An estate plan is a document that clarifies your intent regarding the disbursal of your real estate property among your heirs and other dependents. It lays down an efficient and a cost effective manner of distributing the property without generating any ill will among your heirs.
A comprehensive plan names a guardian for your minor children. It appoints an individual to manage the finance of your estate, should you be unable to address these issues because of a disability.
Drawing up an estate plan is a dynamic process. With any change in your income and assets, it is important to update your plan regularly.
Tools Required for an Estate Plan
You need some essential documents for drawing up an estate plan.
Power of Attorney – You may use this document to authorize one or more individuals to take care of your financial and legal affairs.
A Will – This forms the basis of your estate plan. You can specify in the document what your heirs and other dependents may receive in the event of your death. It is crucial to establish in the Will, the executor of the Will and the estate plan. In addition, you will have to appoint the guardians of your minor children.
Living Will – A living Will is a directive that lays down the kind of healthcare you wish to receive if you are unable to express your views personally because of serious injury or illness.
Industrial lawyers Adelaide can help you to draw up the estate plan, as well as the tools for it.