While it’s not something anyone likes to think about, planning your estate may make things a little easier for your family and friends later.
WHAT IS YOUR ‘ESTATE’?
Your ‘estate’ includes everything you own – your ‘earthly possessions’, if you will. It can include for example cash, property, cars, boats, furniture, jewellery, family heirlooms, art, shares and more.
WHAT IS ESTATE PLANNING?
This is where you decide what will happen to your belongings after you pass away. By leaving a clear set of ‘instructions’, you help make sure that the people you care most about aren’t faced with any unnecessary conflict or uncertainty.
WHY IS ESTATE PLANNING IMPORTANT?
Even if you don’t have much money or property, planning your estate is the best way to make sure that special belongings go to the people who will treasure them. Often, it’s these items that matter most.
Why an estate plan is a good plan
- Your assets get passed on to beneficiaries that you choose.If you pass away without a valid will (and in turn, without a valid estate plan) you’re considered to have ‘died intestate’ and your assets get distributed according to your state’s inheritance laws—not your wishes
WHAT’S IN YOUR WILL?
Your will is a legal document that’s part of your estate plan. It outlines how you want your estate to be managed and how you want your assets to be distributed when you pass away.
It’s as simple as buying a will pack from Australia Post and select news agencies.
For more complicated estates, it might be a good idea to get advice from a solicitor or the Public Trustee. You can then appoint them to be your executor.
Your will should:
SHOULD YOU REVIEW YOUR ESTATE PLAN?
Life is never predictable, so it’s a good idea to update your estate plan when things change.
Why you might change your estate plan
- You get married
- You get divorced
- You have kids
- Your partner, dependant or loved one passes away
You experience financial hardship.
Your income is one of your greatest assets and ensures you and your family can live life on your terms. Protecting it by using Income Protection and Life Insurance products can ensure both you and your family are safe against the unexpected.