Estate planning is a way of ensuring that your assets will be made available to your family or whoever you see fit in the event of your death. Failure to to so means you will have died interstate and your assets divided as to where the local authority in which you live sees fit. In some cases this could mean your property assets being held by the government itself.
Estate planning is particularly important in the event you have children from a previous marriage who you’d like to benefit from the wealth you have accrued. Having a Will or a Trust document will ensure the management and transfer of your property is carried out in the way you wish. It also minimises the tax your loved ones have to pay.