Today, February 14 is known as the day of love and romance. It is a day when many people exchange cards, chocolates, gifts or flowers to their special loved one, their “Valentine.”
A gift that keeps on giving
Although it is nice to receive flower and chocolates on Valentine’s Day from your loved one, the reality is that most of those gifts are unlikely to last long. Those expensive flowers that probably cost you an arm and a leg are unlikely to last the week, and let’s face it the chocolates are likely to all be eaten in a day. Therefore this Valentine’s day why not give a Valentine’s Day gift that will last…An Estate Plan.
Sure, estate planning is not the first thing that comes to mind when you think of Valentine’s Day. However it is the ultimate act of love as it brings peace of mind to your loved ones.
Creating a legal estate plan is the ultimate love letter to your family and is one of the greatest gifts you can give your loved one.
By having an up to date estate plan, if the unexpected was to happen, your family would not be in legal limbo and would instead know exactly where they stand. They will know who is in charge of your Estate and your wishes in relation to the division of your estate.
A properly drafted, up to date Will is the only way you can be sure your assets will be dealt with and your loved ones cared for in the way you choose.
Every person and family is different, and no one plan will suit each situation. Accordingly it is vital that you discuss your wishes with an experienced estate planning lawyer to ensure your Estate can be effectively managed and distributed after your death.
As an example, If you are happily married, do you want your husband or wife to inherit all of your assets?
Normally the answer is yes.
Unfortunately, in Queensland, if you die without a legally valid Will, your spouse does not automatically inherit your whole estate.
Pursuant to the intestacy rules if you had a spouse and children when you died, your spouse would be entitled to part of your estate. Your children would also be entitled to a share of your estate.
Therefore this Valentine’s day, we recommend that you invest in protecting your loved ones by getting your estate plan in order.
This Valentine’s day, give the gift of love and contact our Wills and estates Department on 13 43 63 to schedule an appointment to discuss your estate planning.
This blog contains general information and is not to be considered as legal advice specific to your circumstances.
