Mastering Estate Planning: Beyond Just a Will – A Comprehensive Guide to Securing Your Legacy

by LukeAdmin

By Jacqui Bilson

Most people want to prepare a Will because they want peace of mind knowing that their loved ones are protected. To get that peace of mind it is essential that you get good estate planning advice. Good estate planning advice is so much more than getting a Will!

Getting advice on estate planning involves:
Step 1
: a detailed review of your personal circumstances;
Step 2: receiving clear advice about risks specific to your circumstances and your available options to address those risks; and
Step 3: feeling comfortable to ask questions and provide your opinions about what you would like to happen next.

What personal circumstances are important to your estate planning?

  • Your current circumstances such as your health and your living arrangements
  • Your family tree such as full details of your children, previous partners and your current partner
  • Your asset and liabilities including details of any jointly owned assets
  • Your future goals.

The big takeaway here is that you matter! Throughout the estate planning process, your circumstances matter, your questions matter, and your opinion matters.

Another important step is keeping organised. There are some important documents you should keep with your Will and other estate planning documents. Having your documents in one place will be helpful for you, your Power of Attorney, your Enduring Guardian and your Executor.

A checklist of important documents to keep with your Will:

  • Power of Attorney and Enduring Guardian
  • A copy of your birth certificate and any Marriage Certificate
  • A copy of any divorce Orders
  • A copy of your pet registration and vet details
  • A copy of your funeral plan
  • A copy of your utility accounts
  • Details of any subscription or direct debit payments made from your account
  • Details of any government payments including your CRN
  • Details of all assets owned by you
  • Details of all liabilities/loans
  • A certified copy of your most recent superannuation Binding
  • Death Nomination
  • A copy of your current insurance policies
  • A copy of any trust deed
  • A copy of your business details including: any partnership agreement or company constitution
  • Your social media account log in details
  • Your phone log in details
  • If applicable, a letter/report from your doctor confirming your capacity to prepare your Will and other documents
  • Advanced Care Directive: this is a document you prepare with your doctor and keep with your Will
  • Any previous Will, Power of Attorney, Enduring Guardian, Revocation of Power of Attorney or Revocation of Enduring Guardianship.

Please be cyber safe, do not store this information on your computer. This information should be kept in a secure location. It may take you some time to collate this information now, however, having this information collated and ready for your loved ones is worth the peace of mind.

Would you like Principal Solicitor, Jacqui Bilson, to speak at your next event*? Contact Bilson Law to arrange a group information session at no cost! Call 02 7233 0600 or email *min 25 attendees.

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