Step 1: Estate Planning - Creating the Plan
An estate plan includes your Will and other key documents that detail how you would like your assets distributed after your death.
Your estate plan will also include documents that specify how you would like to be cared for medically and financially if you lose your ability to make decisions for yourself in the future.
Key documents in an estate plan may include a will, superannuation death nominees, a testamentary trust, powers of attorney and powers of guardianship, and advanced health or advanced care directives. Be sure these documents are not only kept in a safe place, but that your family/loved ones know where they are.
While most people understand the importance of having a will, ASIC’s MoneySmart site estimates that nearly half of all Australians die without one. Having a will is important even if you believe you have few assets.
Where can I find more information about writing and updating a will?
- A solicitor or financial adviser can advise on making a will, however they may charge a fee.
- If you’d prefer a lower cost option you could buy a do it yourself will kit online, although it is advised that you seek advice from a solicitor to ensure it is correct and valid. You could also contact the Public Trustee in your state or territory to learn about their will-making service