Estate planning means planning for distribution of the estate of a person subsequent to his death. When a person passes away, if he has left a will the estate is distributed according to his will. The will is normally prepared by the person in consultation with will and estate lawyers who advise you on the legal aspects of disposal of the estate.
Will and estate lawyers advise you on how to reduce taxes and maximize the estate value and how to eliminate any uncertainty regarding the probate. Estate planning aims at minimum fallouts and ensuring that no next of kin is left out.
What do you have?
The first step is to list out the assets in your name. This should include all moveable and immovable property including any investments, ornaments, furniture in the landed property and just about anything else that stands in your name or is physically owned by you.
What do you owe
Next note down any outstanding loans, mortgages and any other payables to staff and others. All debts and owings will be paid out of your estate after your passing.
Whom Do you Want to Leave it to
The next decision and probably the most difficult one is, whom do you want to leave your property to. Make a list of all first class and other beneficiaries under your will. Then decide how much or which part of your estate you want to leave to each of them.
Property lawyers Adelaide will help you get your affairs in order, guide you as to the law prevailing at the time and draft the will in a proper manner.