Everything you own forms part of your estate. Estate planning usually means organising what will happen to your estate after you die, however it should also include any matters that require attention within your lifetime (for example, a plan for managing your estate if you become incapacitated or unwell). How much needs to be done for your estate plan will depend on your particular circumstances.

For many people, a properly drawn will and an Enduring Power of Attorney will be all that is required for an effective estate plan however there can be additional matters to consider. For example, transferring control of a small business or family trust. An estate plan should also consider the potential for any challenge to your will under family provision legislation. This can be especially important in a blended family situation.

It is important to discuss your estate plan with a solicitor, even if you think it is simple. The right solicitor will be able to ensure that everything in your estate is effectively dealt with and that all necessary steps are taken to reduce the risk of litigation or other problems arising for the people who are to benefit from your estate.

If you would like estate planning advice, contact Althea at Hornsby Wills and Probate on 0410 485 277 or althea@hornsbywillsandprobate.com.au