Estate Planning Lawyers
Understanding Estate Planning
Estate planning involves organising your legal and financial affairs so that your assets are distributed to your intended beneficiaries. A valid Will and structures like testamentary trusts reduce the likelihood of disputes while minimising tax obligations and ensuring your assets are distributed effectively in a smooth, orderly manner.
Protect your assets and care for loved ones with estate planning services from McNab McNab & Starke in Melbourne. Our experienced estate planning lawyers can help you protect the best interests of your family and alleviate the stress and uncertainty of managing your affairs when you pass away.
What is Estate Planning?
Effective estate planning carefully integrates all your legal and financial matters, considering your family and business structures and superannuation as well as other relevant individual circumstances. Key components include drafting a valid Will, setting up trusts, appointing an executor, nominating beneficiaries, appointing a power of attorney and establishing an advance care directive.
Our Estate Planning Legal Services
McNab McNab & Starke specialise in all areas of comprehensive estate planning, including:
- Enduring Power of Attorneys
- Medical Power of Attorneys
- Testamentary Trusts
- Binding Nominations
- Tax Implications
- Managing complex entities and separate entities
Our Estate Planning Lawyers in Melbourne
Benefits of Estate Planning
Plan for the future with careful estate planning, which allows you to:
- Stipulate ownership and control beneficiaries have over your assets
- Protect vulnerable dependents like young children or disabled family members
- Minimise the risk of costly and stressful family disputes over your estate
- Reduce the tax payable on income and capital gains earned on assets
- Decide who makes decisions on your behalf if you are incapacitated
- Protect your assets in circumstances where a beneficiary is involved in legal difficulties such as bankruptcy.
Why is Estate Planning Important?
When handled properly, estate planning ensures your loved ones are provided for with key assets distributed how and when you want. Estate planning also ensures non-estate assets like superannuation, life insurance, jointly owned assets and assets owned in a trust or companies are managed according to your wishes. It’s also important to regularly review and update your estate plan to reflect changes in your circumstances.
Contact Us for Personalised Estate Planning Legal Advice in VIC
Contact McNab McNab & Starke for strategic estate planning services in Melbourne. Call our lawyers on 03 9131 6382 or use our online contact form.
What to Expect
Conducted virtually or
in-person
.
Analysis and support in determining your specific needs
Prepared by a Lawyer with expertise in Wills and Estates
FAQs
Will estate planning prevent family disputes?
It’s not possible to completely avoid the risk of disputes over your estate, however, careful estate planning with professional assistance can help better manage risks and common sources of disputes.
What is Estate Planning and how is it different to a Will?
While it’s important to draft a valid Will outlining who inherits what, estate planning is usually a much more comprehensive process covering a broader scope. Estate planning encompasses how your assets are distributed as well as plans for disability and medical incapacity, business succession plans, tax liabilities and more depending on the circumstances.
Can estate planning reduce tax liabilities?
Yes, estate planning lawyers can help you minimise taxes on your estate using tools like testamentary trusts.
What is a testamentary trust?
A testamentary trust is a more complex Will that creates a trust or trusts designed to protect assets from third-party creditors, protect at-risk beneficiaries and provide potential tax advantages.
What is a power of attorney (PoA)?
A power of attorney is a legal document that allows a nominated person to conduct your financial, legal or personal affairs. You can specify the extent of powers an attorney is authorised to exercise.
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