Estate planning: making it easier on family

Get professional legal and financial advice

The right professional advice can take the guesswork out of deciding how to distribute your assets, and help you make crucial decisions about who will have your medical and financial power of attorney.

You may consider finding a legal professional who specialises in wills and estates. You also have the option of consulting someone who can give you financial advice as well; we can help you. If you need advice on accounting or tax-related matters, an accountant can help.

Make a will

According to ASIC, around half of all Australians die without a will. If this happens to you, your family may have to apply to the Courts for the authority to administer your estate, sometimes called  Letters of Administration.

You’ve worked hard to build assets, so you’ll want them distributed to those who matter most. Sorting out your estate and making a will now helps to ensure that your wishes are followed when you’re gone. It also reduces the risk of family conflict.

While you can write your will yourself, it is recommended that you get legal advice, as it can get complicated.

Choose your executor

Think carefully about who you choose to be the  executor of your will. When making your decision, it helps if:

• you’re close to the person and can trust them
• you’ve chosen two people to cover yourself if one person isn’t available.

You can find more information on the role of an executor from the  Public Trustee relevant to your state.

Make sure family and friends are cared for

If you have people who depend on you financially and will continue needing your support, you may want to get both legal and financial advice about whether a trust would be helpful. Whether a trust is a practical option may depend in part on the size of your estate.

There are different types of trusts. If you support someone who is living with a disability, you may want to consider (and get advice about) special disability trusts. You can get some initial information about special disability trusts from the  Department of Human Services.

Trusts are complex, so it’s important to seek advice on the pros and cons.

Take out life insurance

Consider taking out life insurance to help your loved ones financially. This could include things such as using the insurance funds to reduce or pay out a home loan.

There are many important decisions to make when creating your Will and we are here to assist with any questions you may have.

Source: NAB
Reproduced with permission of National Australia Bank (‘NAB’). This article was originally published at https://www.nab.com.au/personal/life-moments/family/prepare-finances
National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. The information contained in this article is intended to be of a general nature only. Any advice contained in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this website, NAB recommends that you consider whether it is appropriate for your circumstances.
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