What is Estate Planning?
Estate Planning is the process of arranging your financial affairs while you are alive to ensure there is an efficient and effective distribution of your estate after your passing. It encompasses your Will, Power of Attorney, Superannuation Death Benefit Nomination, and Advanced Health Directive. To ensure your estate plan is complete, each of these documents needs to be complete and appropriately signed.
Wills and Powers of Attorney
Your Will will nominate one or more Executors whose job is to manage and distribute the estate assets, and the beneficiaries who will receive a share of the estate assets.
We commonly see several serious issues that people have with their Will. They may be improperly drafted, out of date, not signed, not witnessed correctly or have been self-written with missing information. Once established, the Will requires a regular review and updated if your circumstances change.
Common issues we see with Powers of Attorney include improper drafting, deceased attorneys or it is unworkable due to family conflict.
Unfortunately regardless of how simple you believe your situation is, we believe that you should seek proper legal advice in respect of your wishes in your Will and the drafting of your power of attorney. When I say proper legal advice I mean speaking to a solicitor who can provide comprehensive and specialist advice in regard to your estate plan. Not all solicitors are the same nor are they all proficient in the finer points of law regarding estate planning.
You also need good financial advice prior to making any changes to your assets. Changes can have far reaching consequences to your government entitlements and may affect the funding of your future living needs.
Advanced Health Directives
An Advanced Health Directive enables you to choose the type of health care you want should the need arise. This relieves close loved ones of having to make potentially difficult decisions. You will need to discuss and complete this with your family doctor.
Superannuation Death Benefit Nominations
The Will only deals with estate assets. Superannuation will only fall into this category if there is no valid nomination. If there is a valid binding nomination, the fund will pay the beneficiaries the proceeds directly. For more information on what is a valid nomination and the types of nominations, please speak to us.
Estate Planning – How Can We Help?
We have good relationships with suitably qualified solicitors who can assist you in the drafting and updating of your estate plan documents, Will and Power of Attorney.
As Financial Advisers we understand the complex legislation surrounding the nomination of beneficiaries and can provide professional advice for your circumstances.
We can provide further information on the Advanced Health Directive.
Just ask us. Please.
