Considerations for estate planning

While estate planning is important at every age and stage of your life, it becomes more important the older you get. An estate that you’ve thought about and planned, and that can make life easier for your loved ones, is one of the best parting gifts you can make. Of course, it’s not just about money – it’s about ensuring that your affairs are in order and that your final wishes will be taken care of. 

Estate planning can be complex, so it’s best to seek legal and financial advice, before putting any plans in place. Here are some general things you might want to consider and discuss with your solicitor or financial adviser. 
 

Do you have a current Will? 

If you die without a Will, your assets will be distributed according to the relevant laws in your state. This may not always be in line with your wishes, so it helps to make sure your intentions are clear. A Will gives you peace of mind that: 

-    you get to decide who gets your assets and personal effects 
-    you have documented plans in place for your children, especially if they’re under 18, about who will care for them. 

It’s also important to keep your Will up to date. If you have a current Will, think about what’s changed in your life since you last updated it, and whether it needs updating. 
 

What is an Enduring Power of Attorney and do you need one? 

An Enduring Power of Attorney is a legal document that allows someone you’ve nominated to make important decisions on your behalf when you can’t make them yourself. These decisions can include financial, business and personal matters, and in some states, it gives authority for that person to also make decisions about your health care. 
 

Do you have life insurance? 

If you have any form of life insurance policy that includes a death benefit, you should let your insurance provider know your nominated beneficiary who will receive the insurance payout in the event of your death. 
 

Who will receive your super? 

Are you aware that your super account isn’t automatically paid to your estate when you die? Many people aren’t. There are rules around who can legally be your super beneficiary so to avoid any confusion or unnecessary delay, you can complete a beneficiary nomination form with your super provider. Login to My Resolution Life portal to update your beneficiary online.