No matter how much wealth you have, estate planning helps you support your loved ones when you are not between them in your physical form. You can still fulfil your partner’s and kids’ wishes. However, it would help if you took charge. In Queensland, this process includes diverse components, from making legal wills to giving power of attorney to others. Some people postpone this documentation until old age because they need to consider it more urgent. But it’s a huge mistake. Emergencies are often sudden onsets. Today, you are in good health and frame of mind. So, sort these things in the best phase of your life.
Since you will need a lawyer’s help, Strategic estate planning services can be a reliable option. Before contacting them or others, let’s quickly review the components of this legal process.
Power of attorney
Will is one of the critical angles. But that’s just one element. You also have to work on power of attorney: general vs. enduring. General power of attorney lets you choose someone to take legal and financial calls on your behalf during a specific period. Suppose you are in hospital and want to sell your house.
The person you empower with your power of attorney can make decisions in this area. Enduring power of attorney gives the appointed person the authority to decide your health and financial matters. They can make decisions only when you are no longer able to determine. Think of health conditions like coma and dementia. Anyone aged 18 or above can prepare these documents if they understand the implications of such records. What should you do if you need someone trustworthy? A public guardian or trustee can be the choice.
You have the full legal rights to choose your support services, health care, lifestyle, address, etc. However, if you appoint a guardian, they can decide on your behalf in these areas when you are incapacitated. Under the guardianship system of Queensland, a guardian can choose medical treatments, services, and methods for you. These people cannot be involved in property or financial matters, though.
Most bequests pronounce asset transfers to spouses and kids. But you can choose anyone. If you have two kids or more, you can give a significant share to one over the other. However, they should know the solid reasons behind such a decision. For example, the one you think should get more has a health complication and needs financial resources. Or, you have a stepchild and want to give him something significant. The crux of the point is the split can be other than 50/50, and you don’t need to feel guilty about it. When planning, you will account for everything you own, such as business, real estate, online property, trusts, retirement savings, savings accounts, life insurance, etc.
It is a lot of work, requiring due diligence at every step. At this time, you have to think logically. You want to leave your assets to people who will care for them and who need them the most. Those individuals can be anyone from your wife, kids, grandchildren, etc.