![\"last](\"https:\/\/iplan.net.au\/app\/uploads\/wkfzytetmoa-300x169.jpg\")
Make a Will<\/strong><\/h2>\nOnly around half of Australian adults have a valid Will. If you don\u2019t have one, make one. Otherwise your estate will be distributed according to a government formula, and if no beneficiaries can be identified your life\u2019s savings will end up in state government coffers.<\/p>\n
If you do have a Will make sure you review it regularly and update as required. Just a few of the key events for revising your Will include entering or leaving a marriage or de facto relationship, starting a family, establishing investment vehicles such as companies or trusts, changes to the financial or health status of adult beneficiaries or to add gifts to charities.<\/p>\n
![\"white](\"https:\/\/iplan.net.au\/app\/uploads\/rgj1j8sdeay-300x225.jpg\")
Appoint an appropriate executer <\/strong><\/h2>\nAdministering an estate can be a major undertaking. Ideally you will want an executor who is competent, organised, honest and unbiased. Often this will be a spouse who is also the sole beneficiary, and administration of the estate may be relatively straightforward. But it\u2019s common to also nominate an alternative executor should your spouse die before you. This may be an adult child or other close relative, and not necessarily a beneficiary. Whoever you nominate make sure you tell them that they are a (potential) executor and to provide them with important information such as the location of the original Will, and contact details for your lawyer, accountant and financial planner.<\/p>\n
![\"flock](\"https:\/\/iplan.net.au\/app\/uploads\/rdbfug3oiis-300x200.jpg\")
Identify assets that may not be dealt with by your Will<\/strong><\/h2>\nAny assets that you jointly own automatically pass to the surviving owner(s) on your death. They are not subject to your Will.<\/p>\n
If you have provided your super fund with a binding death benefit nomination your death benefit will be paid to the nominated beneficiary. This can be anyone, and not necessarily a beneficiary of your Will. If you nominate your \u2018personal legal representative\u2019 (i.e. your executor), the death benefit will be paid to the estate and dealt with according to your Will. If you don\u2019t make a binding nomination the trustees of your super fund are obliged to pay the benefit to your dependents, as defined by superannuation law. This may not coincide with your wishes.<\/p>\n
![\"woman](\"https:\/\/iplan.net.au\/app\/uploads\/dzpc4uy8zty-1-300x200.jpg\")
Be fair<\/strong><\/h2>\nIf someone has reasonable grounds to believe they should receive something from your estate but you have not provided for them in your Will, then they may be able to legally challenge your Will. Legal fees may be paid by the estate, eroding its value, so you\u2019ll want to minimise the chances of the Will being contested.<\/p>\n
Also be wary of \u2018ruling from the grave\u2019, for example by making any gifts dependent on a beneficiary either doing something (marrying a specific person, say), or not doing something.<\/p>\n
![\"two](\"https:\/\/iplan.net.au\/app\/uploads\/hocfqhhgjde-300x200.jpg\")
Get expert advice<\/strong><\/h2>\nEstate planning throws up many other traps for the unwary, from paying too much tax on a superannuation death benefit to not making provision for beneficiaries who are unable to adequately manage their own affairs. With so much at stake, it pays to consult your financial adviser in conjunction with a specialist estate planning lawyer.<\/p>\n
<\/p>\n
General Advice Warning: The information provided in this article is general in nature and does not consider your particular investment objectives, financial situation, or insurance needs; we therefore recommend you seek advice tailored to your individual circumstances before making any specific decisions.<\/h6>\niPlan Financial Services Australia Pty Ltd Corporate Authorised Representative 291288 of Futuro Financial Services Pty Ltd ABN: 30 085 870 015 AFSL\/ACL 238478<\/h6>\n","protected":false},"excerpt":{"rendered":"
Identify assets that may not be dealt with by your Will<\/strong><\/h2>\nAny assets that you jointly own automatically pass to the surviving owner(s) on your death. They are not subject to your Will.<\/p>\n
If you have provided your super fund with a binding death benefit nomination your death benefit will be paid to the nominated beneficiary. This can be anyone, and not necessarily a beneficiary of your Will. If you nominate your \u2018personal legal representative\u2019 (i.e. your executor), the death benefit will be paid to the estate and dealt with according to your Will. If you don\u2019t make a binding nomination the trustees of your super fund are obliged to pay the benefit to your dependents, as defined by superannuation law. This may not coincide with your wishes.<\/p>\n
Be fair<\/strong><\/h2>\nIf someone has reasonable grounds to believe they should receive something from your estate but you have not provided for them in your Will, then they may be able to legally challenge your Will. Legal fees may be paid by the estate, eroding its value, so you\u2019ll want to minimise the chances of the Will being contested.<\/p>\n
Also be wary of \u2018ruling from the grave\u2019, for example by making any gifts dependent on a beneficiary either doing something (marrying a specific person, say), or not doing something.<\/p>\n
Get expert advice<\/strong><\/h2>\nEstate planning throws up many other traps for the unwary, from paying too much tax on a superannuation death benefit to not making provision for beneficiaries who are unable to adequately manage their own affairs. With so much at stake, it pays to consult your financial adviser in conjunction with a specialist estate planning lawyer.<\/p>\n
<\/p>\n
General Advice Warning: The information provided in this article is general in nature and does not consider your particular investment objectives, financial situation, or insurance needs; we therefore recommend you seek advice tailored to your individual circumstances before making any specific decisions.<\/h6>\niPlan Financial Services Australia Pty Ltd Corporate Authorised Representative 291288 of Futuro Financial Services Pty Ltd ABN: 30 085 870 015 AFSL\/ACL 238478<\/h6>\n","protected":false},"excerpt":{"rendered":"
Get expert advice<\/strong><\/h2>\nEstate planning throws up many other traps for the unwary, from paying too much tax on a superannuation death benefit to not making provision for beneficiaries who are unable to adequately manage their own affairs. With so much at stake, it pays to consult your financial adviser in conjunction with a specialist estate planning lawyer.<\/p>\n
<\/p>\n