Estate planning is an important and everlasting gift you can give your family. And setting up a smooth inheritance isn’t as hard as you might think.
Take the time to review your current situation and consider whether a review of your estate planning strategy is appropriate. As a starting point, consider the following:
Will: A Will documents how you want your estate to be distributed upon death. A Will should be reviewed on a regular basis to ensure that it continues to reflect your wishes, and addresses all of your assets. If you have bought or sold assets (such as investment property, shares, artwork or collectibles) then you may need to update your Will to reflect your current situation.
Power of attorney (POA): A POA grants the right for another person to make financial decisions on your behalf. A POA may be appropriate to implement if would like to appoint someone to manage your affairs, such as if you are going overseas for an extended holiday.
Enduring Power of Attorney (EPOA): An EPOA grants another person to make financial decisions on your behalf – however it doesn’t come into effect until you lose the ability to make decisions on your own. An EPOA may be appropriate to consider, especially if you or your partner has suffered a recent serious illness.
Enduring Guardianship (or Medical Power of Attorney): Depending upon which state or territory you reside in, either an enduring guardianship or medical power of attorney is used to appoint another person to make lifestyle decisions on your behalf. However the guardian/attorney cannot act on your behalf until you lose your capacity to make decisions.
Binding death nomination: A death benefit nomination lodged with a super fund identifies who you want would to receive your superannuation in the event of your death. However these nominations generally need to be reconfirmed at least every three years. Consider if your death benefit nominations are up to date, and who you want to receive your super in the event of your death.
The list above provides an idea of some options available – and may require specialist assistance to ensure that your estate planning goals are correctly documented.
Need more information?
To ensure your current Estate Planning arrangements are adequate for you and your family, Please contact our office today to make an appointment and if you enjoyed this article, feel free to share it with your friends and family. You could also go to our Facebook page and tag those you feel would benefit from this editorial.
You should not act on the information provided without first obtaining professional financial advice specific to your circumstances. This article contains information from sources believed to be accurate at the time of writing. This information may be or may become inaccurate. You should seek your own timely financial advice on the contents of this editorial and not rely on this as advice from the provider. This editorial does not consider your personal circumstances and is general advice only. This information is current as at July 2015. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser. RI Advice Group Pty Limited ABN 23 001 774 125, AFSL 238429.