The Reasons Why You Need Estate Planning, Even if You’re Rich

Most people don’t think much about estate planning as they have much more pressing concerns, such as work, family finances, retirement, and many other day to day issues. One of the other reasons is the preconceived idea that estate planning is exclusively for the wealthy.

However, this is far from the truth. Most people need to arrange some form of estate planning, no matter what your financial situation is. Not doing this could put yourself, your family or your assets, at risk. Estate planning is designed to protect you and your family, and allow you to plan ahead for the future.

So, even if you’re wealthy, don’t put off this process and start working towards a plan with qualified financial advisors. Here are the top reasons why:

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Estate planning is much more specific and detailed

Wills and trusts are two of the most common components of an estate plan. Instructions are contained in the wills on how you wish your heirs and beneficiaries to follow, enforcing those wishes are trusts. 

Your estate plan should also include the following:

  • Healthcare instructions for loved ones that state how you would be treated in case you are incapacitated but still alive
  • A legal document such as a Power of Attorney stating who could act on your behalf in terms of legal, medical, or financial matters in case you are incapacitated or unable to make decisions due to illness, injury, or old age. In essence, having an estate plan doesn’t just protect you after you’re gone, it protects you too when you’re still alive. Peter Fisher Lawyers provides estate planning Adelaide Lawyer wide and across the country and provides sound advice and support  

Not having to go through probate court 

Failure to prepare a document like a will can create difficulty for your surviving family members or other beneficiaries as assets or property will have to pass through the probate court system. This can cost a lot of money, not to mention headaches, as it can open the possibility of litigation and disputes and tie up your assets even more. 

Having a will and trust as part of your estate planning can prevent all the headaches, disputes, and the risk of your family losing money. Estate planning in general can give clarity to your heirs about what you truly want and avoid probate in the process. If you’re looking for estate lawyers Adelaide wide, speak to Peter Fisher Lawyers for the best estate planning guidance. 

Estate Planning also protects and takes care of your children

A lack of estate planning and creating a will can cause problems for your children, and again this decision can extend to the probate court. You don’t want that to happen. 

Furthermore, having an estate plan in place will ensure that the person you choose to be the guardian for any children of minor age accepts the responsibility of this role, so you have peace of mind. 

Trusts are very important for protecting your children. For example, you can assign assets in advance that will be managed by a trustee after you are gone. The trust states specific rules and uses for the assets, and will be legally available for your children later. So, it’s worth planning ahead today, for confidence and peace of mind tomorrow.

If you want expert and professional estate planning services, contact Peter Fisher Lawyers for a consultation with our expert estate lawyers in Adelaide.

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