Many people do not have an estate plan in place. Moreover, many of those who do have a plan have failed to update the document when their circumstance has changed. We all know that state planning can be time-consuming and sometimes intimidating, but with help from a professional, you can get a plan done that reflects your goals and objectives.
To get a head start, here are some questions you should consider asking an estate planning solicitor.
When should I start planning?
Estate planning can be done at any age, it just depends on what assets you would like to manage. One of the biggest misconceptions about estate planning is that it is only done when you reach a certain age, or when you acquire a small fortune. Every adult should have some sort of basic plan as to how they want to manage their estate. Estate planning solicitors in Parramatta recommend talking to a professional early no matter your age, wealth, or familial status.
What should be included in an estate plan?
Many of us do not know what to put in our estate planning document. This is one of the main reasons why you need professional help. Your Will can act as the foundation for your estate plan and a solicitor will be able to give you advice on both documents. A Will should be part of your estate planning, but you should not stop there. An experienced estate planning solicitor can help you decide what other components should be included based on your unique circumstance.
Do I need to update my plan?
You should not leave a review of your estate plan until close to your retirement. A routine review of the plan should occur every 3 or 5 years. Before you retire, if any of these events occur, you should get in touch with your solicitor to ask for their advice on altering your estate plan.
- Kids reaching the age of majority
- Divorce or marriage
- Death of beneficiary
- Changes in applicable laws
- Major transformation in assets
If anything changes that relates to your estate plan, you should contact your solicitor.
When speaking to your solicitor, it is important to ask them plenty of questions, so you learn more about estate planning and how to stay on top of things. Although it can be tempting to use an online estate planning template, it is best to work with a professional to avoid any errors.
