Once it was considered that only affluent people needed to bother with estate planning. But much depends on your idea of affluence. When compared with many Third World countries, many inhabitants of Australia could be considered affluent. In any case, if you have some assets, it would be a good idea to see your family lawyers about estate planning. There are two main aims for this –
- It will help to avoid any financial hardship for your next of kin in the event of your death.
- It will minimise any family arguments about who should get what out of your assets.
While you may think the latter is not all that important, some family squabbles go on for decades and can really fracture a family, often forever. Then of course, there is one other good reason for estate planning and that is to reduce taxes. Some of the taxes that were once in force are no longer in existence, but there are always others to take their place, so you can’t avoid them completely. So estate and death duties are out, but capital gains tax is in, as well as other various taxes that may depend on just what your assets are. If you need help finding a lawyer, try this Lawyers List.