Everything You Need To Know About Estate Planning Preparation

1. Everything You Need To Know About Estate Planning Preparation What's common between Bob Marley, Sonny" Bono, Steve McNair, Amy Winehouse, Abraham Lincoln, and Pablo Picasso? They are famous. However, there is another common thing between them: They died without any legal Will, highlighting the need for estate planning. By not preparing an estate plan, these public figures and celebrities complicated the task of settling the estate inheritance among their survivors. While your property distribution may not be as large or complicated as these celebrated figures, it's still crucial to have an estate plan before death. The best way to avoid complications and conflicts is to hire reputed wills and estate lawyers for estate planning preparation. What is Estate Planning? Estate planning is a process where you plan what you want to do with your assets, liabilities, and financial affairs before and after you pass away. Estate planning is also important for

2. keeping a backup plan for continuing and preserving the use of assets if you lose the capacity to make sound decisions due to any mental illness or accident. A report published by the Australian Securities and Investment Commission (ASIC) outlined that nearly 50% of Australians do not have a legal will. Even many individuals having a valid will, don't have a comprehensive estate plan. Many individuals mistake creating a will for estate planning. Estate planning is a broad aspect, and a Will is a part of it. Planning your estate includes considering your assets, whether they are legally owned by you or held by a different legal entity such as a company family trust on an SMSF, these matters need to be front of mind and dealt with before you create your Will. Building a testamentary trust, choosing an executor, selecting a power of guardianship, handling funeral arrangements, and more. For an estate plan to be legally valid, you need to be aged 18 or older and considered mentally competent. Sounds complicated? The best law firms Australia have your back. Hire a qualified lawyer to make estate planning easy. Create an Inventory of Physical Assets To start with the estate planning quest, go through the inside and outside of your house and enlist all your valuable items. The physical items can include but are not limited to ● The house itself, ● Any other properties present in different locations, ● Valuable electronics such as television sets, laptops, smart devices, etc. ● Antiques and collectibles ● Jewellery ● Power Tools ● Lawn equipment ● Vehicles This list will be more beneficial and a great deal breaker than expected. You may keep adding notes if you want someone from your family or loved ones to inherit particular items after your death. Confused about which physical properties you should include and which you shouldn't? Connect with a professional property lawyer Sydney to streamline the process. Read for more details: Estate Planning Preparation – A Complete Guide

3. Contact Us: Name: Sydun & Co Solicitors Address: Level 6, 162, Goulburn Street, Surry Hills, NSW 2010 Phone No.: (02) 9283 2355 Email: sydunco@sydunco.com.au Website: https://www.sydunco.com.au/