Wills & Power of Attorney

Estate Planning: Honouring Your Wishes

A well-crafted estate plan ensures your wishes are carried out after your death and can also help if you become unable to make your own decisions.

What is an Estate Plan?

An estate plan outlines what you want done with your assets after your death. It can include documents such as:

Your will – get started today
A Testamentary Trust (part of your will)
Superannuation Binding Nominations

It also covers how you want to be cared for medically and financially if you can no longer make your own decisions. This part of your estate plan may include:

Enduring Power of Attorney (financial and/or medical decisions for you)
Advance Healthcare Directive (your values and preferences for your future care)

The documents you choose will depend on your situation and what you’re comfortable entrusting to others. Seek legal advice if you’re unsure.

You must be over 18 and mentally competent to create an estate plan.

Your Will

A will is a legal document stating what you want to happen to your assets when you die. It is a part of your estate plan and can cover:

How you want your assets distributed
Who will look after your young children
Any trusts you want to set up
Donations to charities
Plans for your funeral

Updating Your Will

It’s important to update your will as your situation changes, such as if you:

Get married
Divorce or separate
Have children or grandchildren
Experience significant financial changes
Lose a spouse or someone named in your will

Superannuation and Your Will

A binding nomination directs your super fund trustee on who should receive your super benefit when you die. If you don’t nominate someone, the trustee will decide who gets your money.

Family Trusts and Your Will

If you have a family trust, it continues after your death. The trust determines who gets your assets, even if your will states otherwise.

Testamentary Trusts

A testamentary trust is created in your will and takes effect when you die. It’s administered by a trustee, usually named in your will, who manages your assets until your beneficiaries can receive them. This is specified in your will and occurs when:

A child reaches a certain age, or
A beneficiary achieves a specific goal (e.g., gets married or earns a qualification)

Consider setting up a trust if your beneficiaries:

Are minors (under 18)
Have diminished mental capacity
May not use their inheritance wisely

Another reason to consider a trust is to protect family assets from being:

Split in a divorce settlement
Included in bankruptcy proceedings

By having a comprehensive estate plan, you can ensure your wishes are respected and your loved ones are taken care of.

Can we help you with your will or
Enduring Power of Attorney?

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