A Will is essentially a plan made in advance outlining whom you want to receive the things you own after death. However, an Estate Plan is much more than that and may include:
- Instructions for your care if you become disabled or unable to care for yourself.
- Naming a guardian/s for any minor children.
- Providing for family members with special needs without disrupting government benefits.
- Providing for loved ones who might be irresponsible with money or who may need future protection from litigation, creditors or relationship breakdowns.
- Providing for the transfer of your business at disability or death.
- Minimising taxes, court costs, and unnecessary legal fees.
- Being an ongoing process, not a one-time event.
Your plan should be reviewed and updated as your family and financial situations change over your lifetime.