South Auckland Estate Planning Lawyer – Why You Must Get Legal Help
Estate planning is the process of managing and distributing a person’s assets after their death. This process involves a number of different tasks each of which can be stand alone. However, by creating the full suite of documents, the person is building a stronger management and distribution of their legacy. The different components include drafting a will, appointing executors, setting up family trusts, and choosing beneficiaries of the trust. In short, estate planning is making decisions about how the assets will be handled. To ensure that all of this is implemented correctly, it is highly advisable to hire a South Auckland estate planning lawyer.
A key main benefit from working with a South Auckland estate planning lawyer is to prevent possible legal disputes and challenges. Many wills and estates are challenged which causes major family rifts, often irreconcilable.
If the various documents are not written correctly, and with the advice of an experienced estate planning lawyer, it is creating an opportunity for people to challenge the will. The last thing that you will want is to cause a permanent rift in your family. Estate planning lawyers have the knowledge to know what works, and common challenges. They will be able to help you draft a will that will meet your desires while reducing the risk of any disputes.
An additional benefit of working with an estate planning lawyer is that they will also have advice on tax planning and asset protection. These two issues generally come under the topic of family trusts but given the recent changes in trust law in New Zealand, it is a good idea to make sure that your trust is up-to-date.
Asset protection in terms of a family trust has the effect of safeguarding the assets within the trust from creditors. A common example is a business owner putting a family home in a trust. If the business fails, the house is not associated with the business and is therefore safe from any financial claims against the business owner.
Another important part of estate planning concerns healthcare, funeral, and enduring power of attorney. Having these as part of your estate planning process will save difficult decisions for your relatives. For example, you can specify how people can handle your finances if you become incapacitated. They can pay your bills while you are in hospital for example. This is much easier, cheaper, and faster than having to go through a lawyer. You might also want some specific actions, music, or ceremony for your funeral.
Finally, as your life changes, then your needs or preferences may change. A common example is remarriage when one or both spouses have children from a previous relationship. How will you want your estate distributed? Unless you specify via legitimate documents written by a lawyer, then you may not have any control over the distribution of your estate.
Conclusion
Estate planning is a topic many people want to avoid. Who wants to talk about their own death?
Yet avoiding it and failing to do so, simply passes problems to your heirs. Further, you may have specific preferences for your legacy. If you do not take steps to include those in your will and other estate planning documents, that will probably not happen. To make sure your assets and legacy are distributed as you want, talk to a South Auckland estate planning lawyer. McVeagh Fleming in Manukau City is one such lawyer. You can find more from their website here. mcveaghfleming.co.nz