Creating an estate plan: how to get started

Creating an estate plan: how to get started

Many believe that to create an estate plan is to simply write up a will. The truth is, estate planning covers much more than this.

A will is simply a legally binding document that sees your money and assets divided and distributed to people or organisations you love when you pass away.

An estate plan includes a will but also covers who takes over your affairs if you lose the capacity to make sound decisions in the later stages of your life, where your superannuation goes and more.

There’s an immense amount to getting your estate plan together but it’s an absolute necessity. If you want to get started, read on.

Creating your will is only the first step in your estate plan

When you start creating your estate plan, the first thing you need to do is write your will if you haven’t already. If you have, you might want to update the one you’ve created previously.

Your will can include who receives some of your assets after you pass away, who takes care of your children, how you want your funeral to be run and how you want to be buried.

It’s extremely important that your will is recognised legally. If it isn't, all your instructions may not be followed when you pass away.

If you want to make amendments to your will at a later date you can. Just remember to make these changes with the help of a lawyer or notary.

Lastly, don’t forget to nominate an Executor, your Legal Personal Representative.

Your Executor is the trusted person (or people) who  make sure that everything in your will happens. They oversea money and assets divided and distributed as per your wishes as well as see through any other requests you made in your will.

If you’re trying to decide what power of attorney you’ll need, it’s best to consult an estate planning lawyer for more information.

Make sure you have a Death Benefit Nomination in place with Super SA

At Super SA, your superannuation will not be automatically paid to your estate if you pass away. Your super will automatically be paid to your putative spouse.

To make sure your super goes to the people or organisations you want, you need to make a Death Benefit Nomination to your Legal Personal Representative (estate).

Whether you’re a Triple S member, have a Flexible Rollover Product or select investor, by completing the Death Benefit to be paid to:

• Your nominated Executor (to distribute as per your instructions)

Keep in mind that Death Benefit Nominations are only valid for 3 years with Super SA. If your Death Benefit Nomination was made more than 3 years ago, you’ll need to complete a new form.

Need a section on reversionary – income streams.

Trying to get your estate plan in order?

Estate planning isn’t simple. Estate plans are not easy to put together.

If you’re trying to put a legally recognised estate plan together, we highly recommend getting help from an estate planning lawyer. There are a lot of details that need covering and they can help you navigate them all.

If you’re looking to make a Death Benefit Nomination and need help completing the form, just get in touch with our Member Services team.

Give them a call on 1300 369 315 or fill in our contact form now.