Estate planning: Certainty for you and your family

When planning for your Estate, there are five documents you need, to ensure your affairs are in order: 

1. A Valid Will

2. Enduring Power of Attorney

3. Enduring Power of Guardianship / Advanced Care Directive

4. Anticipatory Direction

5. Superannuation Nomination

1. A Valid Will

Your Will forms the foundation of your estate plan. It allows you to: 

•  Direct how you want your assets (financial and lifestyle) to be distributed to your beneficiaries
•  Appoint an executor of your choice
•  Appoint a guardian for any children who are minors when you die
•  Establish a trust for a specific purpose (e.g. your spouse, an intellectually disabled child etc.) 
•  Make gifts to charities or establish your own charitable trust. 

2. Enduring power of attorney

An enduring power of attorney is a legal document that gives another person (or trustee company) the authority to make financial and legal decisions on your behalf, and remains in place even if you lose your mental capacity. 

An enduring power of attorney allows your nominated representative to act for you when you need it most. Without this protection, your trusted family member or friend will have to seek authority from their relevant State Government Guardianship Board or Tribunal before being able to act on your behalf. An enduring power of attorney is crucial to ensure your financial affairs continue to be effectively managed prior to your death, and in-line with your overall estate plan. 

3. Enduring power of guardianship / Advanced Care Directive

Appointing an enduring guardian is different from appointing an enduring power of attorney. An enduring guardianship gives your nominated representative the power to make decisions about your medical well being or lifestyle. An enduring guardianship may be exercised in the event that you ever become mentally incapable of making medical and lifestyle decisions for yourself. As your guardian will be making decisions relating to your lifestyle and medical treatment, it is recommended that you appoint a trusted family member or friend. 

4. Anticipatory direction

An anticipatory direction is a document that provides clear directions in the event you ever become terminally ill and unable to articulate your wishes, and is binding on your medical practitioner. It removes the decision-making burden from your loved ones at a stressful and emotional time. 

5. Superannuation nomination

In the event of your death, your superannuation benefits do not automatically pass to your estate like your other assets. Instead, the distribution of your superannuation is generally controlled by the trustee of your superannuation fund. Many superannuation funds permit 'binding death benefit nominations', which allow members to specify how their superannuation benefits are to be paid upon their death. To ensure your superannuation is paid to your chosen beneficiaries, it's important to know whether your fund allows such a nomination, and if so, whether the nomination is binding on the fund. 

We will ensure all your important documents are correctly prepared, to meet your current needs. If your circumstances change, you should consult your adviser.

To make an appointment, call us on (08) 7477 8252.