Estate planning shouldn’t be regarded as something that is too big or too daunting to get done. Especially if you approach it like someone eating an elephant, one bite at a time until the job is done. Set out below is an estate planning checklist. If you need further assistance don’t hesitate to contact our prime team of lawyers and solicitors located in Menai in the Sutherland Shire.
WILLS
If you do not have a Will, do one without delay. You owe it to your beneficiaries.
If you do have a Will, when was the last time you reviewed it?
- Have you married, divorced or entered into a new relationship since you signed your Will? Do you know that marriage revokes an existing Will and divorce revokes that part of a Will which gave anything to your spouse.
- Have you thought about the executors you should appoint? We recommend that you always have a substitute executor appointed, just in case something happens to the one firstly appointed.
- Do you have a blended family? If so, special care needs to be taken in doing a Will.
- Have you had children or grandchildren since you previously did a Will? If so, do you want to make special provisions to cover your wishes in relation to them?
- Do you have special requirements about your burial or cremation?
- If you decide at some stage to move into a retirement village, what changes should be made to your Will?
SUPERANNUATION
Superannuation does not normally form part of your estate which is governed by the terms of your Will. However, if you wish it to be brought into account by the terms of your Will, you can make a nomination directing the trustees of the super fund to pay your superannuation benefits to your ‘Legal Personal Representative’ (i.e. your executor).
You can make preferred beneficiary death nomination (where the super fund trustees still retain a discretion as to whether to pay some or all of your superannuation to a person other than the one nominated, or a binding death nomination, which takes away any discretion that the trustees of the super fund may have.
POWER OF ATTORNEY
A Power of Attorney is a legal document allowing you to appoint somebody to act on your behalf regarding your financial affairs. It can be limited in scope and time and can be a General Power of Attorney, which becomes void if you lose mental capacity, or it can be an Enduring Power of Attorney, which continues to be effective if you become mentally incapable of managing your own financial affairs.
ENDURING GUARDIANSHIP APPOINTMENT
This document allows you to nominate one or more persons to make health case decisions in your behalf if you “become partially or wholly incapable of managing your person”.
RETIREMENT ACCOMMODATION
As you age, decisions may need to be considered about where and how you might live, whether it be in a retirement village accommodation or a granny flat arrangement with one of your family. There are considerations which may or may not affect an aged pension and care needs to be taken.
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If you need to how and what to plan for your future or for any legal advice, please contact me, Paul Pritchard on 9543 1444.
Paul Pritchard
