An Estate Plan is more than just drawing up a Will. It also involves formalising how you want to be looked after (medically and financially) if something happens to you, or if you’re unable to make your own decisions later in life. Not everyone will have the same requirements, and Estate Planning can make you want to run for the hills due to the amount of information to collate! There are a lot of documents mentioned below to create a full Estate Plan. But, it doesn’t need to be expensive.
What documents do I need for my Estate Plan?
An Estate Plan consists of a number of documents to ensure that your family are able to easily work through your wishes upon death or if you become incapacitated. These documents generally include:
- Your Will
- A testamentary trust (is part of your Will and created on your passing)
- Your Superannuation binding nominations
- Insurance policies
An Estate Plan can also consider what directives you would like to give in the event you can no longer make any decisions of sound mind. This covers how you would like to be cared for both medically and financially. This part of your Estate Plan may include:
- An advanced healthcare directive (what you’d like done with your body)
- A power of guardianship (the right to choose where you live and make decisions about your medical care)
- Any anticipatory directives (for future medical treatment)
- Any Powers of Attorney
Now take a breath… and let us guide you through the process in a few simple steps (no jargon).
Start with an Online Will and grabbing your superannuation binding nomination and your insurance policies – that’s the best place to start and you can work through the rest as or if desired.
A Good Foundation: Your Will
“You wouldn’t build a house with the roof first!”
Just like building a house, “Estate Planning” starts with a good foundation – your Will.
An Online Will like www.oneclicklife.com.au is only $99 and provides peace of mind with an easy three step process.
If you want to do it yourself, create an Online Will and collate your superannuation binding nomination and insurance policies. This is the foundation of your Estate Plan. This is the best place to start and protects your family for a lengthy, expensive and drawn out process in the event of your passing.
1 – decide who will administer your final words also known as an executor. The key is they can’t be a beneficiary of your Will typically.
2 – decide who receives your estate (stuff) and percentage they receive which if you have a significant other (person you live with for more then a year) then even easier give it to them. Step 3 – decide who gets it in the event the person(s) you decided to leave your stuff to are all wiped out with you and how and what song you want to either be buried or cremated to.
3 – decide who gets it in the event the person(s) you decided to leave your stuff to are all wiped out with you and how and what song you want to either be buried or cremated to.
Once you’ve got everything ready, head to www.oneclicklife.com.au and complete your Will in 3 simple steps:
It is that easy with One Click Life! No jargon and no fuss!
A little more info…
For 80% of people a foundation is enough but if you would like to know more about the SIS Act and binding death benefit nominations (insurance in super) when you die read on.
Most super has a default level of insurance and has a whole other law that it works to! So to be safe you need to complete a “binding death benefit nomination” (form) every 3 years to tell them what percentage you want to go where outside of a Will. Finally and nothing to do with a Will it is important you check with your State or Territory about Powers or Attorneys or Advanced Health Directives (who can pull the plug etc). If you are unable to reach.
What is a superannuation binding nomination?
Written instructions to the superannuation trustee setting out how you wish some or all of your superannuation death benefits to be distributed. A superannuation binding nomination is free, and all you need to do is contact your superannuation provider.
Like we said, it can seem complicated and overwhelming. Start with an Online Will and grabbing your superannuation binding nomination and your insurance policies – that’s the best place to start and you can work through the rest as or if desired.
Take the first step towards your Estate Plan – create your online Will with One Click Life today!