Worried about your Hard-earned Assets?
In simple terms, the term ‘estate’ refers to your net worth in the eyes of Australian law. Estate planning lawyers will explain that a comprehensive estate plan will include much more than the Will. It’s important to understand that the word ‘estate’ includes much more than real estate. Estate not only includes property but also includes bank accounts, vehicles, homes, boats and jewelry and so on.
A legally valid estate plan will include advanced directives such as trusts for children and grandchildren, for pets or charity organisations as well as power of attorney (POA). By choosing to plan your estate while you are sound of body and mind, you are in a position to eliminate any uncertainties over the administration of your estate after your death. Specifying the POA helps another individual take care of decision-making if you are unable to do so due to health reasons etc.