Estate planning is a crucial process that involves making important decisions about the distribution of your assets and property after you pass away. Many people put off estate planning because they think they have plenty of time, but the truth is, it's never too early to start. That's why it's essential to work with an experienced estate planning lawyers in Perth to get started on your estate plan. To help you get started, here are six things you should do before it's too late.
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Consult with estate planning lawyers in Perth
The first step in estate planning is to find an experienced estate planning lawyer who can guide you through the process. Estate planning lawyers in Perth specialize in wills, trusts, and other estate planning tools that can help you protect your assets and ensure your wishes are carried out after you pass away. They can also provide advice on tax planning, guardianship issues, and other complex legal matters that may arise during the estate planning process.
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Make a list of your assets
In order to determine how to distribute your assets, you must know what you have. Make a comprehensive list of all your assets, including real estate, bank accounts, investments, retirement accounts, and any other assets you own. Be sure to include any debts or liabilities as well.
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Decide on your beneficiaries
Once you have a list of your assets, you need to decide who will inherit them. This can be a difficult decision, but it's important to think about the needs and circumstances of your loved ones. Consider factors such as age, financial stability, and special needs when deciding who will inherit your assets.
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Create a will
In a will, you outline your wishes for how you wish your assets to be distributed after death. It's important to work with an estate planning lawyer to ensure to make a will is properly drafted and executed. Your will should name an executor to handle the distribution of your assets and should include specific instructions for how your assets should be divided.
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Consider setting up a trust
A trust is another estate planning tool that can help you protect your assets and ensure your wishes are carried out after you pass away. Trusts can be organized in many ways, each with unique benefits and disadvantages. It can be beneficial to work with a lawyer to determine if a trust is right for you as well as which type of trust is most suitable for your situation.
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Review and update your estate plan regularly
Once you have created an estate plan, it's important to review and update it regularly. Your estate plan should reflect changes in your life situation as quickly as possible. Consider reviewing your estate plan every year or after any major life events such as a birth, death, marriage, or divorce.
In conclusion, estate planning is a crucial process that can help you protect your assets and ensure your wishes are carried out after you pass away. By working with experienced estate planning lawyers in Perth, making a list of your assets, deciding on your beneficiaries, creating a will, considering setting up a trust, and reviewing and updating your estate plan regularly, you can take steps to ensure your loved ones are taken care of when you're gone. Don't wait until it's too late to start planning your estate – start today.
