No, you do not have to have a huge plantation or a land to devise an estate plan. Contrary to common belief, this is not concerned with large lands; it includes all your assets. Therefore, even if you have only little assets you are eligible to get the benefits of an estate plan.Another common misbelief is that planning the distribution of your assets after your death is only for retired people. This is a big no as none of us know if we are fortunate enough to live until we retire. Therefore, it is better to start planning as soon as you can.
Here are some reasons which will make you want to plan ahead before it is too late.
Security and stability
Having a plan always ensures this and having an estate plan will ensure that your assets are in order and will be protected. Once you pass away, your loved ones will not have to dig through all your belongings to find out whether you had any assets and, if so, what they are; all these will be listed out for them together with who gets what. This eliminates all those unnecessary family scandals that we have come across where family members are at each other’s throats trying to finalize on the portion that one gets.
Your decisions and preferences will prevail
Another benefit is that such a plan will provide security to minor children, if you have any. You will have the opportunity to choose the best person to take care of them when you are gone and name him or her as the guardian. These decisions will be respected and upheld by Court unless there was something really wrong with your decision and someone pointed it out to Court.
If you died without a will, the laws will decide who gets what portion but with a proper property plan you will have the upper hand and the property will be distributed according to your wishes.
probate lawyers Melbourne will be happy to help you with planning your assets the way you want and they will also advise you on which option are most beneficial.If you are a person with a big heart, this way, you will also be able to donate some of your assets to charity which otherwise would be divided according to the laws.
There are various types of taxes that a person has to pay and most of time we lose track of which tax to pay when. Similarly, when transferring property also there are a lot different types of taxes involved. More details on these and how taxes can be reduced by opting for an estate plan can be obtained from the conveyancing lawyers when you visit them. View more information by visiting http://www.tbalaw.com.au/conveyancing-and-property/.
If your loved ones had to go through Court proceedings to get the assets they will not only be inconvenienced their names and other details will also become public record. Any one perusing the relevant documents will be able to see all details.