What is the difference between a Will and estate planning? – Wills/ Intestacy/ Estate Planning

Do you just want a new Will? Or need some Estate Planning…or
both?

When most people talk to a lawyer about a new, or their first,
Will, what is really happening is that the lawyer is assessing
their estate planning needs and providing advice as to the right
approach to take and what that person’s needs are from a range
of legal documents and actions.

For people with complicated family circumstances, investment, or
business situations an estate plan may result in a suite of
documents, just one of which will be a Will.

Within this potential suite of documents, your Will is the document
that sets out a plan for who you want to control your affairs after
you have passed away, and who will ultimately receive your estate
assets, noting that some assets may bypass your estate.

However, an Estate Plan is much more than that and may include:

• Creating a family succession plan that takes action long before
  you pass away;




• Taking actions during your lifetime designed to protect your
  assets if you anticipate a challenge to your Will;




• Appointing trusted people to make your medical, personal and/or
  financial decisions if you lose the capacity to make these
  decisions yourself;




• Instructions for care if you become unable to care for
  yourself, before death;




• Naming a guardian for any minor children (and providing written
  guidance to these people as to how best to fulfil these
  roles);




• Providing for family members with special needs without
  benefits;




• Providing for loved ones who might be minors, irresponsible
  with money, or who may need future protection from litigation,
  creditors, or relationship breakdowns;




• Providing for the transfer of your business if you have a
  serious illness or injury, or upon your death;




• Specific directions regarding your superannuation and life
  insurance; and




• Actions to minimise taxes, court costs and unnecessary legal
  fees on your death.

An Estate Plan is also an ongoing process, rather than something
enacted once. As such, an Estate Plan and the various documents
required in your circumstances should be reviewed and updated as
family and financial situations change over your lifetime.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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