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Do I Need Estate Planning if I Don’t Own a Mansion?

Do I Need Estate Planning if I Don’t Own a Mansion?

Do I Need Estate Planning if I Don’t Own a Mansion?

Most of us know we need a will of some description, but when it comes to estate planning and dividing up an estate in the event of our eventual death, images of owning mansions and large packets of land and endless business entities spring to mind. Therefore we believe estate planning only applies to people who own lots of real estate.

But that’s not always true.

Most of us inevitably have an “estate” that needs to be finalised upon our passing, or in the event we no longer have sufficient mental capacity to handle our own affairs. Some estates are just more significant than others.

The term “estate planning” can be a confusing phrase, but in reality it’s an all-encompassing phrase that includes some or all of the following:

  • Trusts
  • Life insurance
  • Power of attorney
  • Business succession
  • Superannuation
  • A will
  • Advance health directive

Estate planning will be different for everybody as all of our lives and circumstances vary, but estate planning is also relevant to all of us either in a big or smaller way. It can’t be dealt with in a general sense with a blanket approach for everybody. Proper estate planning will be very specific according to each individual.

Superannuation is a prime example. Almost everyone has some sort of super in place, but do you understand the fine details of the policy? What if you don’t reach retirement age? Is there a provision within the policy that includes a lump sum payout to your spouse or next of kin?

It’s matters like this that all form a part of your estate plan. A will is not often specific enough and doesn’t dig deep enough in many cases.

Another point to consider with estate planning is it’s not just relevant to someone’s passing. If you are involved in an accident, end up in a coma for an extended period, or suffer some form of debilitating mental illness, an estate plan will help those around you be able to manage your affairs, particularly if you nominate someone you trust as power of attorney.

Read More: Self Managed Superannuation and Estate Planning

Aylward Game Solicitors Brisbane – Your Estate Planning Specialists

To discuss your will and estate planning, it’s best to make an appointment to talk with an expert. In the Brisbane area, Aylward Game Solicitors has the experience to effectively help you manage your estate and put in place a plan that will give you complete peace of mind. Talk to us today.

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