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Expert legal advice for wills and estate planning from Nevin Lenne Gross

By Contributed

Aug 16, 2024

Rebecca Healey and Tom Salmon from Nevin Lenne Gross. Photo by Simon Ruppert

When planning for your family’s future security there’s a lot to keep in mind, but Nevin Lenne Gross is available to help.

Estate planning — critical legal documents:

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Will

A will is a legal document that outlines how a person wants their assets distributed after their death. It is important to ensure the will is valid and accurately reflects the person’s current wishes.

Enduring Power of Attorney (personal and financial)

An Enduring Power of Attorney is a legally binding document where a person (known as the ‘principal’) appoints one or more people (known as the ‘attorney(s)’) to make decisions on their behalf in relation to financial and/or personal matters.

Powers of attorney operate when the principal is alive and wants or needs someone to make decisions on their behalf. When the principal dies, the attorney ceases to have any powers.

Appointment of Medical Treatment Decision Maker

An Appointment of Medical Treatment Decision Maker document is a legal document where a person may appoint another person to make medical treatment decisions on their behalf should they be unable to make such decisions for themselves, either temporarily or permanently.

Advance care directive

An advance care directive is a document that sets out a person’s binding instructions or preferences and values about their medical treatment, in the event that they no longer have decision-making capacity for that medical treatment.

Other important things to do

Create a list of assets, including property, bank accounts, savings, investments and personal belongings to provide a clear picture of your estate. This list will simplify the planning process and ensures nothing is overlooked.
Regularly review and update beneficiary information on life insurance and retirement accounts.
Consider tax implications on the estate distributions and plan accordingly to minimise tax liabilities for beneficiaries.
Explore setting up trusts to manage assets and provide for beneficiaries. Trusts can help manage your assets during your lifetime and after your death. They can provide more control over asset distribution, avoid probate and protect assets from creditors, depending on the type of trust.
Communicate your estate plans with family members to prevent misunderstandings and conflicts.
Periodically review and update your estate plan to reflect changes in circumstances such as marriage, divorce, the birth of children, or significant financial changes. Regular reviews ensure your plan stays aligned with your current situation.
Consult with your financial advisor to ensure your plan meets your needs and complies with laws.
Nevin Lenne Gross works closely with clients and their accountants/financial advisors to ensure the best possible estate plan.

Contact Nevin Lenne Gross to schedule an appointment with Rebecca Healy Principal lawyer and director – Accredited Specialist in Wills and Estates or Tom Salmon – Wills and Estate lawyer, to find out more and to discuss your needs.

Rebecca or Tom can provide tailored guidance and ensure your estate plan complies with legal requirements, navigate you through the complex issues and recommend effective estate planning strategies.

Visit Nevin Lenne Gross at 54 Nunn St, Benalla or call 5762 2214.