Estate planning is much more than just having a will. Estate planning is all about your wishes and the choices you make for the future.
It’s about choosing who will make financial, medical and personal decisions if you can no longer make them yourself, as well as who will look after your estate and receive your assets when you die.
The following information will help you decide if you need our estate planning services, while giving you helpful strategies to help you make the best decisions for you.
1. Why do I need estate planning?
Having an estate plan is an essential part of planning for the future – so you and your loved ones will be prepared if something happens to you.
By making choices about the future now, such as who will make crucial decisions for you if you’re unable to and who receives your assets when you die, you can put the right in place to ensure your wishes are carried out.
While everyone needs an estate plan, it’s something many people put off. Thinking about dying and having everything in order might not be exciting, but it’s so important. An estate plan provides peace of mind and certainty for you and people close to you, saving time, stress and expense if something happens to you or you die.
2. What is estate planning?
Estate planning involves reviewing your personal, family and financial circumstances and your wishes, and then:
- choosing who you want to make financial, personal and health decisions on your behalf
- choosing who you want to manage your estate and leave your assets to when you die
- creating to reflect your wishes, and
- reviewing these documents whenever your personal, family or financial circumstances, or your wishes change.
3. Why First State Super estate planning?
As the first super fund in Australia to offer estate planning services directly to our members, our own in-house team is here to help you with your estate plan.
Our estate planning lawyers are experts at working with you to understand your needs and tailor an estate plan to help you achieve the outcomes you want.
There’s no obligation to proceed after the first meeting, which is a fixed fee of $250 (including GST), so at the very least you’re able to discuss your needs and wishes with an experienced lawyer who can also help you understand more about estate planning.
4. Estate planning legal documents
The legal documents that form part of an estate plan include:
- a will, which nominates who you want to manage your estate and who you want to leave your assets to when you die
- a power of attorney, which nominates who you want to manage (and make decisions about) your financial affairs while you’re alive if you can or can no longer make these decisions. In some states and territories, who you nominate can also make decisions about your medical affairs while you’re alive and can no longer make these decisions
- a medical/health care directive, which nominates who you want to make decisions about your medical, personal and lifestyle affairs while you’re alive, if you can no longer make these decisions. In some states and territories this is referred to as guardianship and can also include advance care plans.