Demystifying Estate Planning
Demystifying Estate Planning
Securing assets and protecting your family does not have to be complicated or expensive. This guide breaks down the essential steps into a simple, actionable checklist for your readers.
The Essential Protection Checklist
- Write a Will - this clearly shows who you have nominated to be the Executor of your Estate and how your assets will be distributed
- Appoint a Power of Attorney - an appointed attorney is the person(s) who will manage your financial affairs if you lose capacity to do so
- Create an Enduring Guardian - an appointed guardian(s) is the person who will make lifestyle decisions and what medical treatment you receive if you lose capacity to do so
- A Binding Death Benefit Nomination - this is a formal direction you give to your superannuation fund trustee specifying who should receive your superannuation death benefit when you die
A Step-by-Step Implementation Guide
1. Inventory Your Assets - List everything you own. Include digital assets like crypto wallets and bank accounts. Note physical valuables like property and jewellery.
2. Create a Will - A Will is a key legal document and it is your Will that dictates how your assets after you die are to be distributed
3. Choose Your Attorney(s) - Select who will have responsibility for managing your financial affairs if you lose capacity to do so. Choose an alternate attorney just in case. Discuss this responsibility with them beforehand.
4. Choose Your Guardian(s) - Select who will make lifestyle decisions for you if you lose capacity to do so. Lifestyle decisions may include decisions about where you live and or medical treatment that you receive.Choose an alternate guardian just in case. Discuss this responsibility with them beforehand.
5. Use Online Estate Templates - Statutory templates are legally binding. Many reputable platforms offer state-specific documents. This eliminates the need for expensive upfront legal fees.
6. Store Documents Securely - Keep physical copies in a fireproof safe. Share digital access with your named executor. Review and update these documents every three years.