Estate planning can be a confronting and even upsetting activity, so it’s no wonder it’s something many people avoid.
However, an up-to-date will and succession plan is crucial for looking after your loved ones should you pass away. Making estate planning your new years resolution can be a great motivation for getting this unpleasant task out of the way.
If you do not already have one, you should appoint an executor. The executor will be responsible for assisting and paying for your funeral, and will generally oversee the administration and distribution of your estate assets.
Estate assets are owned by you directly and include items such as bank accounts, real property, personal possessions and shares. It will also include the payouts from any insurance policies in your name.
However, your will generally does not cover non-estate assets. Non-estate assets are those which are jointly owned, i.e. not owned by you directly. This includes your superannuation, assets of trusts that you have a share in and the payouts from insurance policies held by your superannuation fund.
In order to specifically account for your non-estate assets in estate planning there are additional actions you have to take, such as completing a death benefit nomination for your superannuation fund and adjusting the deeds of trusts.
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Our award winning and expert accountants and financial planners are available to discuss estate planning with you so contact Leenane Templeton in the New Year!
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