A will is a legal document that specifies how you want your assets to be distributed after your death. It is a fundamental part of estate planning but only addresses a specific aspect of it. Here are some key points about wills:

• Distribution of Assets: A will details how your property, money, and personal belongings should be divided among your beneficiaries.
• Executor Appointment: It names an executor who will manage the distribution of your estate according to your wishes.
• Guardianship: If you have minor children, a will can designate guardianship to ensure they are cared for by someone you trust.
• Simple Document: It is generally straightforward and only comes into effect after your death.

Pros:

• Provides clear instructions for asset distribution.
• Allows you to appoint guardians for minor children.
• Can be amended or revoked as needed.

Cons:

• Only effective after your death.
• Must go through probate, which can be a lengthy and public process.

Estate planning is a comprehensive approach to managing your assets and affairs during your lifetime and after your death. It involves a variety of legal documents and strategies designed to ensure your wishes are fulfilled and can help minimise taxes and avoid probate. Here are some key components of estate planning:

• Wills: As mentioned, a will is a core part of estate planning but does not encompass all aspects.
• Trusts: Trusts can help manage your assets during your lifetime and provide ongoing financial support to loved ones after your death, often avoiding probate or loss of Centrelink benefits.
• Powers of Attorney: Appoints someone to make financial decisions on your behalf if you become incapacitated.
• Guardianships: Appoints someone of your choosing to make medical and healthcare decisions for you if you are unable to do so yourself.  It outlines your preferences and ensures your wishes are respected.

Estate planning is more complex than just creating a will.  Not everyone needs it. If you are unsure, talk to us about making a will. If Estate Planning is recommended, we will let you know at the earliest opportunity and the estimated cost. You can then decide whether you want to proceed or not.