An estate plan involves more than just preparing and signing a will. Estate planning requires a holistic approach to consider a person’s present circumstances and foreseeable future. An ideal estate plan will appoint a trusted person to manage your affairs both financially and personally if you are incapacitated, and a legal personal representative to administer your estate after you pass. It will also safeguard assets, nominate intended beneficiaries, utilise effective tax planning, and reduce the likelihood of family provision claims. Some important considerations in estate planning include:
Your family structure. You should start with an overview of your family circumstances, and a lift of all family members whether or not you would like them to benefit from your estate.
Who will be your executor and trustee? For a simple estate, a spouse or child (or a combination) are usually appropriate choices to oversee the administration and finalisation of the estate. For more complex cases, such as those involving business interests, it may be preferable to appoint a professional with expertise in this area.
Your assets. You should provide a detailed list of assets and liabilities and their value.
And finally, your superannuation. Super does not automatically form part of your estate benefits. You need to make a Binding Death Benefit Nomination to determine the allocation of your super account balance after you pass. A BDBN needs to be updated every few years to remain valid.
Estate planning is a vital process to minimise stress and difficulty on family members and loved ones after your passing.
Should you require any legal advice or assistance, please do not hesitate to contact Ters Legal.
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