One Shot. One Opportunity. Why You Must Get Estate Planning Right.
“If you had one shot or one opportunity, to seize everything you ever wanted in one moment, would you capture it or just let it slip?”
Clearly, Eminem was not describing Estate Planning when he wrote this iconic rap, but as an Estate Planning lawyer, the words “one shot, one opportunity” resonate with me. It’s what I try to drum into my clients: It is well worth seeking legal advice and having a properly drafted Will, because after you die or lose capacity, you’ve lost your opportunity to have a say in who controls and benefits from your assets.
How To Take Your Opportunity
A well drafted Will can set your family up, for the next generation and beyond. Not only does a Will give you an opportunity to choose who will be your Executor to administer your Estate, you also have a say in who the beneficiaries of your Estate will be. For example, unlike “free” Wills, a Will drafted by a lawyer can offer asset protection for your beneficiaries, should they go through a divorce or bankruptcy. A well drafted Will can also offer significant tax savings for your family, for generations following your death.
Estate Planning goes beyond just a Will, it also includes an Enduring Power of Attorney and an Appointment of Medical Treatment Decision Maker. Should you lose capacity during your lifetime, these documents enable someone nominated by you to make informed decisions regarding your finances, accommodation and/or medical issues. By appointing someone you trust to act as your Attorney and/or Decision Maker, you ensure you have a say who will be making decisions for you, should you be unable to.
How To Miss Your Opportunity
We never know when something unexpected such as death, or loss of mental capacity will strike us.
If you die without a Will, or lose mental capacity to make a Will, you lose the opportunity to choose who will administer your Estate and who will benefit from your Estate. When someone dies without a Will, they are known as dying intestate and the rules of intestacy apply, meaning the state government in effect writes your Will for you. The problem with this is, you may have unwanted family members administering or benefiting from your Estate.
Furthermore, if you die intestate, you lose any opportunity to provide asset protection or tax minimisation strategies for your beneficiaries. These strategies cannot be added after you die, any asset protection or tax minimisation opportunities for your beneficiaries are gone.
If you do not have an Enduring Power of Attorney in place, significant delays and money can be spent on having a Tribunal appointed guardian. Without a Medical Treatment Decision Maker appointed, you may have a family member making medical decisions that you do not agree with.
If you want to grasp your one shot, your one opportunity to have your Estate Planning in order for your loved ones, it is important that you are proactive in taking that one shot before the opportunity passes.
It starts with a free, initial phone call. Call Mark Murnane on 0439 106 816. After your obligation-free chat, you can then arrange a meeting at a time that suits you, whether that be in person or via Zoom.
Written by: Wills + Estate Planning Lawyer, Mark Murnane
DISCLAIMER: This article is provided for general information purposes only. It does not constitute specific legal advice or opinion. Although our aim is to provide you with as accurate information as possible, you should not act or rely upon the information in this article without seeking the advice of an experienced lawyer who specialises in the particular area of law relevant to your inquiry. Please do not to hesitate to contact Murnane Legal to make further inquiries or to make an appointment to discuss the specifics of your situation.
