Estate Planning

Key Points

  •  Be informed of the key differences between what are considered to be ‘estate’ assets versus ‘non-estate’ assets.
  •  For example, your Superannuation, Life Insurance, Testamentary Trusts, properties signed in joint names etc, may contain assets that are excluded from your Will.
  • If you don’t have a Will, your ‘estate’ will be automatically subject to State or Territory based ‘intestacy’ laws.
  •  It is advisable to consult appropriate (legal and/or financial) professionals to assist you in planning a comprehensive Estate Plan.

Your Will

Most people wrongly believe their Will covers all their assets, so special care should be taken to ensure the ownership and control of all your assets, including ’non-estate’ assets, pass to your beneficiaries in the way you intend. An example of ‘non-estate’ assets…

Your Life Insurance Policy

During the application process, you will be asked to nominate one or more beneficiaries for the policy. If you choose to nominate more than one beneficiary, you simply need to specify the percentage of the benefit you would like each person to receive.…

Your Superannuation

Any benefit payable upon death is distributed by the Superannuation Trustee in accordance with the Trust Deed. This usually gives the Trustee the discretion to decide who should receive your superannuation entitlements. Eligible beneficiaries are detailed in superannuation legislation, and include your legal…

Your Testamentary Trust

There are different types of testamentary trusts, including discretionary trusts and special disability trusts, which is a trust established for a vulnerable person. Testamentary trusts may assist to distribute your ‘estate’ to your beneficiaries in a more tax-effective manner and may reduce the…

Your Estate Plan

It should also include documents that govern how you will be cared for, medically and financially, if you become unable to make your own decisions in the future. Key documents might include your Will, Life Insurance Policy, Superannuation death nominations, Testamentary trust deeds,…

Useful Links – Estate Planning

Useful links for Estate Planning:  Please note that these links may be subject to change over time.   ASIC MoneySmart website Life Events Over 55’s – Wills and Powers of Attorney Investing – Financial Advice – Choosing a Financial Adviser   Independent Financial…