Are you one of the many Australian adults who do not have a Will in place? You’re not alone. Additionally, according to recent studies, less than half of adults in Australia have a Will. Even if you do have a Will, it’s important to ensure that it’s up-to-date and legally valid.
Without proper estate planning, your family members may end up fighting over your assets, or the government may distribute your wealth in a way that goes against your wishes. To avoid these potential issues, it’s important to create a comprehensive estate plan, including the use of an estate planning checklist, to ensure that your assets are distributed according to your preferences.
Remember, Wills are just one aspect of estate planning. To ensure that you have all the necessary components of a comprehensive estate plan, make use of the estate planning checklist to get your affairs in order.
Estate Planning Checklist:
- If you don’t have a Will, make one. Consult a specialist estate planning lawyer.
- If you do have a Will, ensure it is up to date and reflects your current wishes. Is your executor willing to take on the role and likely to outlive you?
- Have enduring and medical powers of attorney drawn up so someone you trust can act on your behalf and make decisions if you are no longer able to do so.
- Review your superannuation death benefit nomination. You can direct super-death benefits to your estate and distribute them under your Will, or you can nominate beneficiaries to receive the benefits directly.
- Look into pre-paid funerals or funeral bonds. Aside from relieving your family of one burden at a time of great stress, you may see an increase in your age pension payments.
Depending on the business and financial structures, family dynamics, pension rules, and legal requirements, estate planning can be complex.
What are the next steps?
Consult your financial adviser to identify estate planning issues and necessary professionals. Ensure your assets are distributed per your wishes for your beneficiaries’ best outcome.
Book a cost and obligation-free financial planning appointment today: https://bit.ly/your-right-choice.
Visit our website to learn more: https://rightchoicefinancial.com.au/.