Estate Planning is not just about having a Will. (see Your Will)
Estate planning is a subject we don’t like to think about, but in its simplest form, it is about ensuring peace of mind. It is the process of anticipating and arranging during your lifetime, how you want your estate disposed of. Estate planning can be used to maximize the value of the estate by minimizing taxes and other expenses and to help avoid any family squabbles.
It is an important part of your overall financial plan and is something that shouldn’t be left to the last minute.
Estate planning should also include setting out your wishes in the event you are unable to make decisions about your assets or your health. (see Powers of Attorney)
Key elements might include:
- Superannuation Death Benefit nomination
- Testamentary trust
- Powers of Attorney
- Power of Guardianship
If you have made a binding nomination in your superannuation or insurance policies, the beneficiaries named in those policies will override anyone named in your Will.
If you have a family trust, the trust continues and its assets will also be distributed according to the trust deed, no matter what is written in your will.