Estate planning is directing how assets will be divided upon death to ensure they are distributed efficiently and according to the deceased’s wishes. Efficient estate planning can reduce worry for those remaining. All sorts of problems can occur if a person’s financial affairs are not planned properly.
A current Will is vital regardless of the amount of personal wealth held and having an Enduring Power of Attorney (EPoA) in place is highly recommended. Appropriate estate planning can help a person to pass on assets to their chosen beneficiaries in a tax and cost effective manner.
As part of the process, it is important to check superannuation funds and life insurance policies to ensure the appropriate beneficiary/ies are nominated. Because beneficiaries are nominated within superannuation and insurance policies, they are often not mentioned in Wills. Restating the nominees in the Will and what they are to receive can provide clarity. Costs of probate, according to State or Territory legislation may impact on the value of the estate.