Having a valid and up to date Will ensures that your assets are dealt with in the way that you want when you pass away. However, it is not always the end of the story.
An Estate plan will put into place a strategy for the whole of your estate and help you maximise your assets so that you can both enjoy them now and ensure that you provide for your beneficiaries in your Will.
Without the right advice you could inadvertently place a financial burden on your beneficiaries, rather than simply pass on the benefit of your assets.
Originally Estate planning was undertaken primarily to minimise the impact of death and Estate duties. Death duties were abolished in Queensland in 1976 and Federal Estate duties were abolished in 1979.
Estate Planning is now important for these reasons:
- Asset Protection
- Family Provision Claims