that your assets are protected in case a beneficiary has any legal problems or special needs
- creating a Will (legally binding) and a Statement of Wishes (morally binding).
It's important that you have the right strategy in place and develop an effective estate plan. Our expert estate planning lawyers understand the nuances and attention to detail required for every estate plan, which is why we take the time to understand your wishes and develop your plan together, giving you peace of mind and reducing stress on your family.
Contact us today and have the comfort of knowing that your documents will be legally sound.
"I wish I had recognised the importance of making a Will sooner. A small investment then could have saved me months of trying to find answers on my own"
Sue's story
Wills & estates
How Maurice Blackburn Lawyers can help you with your estate plan:
 | Make a WillProtect your loved ones' future by creating your Will with an expert wills and estate lawyer. |
 | Powers of AttorneyOur experienced lawyers can provide you with the best advice and prepare your Enduring Power of Attorney. |
 | Document storageKeeping your Will secure is very important. We can store your Will, and other important documents, for free. |
What are the 5 vital legal documents for planning your estate?
1. A Will
A Will is a legal document that enables you to determine how your ‘estate’ is to be distributed after your death. This includes your money, property, shares, investments and possessions. Having a valid Will means that you decide how you want your assets to be distributed instead of leaving it to chance.
2. Enduring Power of Attorney
An Enduring Power of Attorney is a legal document that allows you to nominate one or more persons (referred to as an Attorney or Attorneys) to act on your behalf for legal, financial and personal decisions. This can start when you decide and continues to be effective if you lose the ability to make your own decisions.
3. Advance Care Directive
This is a document that enables you to record your wishes for medical treatment. By completing an Advance Care Directive you can tell your Medical Treatment Decision Maker what medical treatment you want (or don't want) in the case of an emergency.
4. Medical Treatment Decision Maker
More and more people want to plan for their future medical treatment in case they are no longer able to make their own decisions due to illness or injury.
Appointing a person to make 'medical treatment decisions' allows this nominated person to decide for you if you are not able to make medical decisions yourself.
5. Statement of Wishes
A Statement of Wishes is a separate document to your Will. A Statement of Wishes is not binding but can assist your executors when it comes time to administer your estate. It might include your funeral instructions or your wishes about the distribution of sentimental belongings. At Maurice Blackburn, we keep your Statement of Wishes with your Will in secure storage so that executors have everything they need.
Make a Will
Protect your loved ones' future by creating your Will. You can choose to do it in person or online using our convenient digital portal. Either way, your Will is written by an expert wills and estate lawyer.
Powers of Attorney
An Enduring Power of Attorney is a legal document that authorises someone you trust to make decisions on your behalf in the event you lose your capacity to make decisions.
Legal documents relating to medical decisions
In addition to a Will, there are other important legal documents that ensure that all your wishes are met. This includes who can make medical decisions on your behalf if you lose capacity, or the giving of directions for future medical treatment.
Our expert Wills and estate lawyers are here to help.
Call us on 1800 519 710, or leave us a message below to request a call back and one of our team will be in touch as soon as we can.
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