MCG Legal    Blog    The Difference Between A Will & Estate Planning

What is the difference?

Most people believe a legal Will adequately covers this and while it’s essential, a Will is only part of the process. Estate planning covers every facet of the distribution of your estate following your death.

Wills

A Will is a legally binding document that details your wishes regarding the distribution of your assets upon your death. It guarantees that your assets are divided up according to your wishes and an up-to-date Will is essential.

Current studies show up to 45% of Australians do not have a current Will, meaning assets will be distributed according to the rules of intestacy. These rules may not reflect your wishes and cause undue hardship, delay and cost to your family.

Estate Planning

Estate planning is the process of anticipating and arranging for the distribution of your estate in advance of your passing. The process attempts to eliminate uncertainties and maximise the value of the estate by reducing taxes and associated expenses. The ultimate goal of an estate plan is determined by your specific goals. Estate planning involves your Will, trusts, superannuation, beneficiary designations, life insurance, power of attorney and property ownership.

The key point of difference between the two documents is that a Will is only one aspect of the estate planning process. As previously discussed, a Will comprises detailed instructions regarding your possessions and how they are to be distributed. By contrast, an estate plan is an all-inclusive set of documentation explaining how every facet of your life is to be dealt with following your passing, including your business if you own one. Your accountant can play a vital role in the estate planning process.

There is a myth that estate planning is only for the rich and older people. This is untrue. Your estate plan comprises all you own, including your house, car, life insurance policy, bank accounts, superannuation, investments and more. It is never too early to consider the future planning of your estate.

In addition to guaranteeing your possessions are left to your loved ones, careful estate planning includes:

If you do not have a detailed estate plan in place which includes a will, your wishes in regards to the distribution of estate cannot be followed.

Make sure this does not happen to your family by trusting MCG Legal to handle your estate planning needs.

Recent Articles

Why You Need a Strong Advocate on Your Side

Having a strong advocate on your side is critical. In this piece we dive into why it is so important to get you the best possible outcome. You don’t want a piecemeal lawyer who can’t tell you directly what they believe your best course of action. Having clear advice helps put on the path ...

Read More

5 Reasons To Keep Your Will Up To Date

A Will is one of the most important legal documents you will ever sign. Despite this, only 59% of Australians actually have a Will and many of those do not have a Will that reflects their current circumstances. You cannot overlook the importance of planning for your family’s future. If you do n...

Read More

How We Help Clients Referred To Us

For most professional service providers, a great deal of work comes through referrals. The reason for this is that most professionals focus their advice in a particular area, and as such, when questions come up that they cannot help with, they want to make sure their client gets the best advice from ...

Read More

Matt's Story

Many of you will know that MCG Legal has been advising Gold Coast businesses for over a decade, but have you heard how we started out? Our Principal and founder Matt Gill started MCG Legal in 2009, but you may not know that before starting his life in law, Matt served for over a decade as a police of...

Read More

What Are My Rights If My Partner Leaves With My Kids?

Children can sometimes find themselves in the middle of separation disputes when one parent tries to relocate the children, such that the relocation makes it significantly more difficult for the child to spend time with the other parent. Obviously, these situations are can be traumatic for everyone, ...

Read More

5 Standout Gold Coast Restaurants We Love To Support

We love supporting local businesses. Both with our practice and with our wallets! Especially local restaurants!! It has been a tough market for a lot of restaurant owners in Australia for some years. Rising costs, changing spending habits and shifting demographics have made it hard for even the bette...

Read More

Understanding the Three Types of Child Support Agreements

One of the most stressful parts of a divorce process is dealing with child support. It’s important for anyone who finds themselves in that situation, to understand the different types of agreements you can enter into with your partner. A child support agreement is a written agreement between pa...

Read More

The MCG Legal Story

When you’re busy growing a firm, raising a family, and trying to have a life at the same time, you can neglect to tell your own story (or even reflect on it). This has certainly been the case for us in the past few years. Moving forward though, we’re taking a new direction with our blog a...

Read More

When Should I Speak to a Lawyer About My Relationship?

Relationships are tough, and going through a breakup is one of the most stressful situations any adult can deal with. Sadly, what makes it even more difficult is not understanding your rights, not knowing what you can do, and feeling stuck. As family lawyers who have gone through relationship breakdo...

Read More

5 Ways Gold Coast Professionals Can Build Strong Referral Networks

Referrals are the lifeblood of professional services firms. And why wouldn’t they be?! As professionals, we tend to deal with similar clients, just at different times and in different points of their lives. Living in a place like the Gold Coast where everyone knows everyone, it is absolutely cr...

Read More

4 Actionable Tips to Help You Through Your Divorce

“How good will it feel to wake up tomorrow and know that this is behind you?” As a leading family law practice on the Gold Coast, we know just how difficult the divorce process can be for our clients, even when they get the best possible result. We’ve actually been through it ourselves, so ...

Read More

Child Custody & Parenting Disputes

Many relationship breakdowns involve children – which leaves the question, “How will the children spend time with their mother and father post separation?”.  The paramount consideration in all disputes involving children is the concept of the “child’s best interestsR...

Read More