As we grow older, it becomes increasingly important to take charge of our future and ensure that everything is in place for our loved ones. Organising legal and financial matters can be daunting, but doing so will provide peace of mind, knowing that your affairs will be handled as you wish.
Here are six essential steps to take control of your estate planning, safeguard your legacy, and look after the people who matter to you most.
- Establish an enduring power of attorney.
An Enduring Power of Attorney allows you to appoint a trusted person to make financial and medical decisions on your behalf if you are ever unable to do so. Setting this up while you are of sound mind ensures that your wishes are respected, and your affairs remain in safe hands.
- Review and update your will.
Your will is a crucial document that determines how your estate will be distributed. Keeping it up-to-date ensures that your assets go to the right people. Make sure your loved ones know where to find it when needed.
- Review your superannuation and beneficiaries.
Confirm who your nominated beneficiaries are for your superannuation and any life insurance policies. Ensure they align with your current wishes and update them if needed.
- Express your health care preferences.
Consider setting up an Advance Health Directive or an Enduring Power of Guardianship to outline your healthcare wishes. This ensures that medical decisions align with your values and that a trusted person can make choices on your behalf if necessary.
- Plan your funeral arrangements
Discussing and pre-planning your funeral can relieve your family of financial and emotional stress when the time comes. Consider documenting your wishes or arranging pre-payment to ensure your farewell is as you envision it.
- Review, update, organise and secure important documents and information.
Key information critical to your will or estate should be stored in a secure but accessible location. If you use a safe or safety deposit box, share the access details with a trusted individual to avoid stressful or unnecessary delays when these documents are required. This will make it easier for them to access core information or professional guidance when needed.
This might include:
- Key paperwork such as your will, birth certificate, Centrelink information, super information, passport, loans or credit card information, and so on.
- Tax records, assets, or investment information.
- If you have a lawyer, accountant, regular GP, health specialist, or financial planner, keep a record of their names and contact details.
- Details for digital assets, including login details for bank accounts, emails, and social media.
- Details for your funeral wishes.
It’s time to take action.
By organising these aspects of your life now, you can ensure that your loved ones are not left with uncertainty or stress in the future. Taking control of your estate planning allows you to live with confidence, knowing that everything is in place exactly as you wish.