Doing it right: 4 tips for proper estate planning

For some, estate planning can be a daunting task. Some are sad about the end, whilst others simply don’t know where to begin, but the truth is that once you get it over and done with you will feel amply better.

And, whilst the best wills and estate lawyers Canberra has available can help you with your last testament, we do have some tips that you can do between seeing some top solicitors.

Here are four top tips for alleviating the stress and situations that often arise in this period:

1. Don’t complicate it

Your life now and the way it is when you pass could be very different: it’s best to prepare a testament that accommodates any potential change. Therefore, it is a very good idea to make directions that are flexible enough to accommodate for any large changes that might be required in the event of your passing.

It is a good idea to describe your possessions in a general sense, with words like “any car that I own” and “my primary residence” if there is a chance you won’t own them at the time of your passing. Phrasing is imperative to ensuring the testament has a smooth outcome, and this is why it is generally recommended to enlist a lawyer to help with the process.

2. Ask you loved ones what they would like

You are making the testament for both yourself and your loved ones, so don’t be afraid to ask them what they might like. After all, you are giving potentially valuable possessions away to your loved ones - it’s a good idea to ensure that they actually need or want them.

Occasionally, people receive gifts that they have absolutely no use for, and on other occasions people feel bad about what they receive and actually give some (or all) of the gift away.

3. Keep the executors to a minimal

You really don’t need too many people getting involved in managing your last directions - it’s a recipe for conflict. It’s a good idea to max out at two executors as having any more can create double handling problems as well as slow down the process.

If you elect three or four executors, then these executors will have to find the time to work together to finalise the process. The last thing you want is for numerous executors chasing each other up and sending documents all around the country when they should be managing the grief of your loss.

So, keep the number to two, with a backup in the event of one of your primary executors being unable to fulfil their role, and this should be more than sufficient.

4. You can’t plan perfectly for when you’re not there (& that’s okay)

When the most reputable wills and estate lawyers Canberra has available work on your behalf, they work to envision what could happen if your circumstances were different at the time of your passing.

However, whilst you may like to make a couple of changes throughout your life, eventually it’s just a better idea to allow the thing to run its own course and only make changes if something drastic occurs that makes you want to change the will.

The best testament has room for contingencies, with backup plans in place should loved ones not be able to receive your gifts, but it doesn’t have to be outrageously complex - this just ends up costing more and confusing the situation.

Feel free to follow the above advice and, of course, contact your local lawyers if you would like further assistance in planning your estate.