At its most basic, estate planning is about creating a Will. A Will is a legal document that helps you specify how you would like your assets distributed once you have gone. Without a Will you are known to die ‘intestate’ and the process to distribute your assets will take longer and be more complex. Although a Will can be contested, it increases the chances that your assets will be distributed according to your wishes.
While a Will is certainly a good place to start, estate planning is about so much more than just a Will. Your super, for example, may not covered by your Will. You can also put plans in place that allow others to make decisions on your behalf – both lifestyle and financial either for a period of time or indefinitely in the event of sickness and ill health.
Other issues to consider
Along with making a valid Will, there are several other estate planning issues to consider, including:
Power of Attorney that enables you to appoint an individual (or trustee) to deal with your affairs if you become incapable of making your own decisions
Advance Health Directive or Medical Power of Attorney that allows others to make lifestyle decisions on your behalf (about your health or treatment for example) if you become incapable of communicating those instructions
Binding or non-binding death benefit nomination in your super that allows you to nominate the recipient of your super
Charitable giving program
How we can help you
Arco Advisors can help you to plan your estate . We will work with estate planning specialists to ensure that your wishes are met.
If you want to discuss your estate planning goals, please contact us today.