Estate planning … a smart move for the silly season
Estate planning … a smart move for the silly season
Peace of mind for the holiday season. As another year comes to an end, now is the perfect time to have Ballantyne Law Group check the status of your estate planning strategy. That way you can leap into the holiday season knowing your needs and wishes are in the best of hands.
For many of us, the Christmas-New Year period is a time to enjoy a well-deserved break with family and friends. School’s out, the Out of Office email is on, the seasonal spirit is high, and the bags are packed for a getaway. What could go wrong?
Most of the time everything goes off without a hitch, but without wishing to sound like the Grinch, this is also the most dangerous time of year on our roads, on the water and in the great outdoors. In other words, it is wise to take precautions – including with your estate planning.
While hardly the most festive activity, ensuring your estate planning strategy is in order is a really smart move for the silly season. Ballantyne Law Group’s estate planning team offers leading advice and representation in this important personal and legal area, providing reassurance for you during Christmas-New Year and going forward.
How do I check my estate planning strategy?
In the lead-up to Christmas and the holidays, the best and most convenient way is to consult our estate planning lawyers at Ballantyne Law Group on the Gold Coast. Have peace of mind in knowing that, should something go wrong, your estate planning strategy is in good order and good hands.
For example, if you are about to go travelling in Australia, come in and see us before you go. At Ballantyne Law Group, we can help you affirm the ongoing status of your Will as well as important decisions/processes such as Enduring Power of Attorney and Testamentary Trusts.
If you are lucky enough to be travelling overseas in coming weeks, it is even more important to have your estate planning strategy and documentation in order. That way, the people you have nominated to look after your affairs will fully understand your wishes and be able to act if and when needed. Talk to Ballantyne Law Group about the professional services and personal reassurance that our estate planning team provides.
What is the difference between Power of Attorney and Enduring Power of Attorney?
Power of Attorney is when you grant another person or organisation the legal authority to act on your behalf. It can have a specific timeframe and be cancelled should you so desire. Power of Attorney no longer applies should you become mentally incapacitated.
The difference with Enduring Power of Attorney is that it continues to apply should you lose mental capacity. With an Enduring Power of Attorney, you nominate someone to make important decisions for you if you suffer temporary or permanent loss of decision-making ability from illness, injury or disability.
What is a Testamentary Trust and why is it important?
A Testamentary Trust is an effective way to manage the capital gains and income tax implications arising from your estate. It allows you to pass on control of your selected assets rather than the actual assets themselves. This may mean control of your entire estate; your superannuation to your spouse; or the release of funds to your children upon reaching a certain age.
A properly drafted Will that includes a Testamentary Trust carries benefits including asset protection and reduced taxation liability. At Ballantyne Law Group Gold Coast, you can trust our team to guide you through all the legal requirements that come with creating a trust, appointing a trustee and administering a trust.
To conclude, having an estate planning strategy in place and up to date provides extra peace of mind for the holiday season. You can enjoy your well-earned break even more knowing that your assets are protected, your nominees are informed, and your wishes can be met.
