Estate planning is the process of planning what happens with your assets, liabilities, legal and financial interests and responsibilities, as well as other things such as guardianship for children, in the event that you are not able to - whether as a result of incapacity or your death.
The documents created in the estate planning process typically consist of:
The Shire Legal estate planning process aims to give you an estate plan that suits you, your family and your financial interests. We have a professional obligation to ensure this, so that's why it's not as simple as quickly putting together a "simple Will" for you, even if you consider that is what you need. We need to get a detailed understanding of who is in your family, who else is in your life that you may have a financial obligation towards, anyone who you may be estranged from, what your assets and liabilities consist of, and what end result you want to achieve with your estate once you pass.
The Shire Legal estate planning process consists of the following steps:
1. Our estate planning questionnaire - as indicated above, we need to find out about you, your family, and other significant others in your life. We also ask questions in relation to your assets and liabilities, business and corporate interests, and anything else that will determine what your estate may consist of when you pass away. We then ask questions as to who you would like to appoint as your executors, whether you want to leave any specific gifts to anyone, who you would like the rest and residue of your estate to be left to and so on. Depending on your circumstances, we may suggest that you consider leaving a right of residency or life interest in your principal place of residence, for example.
2. An initial discussion with you to review your questionnaire answers, to give you advice regarding the options available to you, and to confirm your final instructions. This discussion may take place either in a face to face appointment or via Zoom.
3. A face to face appointment with you to review the drafted documents, answer any questions you may have, and to sign and finalise the documents.
If you have any business or corporate interests, we can also assist you with your business succession requirements.
Who is a child when planning your estate? (December 2022)
Life Estates and will disputes (June 2020)
Can you prevent a claim? (February 2020)
Gift or Loan - lending money to relatives (December 2019)