The best gift you can give is taking the time to set up a good Estate Plan

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A poor estate plan might cost you less up front,
but the back-end costs could be ten-fold.

What is Estate Planning?

Whilst a Will and an Enduring Power of Attorney are an important part of any good estate plan, the practice of Estate Planning involves much more. A good estate plan will contemplate, planning for:

  • beneficiaries with special needs
  • non-resident beneficiaries
  • Superannuation and Life Insurance entitlements
  • assets held within Trusts
  • assets held within Companies
  • the event of incapacity prior to death

A well-crafted estate plan will also consider the options to minimise the risk and/or the impact of estate litigation and/or untoward tax implications arising. It might also involve the use of tax-effective options, such as testamentary trusts.

A chance as to who will be in control

If you die without a Will, the person who assumes the role of Administrator (similar to an executor) will be decided by a statutory order set out in the law. That person has no authority until they apply to the Court to be formally appointed. This will immediately cause additional costs and delay to your estate.

A chance as to who might inherit

If you die without a Will, the law also sets out a statutory order as to who will benefit from your estate and in what shares. This is usually not what you think or intend! It also changes across the states and territories of Australia and won’t necessarily provide for transmission of all of your assets.

Taking a chance that things might turn out ok

With no plan, in all likelihood, it will cost more and take longer to sort out your affairs. There is every chance the outcome will not be as you intended. There is every chance this will only cause more heartache to those closest to you.

Why
Would You
Plan?

Without a plan,
you are leaving it
all to chance.

The best gift you can give is taking the time to set up a good estate plan.

At Parsons Law we only practice in the area of Wills and Estates. This means, we are truly specialists in this area of law and can assist in respect to any legal matter concerning Wills and Estates in Queensland

What Makes for a Good Estate Plan?

A good estate plan is one that is tailored to your circumstances and needs, and that of your intended beneficiaries.

Asset protection, tax effectiveness and minimising disputes all require a broad understanding of multiple areas of law, the ability to formulate and implement strategy and apply critical thinking.

Whilst estate plans can be similar, there is no one size fits all. Beware of the self-fill or pre-filled forms and questionnaires!

A good estate plan shouldn’t cost an arm and a leg, but to doing it properly it will require some investment on your part, both in the sense of investment of time and investment as to fees.

Why Would You Engage with a Specialist?

As they say, you get what you pay for. A poor estate plan might cost you less up front, but the back-end costs could be ten-fold.

A do-it-yourself approach is also fraught with danger, from beginning to end.

Once someone has died, any issue with a Will generally requires some sort of Court application and/or intervention. It is not uncommon for the costs of any application to Court to add up to the tens-of-thousands of dollars. This will well exceed the cost of even the best estate plan!

Contrary to what you might assume, due to our level of experience and knowledge, engaging a Wills and Estate specialist, will represent better value for money overall.

At Parsons Law we only practice in the area of Wills and Estates and have two Queensland Law Society Accredited Specialist Succession Lawyers amongst our talented team. This means, we are truly specialists in this area of law.

The investment in a good estate plan is spending well and spending wisely. The best gift you can give is taking the time to set up a good estate plan.

What Should You Do?

Our journey with you begins with a conversation

The process to start your estate planning journey with us begins with a conversation so that we can better understand your particular circumstances and needs. Following that discussion, we will then provide you with a quote for our fees to assist with your personalised estate plan.

To find out more about our initial consultation process and cost click here.

To find out more about Parsons Law and Estate Planning click here.

To book in for an initial consultation with our office please click the button below to email us or alternatively you may call us on (07) 5522 9272

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