The Estate Planning Checklist
What things do I need to consider when planning my estate?
Estate planning is important because it helps to ensure that if you lose capacity that you are looked after during your lifetime according to your wishes and that on your death your assets will pass in accordance with your goals and objectives. Here is a checklist of some of the key things you may wish to consider.
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It is important to consider who should have the power to make decisions in relation to your financial, personal and medical matters in the event of your incapacity.
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A Will is a legal document that outlines how you wish your assets to be distributed after you pass away. It can also appoint an executor to manage your estate and name a guardian for your minor children.
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Depending on your situation, you may want to create a testamentary discretionary trust to hold your assets for your beneficiaries. Testamentary discretionary trusts can minimise tax, provide asset protection and provide for loved ones who may not be able to manage their own finances.
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If permitted under the trust deed of the superannuation fund, you may wish to make a death benefit nomination to remove uncertainty as to who will receive your superannuation death benefit upon your death.
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Make sure you review your estate planning documents regularly to make sure they reflect your wishes. This is especially important after major life changes such as marriage, divorce, or the birth of a child.
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Work with your estate planning lawyer, your financial planner and/or your accountant to minimise the tax your estate may pay on your death.
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Keep a list of your assets (and update this regularly) and keep this in a safe and secure location where your loved ones can find it. This will help that nothing is overlooked during the Estate Administration Process.
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