Estate planning checklist form4/6/2024 ![]() Like superannuation, your Will doesn't automatically cover life insurance and is not yours to pass down. 12) Nominate a beneficiary for life insurance Then, when you pass away, this person will receive your superannuation. Therefore, it's crucial to set up a binding death benefit nomination for your super. Super funds are technically not yours because they're held in a trust that the trust fund holder manages. 11) Set up a Binding Death Benefit Nomination for your Super This role holds lots of responsibility and should be well thought out and discussed with the person you choose to appoint. Part of planning your estate is appointing an executor, multiple executors or professional executor services to manage your estate. Having a will doesn’t automatically guarantee that your business will go to your next of kin. If you own a business or are a partner in a business, you should plan who to hand it down to if you lose capacity or pass away. 9) Make a succession plan for any business you own Sometimes it’s a good idea to have both trust and a will. When planning your estate, depending on the size, it’s important to consider the effect it has on taxes, any tax benefits that you might want to know about and whether or not you also should open a trust. 8) Speak with an expert to discuss taxes and opening a trust It should also identify any gifts you want to make to charities or individuals. Your Will should Identify how you want your assets distributed, any dependants, guardians for children and what will happen to your pets if you can no longer care for them. It not only safeguards your wishes, but it protects your loved ones. Regardless of where you are in life, it would help if you took the time to write a Will. Now that you fully understand your assets and your beneficiaries, it's time to write your Will. If no known heirs are listed in your estate, the court will typically start with your next of kin and then follow a line of family and loved ones. 6) Choose your beneficiariesĪfter identifying your assets, it's time to decide the beneficiaries of your estate. Later, it would help if you told your executor where you've kept a copy of these lists in the event you pass away before updating your Will. Now that you have complete lists of your physical and non-physical assets, it's time to make copies for safekeeping. In some cases, these organisations may have some accidental life insurance that your beneficiaries may be eligible to claim. While this doesn't apply to everyone, you should clarify if you're a part of any organisation or have any memberships. 4) Identify any organisations or members you have However, you should keep your Will up to date and be remove debts that you pay down. ![]() If there’s not enough to pay down the debt, the state takes over. When you pass away and leave behind debt, your executor will use assets to pay down any debt. ![]() It’s important to list these items because they typically don’t automatically become protected by your Will. This list can include shares, cryptocurrency, superannuation, life insurance, bank accounts and more. Next, make a list of your non-physical assets. 2) Follow this up with a list of your non-physical assets At this point, this list should exhaust all things you would leave behind. This list can include houses, cars, possessions and more. When planning your estate, the first start is by making a complete list of your physical assets. Estate Planning Checklist in Australia 1) Make a list of your physical assets The purpose of planning your estate is to protect your family and loved ones. Generally, it will also include your enduring power of attorney and advance care directive if you lose capacity.Īssets that typically make up your estate include property, cars, shares, heirlooms, cryptocurrency, life insurance, superannuation, pensions and debt. What does estate planning involve?Įstate planning involves determining how you’ll distribute and manage your assets after you pass away. Planning your estate includes making a will, setting up trusts, choosing an executor, handling funeral arrangements and more. Therefore, we've put together an estate planning checklist in Australia to ensure you’re covered.Įstate planning is preparing tasks that manage your assets when you pass away or lose capacity. While a will is one component, there are other assets your Will doesn't automatically cover. To protect yourself and your loved ones, it's essential to start planning your estate.
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