What Makes a Complete Estate Plan
Concrete planning of your estate is very much essential nowadays because you never know what is coming next. You need a proper estate plan with legal; documentation ready after consulting with your lawyer. Also, decide what will happen to your assets and liabilities before you become incapable or pass away.
You may think this is not something urgent to do, but rationally, it is. Now the question is what should be done for all these. This article may help you to find the answer. So, let’s continue reading to find out what those criteria makes a complete estate plan.
Valid and Comprehensive Will
This is the most important part of your estate plan. Your last wish and testament before you pass away is the legal documentation of the destiny of your belongings. It will decide who will be the legal owner of your asset and liabilities after you. You may hand everything over to your wife or children or anybody you want, or you can distribute it among all.
If your heir is a minor, you can appoint a guardian of your choice until they become 18, per the laws and regulations. In the language of the law, trust is similar to a will, where you appoint some trustees to look after your assets.
Designated Power of Attorney
If you are incapable of looking after your assets and liabilities on your own, you can give someone power of attorney to do that on your behalf. It’s basically a legal arrangement to appoint someone to make all the financial decisions regarding your asset in your absence. Attorneys from Queensland probate say there are several stages of power of attorney, but the decision that a power of attorney makes is durable in terms of the law.
If you do not select an agent under power of attorney and become incapacitated, then someone may apply to be your guardian in the court. Apart from the financial part, having a designated medical power of attorney would be best. An agent under the medical power of attorney will make your medical decisions of yours in adverse conditions. Your medical power of attorney should preferably be handed over to a family member.
Letter of Intent
A letter of intent is also a part of estate planning in Brisbane. It may not be strong documentation in the eyes of the court, but it allows you to make your wishes and desire about an asset crystal clear. It generally addresses the executor, i.e., the person in charge of assent distribution and liability settlement or a particular beneficiary you can select.
Making a fruitful estate plan and dealing with all the legal terms and conditions is difficult. If you think it’s time for you to do that, you may get in touch with professional lawyers from Queensland probate. Discussing everything in detail with an attorney will help you understand the terms and let you decide everything according to that.