Estate Planning

Estate Planning is the process of preparing your Will, Power of Attorney and Enduring Guardianship documents, with the assistance of additional services such as accountants. It can also include Advance Care Directives. Penrith Estate Planning Lawyers Amanda Little & Associates Estates will assist you to create an effective estate plan with a view to your intentions.

Estate Planning isn’t something people like to think about, but it is important to have your estate in order. Estate plans ensure that your family is left with a clear directive on how to distribute your estate after you’ve passed. By thinking ahead now, you can prevent confusion and extra heartache for your loved ones in the future.

It’s often assumed that estate planning is something we need to consider as we get older – post retirement age. This isn’t true. Having an estate plan in place when you are younger is a smart idea and once you have a plan in place, you can make adjustments over time – adding children if/when you have them, taking more assets and wealth into consideration as you accumulate both, etc…

An effective estate plan includes tax effective wills and planning of asset holdings to protect your beneficiaries in the event of the death. The Estate planning process includes:

1. Taking stock of your current assets (what assets do you have? What liabilities do you have?);
2. A meeting with Amanda Little & Associates Estate and your financial planner or accountant to discuss taxation consequences of your gifts;
3. Discussion and assessment on the holding of your assets ( jointly held assets, asset holdings e.g. joint tenants or tenants in common, superannuation nominations, assets not forming part of your estate)
4. Actions required to asset holdings for taxation and or other purposes (such as quarantining assets for estates, transfer of interests, binding death nominations);
5. Preparation of legal documents such as wills and power of attorneys to affect your estate plan (is a standard will sufficient, do you require a testamentary trust or a special disability trust? Is a life estate required?)

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