Why Handling Your Own Estate Planning Can be a Bad Idea

by 48 Minutes | Wednesday, Aug 23, 2017 | 139 views

Lawyer with senior discussing estate planningLegal counsel serves as a better way to handle wills and estates in QLD among other financial matters, as doing it yourself can have significant pitfalls.

DIY estate planning, for instance, can only be possible if your assets are not complicated and will not require tax or trust planning. However, seeking legal oversight for this matter can be handy especially the situation becomes complex in the future.

Professional Help

You should first determine the complexity of your assets before considering doing estate planning by yourself. Some issues will make it hard for you to decide what should be done with your assets following death or grave illness. A family dispute, for instance, already serves as one reason behind this difficulty.

Also, your personal bias will likely get in the way of drafting a sound estate plan, which is why legal counsel not just provides expert advice, but also help you objectively implement your final wishes. Another reason why you should not engage in DIY planning involves missing some details such as forgetting to name a contingent executor or a beneficiary. A lawyer can make sure that you don’t forget this kind of details.

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Estate Requirements

The Australian Securities and Investment Commission (ASIC) have several guidelines for those that want to create their wills and estate plans. Anyone with a stable mental health and over 18 years old can seek these type of legal documents.

Take note that a good estate plan should let your heirs pay as little tax as possible, while preventing any disagreements, which are bound to happen if a person dies without creating a will, according to the ASIC.

Conclusion

It’s important to hire a lawyer for estate planning, especially if your death to cause a rift among family members due to unequally divided wealth.

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