Estate planning is about much more than drafting a Will. It is a legally binding process that dictates exactly how a person’s assets will be distributed down to the detail, and also includes other important instructions related to health directives, guardianship and power of attorney. Estate planning in Cairns can be a lengthy process that requires trained legal experts like WGC Lawyers to ensure that all the paperwork is filed correctly with the appropriate phrasing for absolute clarity. Join us as we understand estate planning and why it matters so much.
The Key Components of the Estate Planning Process
Estate planning is one of life’s most important decisions because it impacts how personal assets are distributed to family and loved ones. It requires careful consideration, capable executors and legal representatives who know how to safeguard your interests. Here at WGC Lawyers, we try to simplify estate planning in Cairns by breaking down the various aspects of the process.
Drafting a Will
The Will is perhaps the most important document because it is legally binding, difficult to challenge and outlines specific directives related to asset distribution. We suggest working with trained professionals to create a comprehensive list of all your assets, real estate holdings, investments, valuables and bank accounts.
Consider all Beneficiaries
Making a list of all potential beneficiaries is a good way to be sure that nobody is left out of the Will. Property distribution is a sensitive matter which can lead to disagreements and animosity, and should be planned in a way that does not leave your estate vulnerable to a legal challenge. Keep in mind that you can alter the details of the distribution as well as name or remove beneficiaries even after the Will is made.
Appointing an Executor
As executor is the individual who is legally responsible for carrying out the instructions outlined in the Will. This includes collecting assets, paying off debts, distributing the estate to beneficiaries and representing the estate if a challenge is raised.
Trusted Legal Experts for Estate Planning in Cairns
Although estate planning is well defined by Queensland law, the process itself is nuanced and requires significant experience. No two individuals are the same, and neither are their estate planning requirements. That’s why you need WGC Lawyers by your side, where a team of experts provide you with supportive and personalised services for complete peace of mind. Contact us online to begin the estate planning process.