Estate Planning

When you’ve worked hard to get where you are, you want to make sure that you and your family can enjoy the benefits. But if the unforeseen happens, how do you ensure your family are well looked after and that your assets are handed down according to your wishes?

Common questions to consider

• What is estate planning? Is estate planning just about making a Will?
• What is a Will and why do I need to make one?
• What is a Power of Attorney?
• Is it true that a person’s debt dies with them?
• What should I consider when I make a Will?
• How often should I update my Will?
• What happens if I don’t have a will?
• What happens to my super when I die?
• As I have my own business with business partners, what happens to my part of the business if I die?
• Is there anything I can do to protect my estate?

 

How we can help

As part of a good, comprehensive financial plan, a Will and Power of Attorney is essential to ensure your wishes for what happens to your estate are dealt with according to your wishes.

If you have a Will we will usually recommend you review it regularly to keep it up-to-date with your circumstances.

We can’t advise you on inheritance laws or write the Will for you, however, we can facilitate this process to ensure it is done correctly and according to your wishes.

 

Taking a few minutes now could save your family and loved ones significant time and stress, later down the line

Make a binding nomination now

How your super is distributed after your death is a bit different to other financial assets.

Even if you have set out your wishes in a will, you need a valid beneficiary nomination to release your super in the way you want. 

As part of your estate planning, it’s a good idea to make your wishes known by a beneficiary nomination.

The process can get a little complicated when a beneficiary hasn’t been nominated. Completing a nomination can help eliminate any ambiguity around how your benefits should be administered after your death.

How to nominate who gets your super

• Make a binding nomination: provided the nomination is valid, give yourself peace of mind that your nominated superannuation fund is legally bound to pay your benefit out in exactly the way you request. This type of nomination can be made permanent, or set to expire every three years.
• Make a non-binding nomination: communicate your preferences for how your money should be paid out.

 

Who can receive your super

Your super can only be paid out to a dependent or your legal representative (the executor or administrator of your estate).

Dependents can include your spouse or de facto partner, your children (biological, adopted and ex-nuptial), or someone with whom you have an interdependency relationship.

You can also leave your super to a financial dependent, which may include someone who relies on you to meet daily living expenses such as rent, utilities and household outgoings. This also covers anyone who shares your major financial commitments such as mortgage repayments and loans.

What they will receive

If you have completed a binding beneficiary nomination, will be paid out as a death benefit. 

This consists of your account balance and any death cover paid by the insurer, less any applicable fees and taxes.

Your money doesn’t have to go to one person. You can provide a percentage breakdown of how the money should be distributed to the people you would like to leave your money to.

 

Steps towards Valid Nominations

1. Make sure your nominations are legally valid
   Strict legislation dictates only those who are dependent on you or your estate at the time of your death can receive your super. 
2. Decide on a permanent or lapsing nomination
   A binding nomination can be made to last for up to three years, or permanently. It’s up to you to choose a type of nomination that reflects the needs of your personal circumstances.
3. Tell your beneficiaries they have been nominated