Estate planning and your Will checklist

Whatever your age or stage of life, having an estate plan in place is important as it ensures your wishes are carried out and that your assets are distributed in the way you want. It also reduces uncertainty for your dependants and other family members. Another benefit of planning your estate is that it can minimise tax and ensure that the right people get the right assets at the right time.

Your Will is the main document that facilitates the distribution of your assets in the event of your death. If you are preparing or reviewing your Will, use the checklist below as a starting point.

  • Determine what assets and liabilities you have and what is and isn’t included in your estate.
  • Determine who your beneficiaries are.
  • Ensure you considered all of your dependants, including spouse(s), children etc.
  • Determine what you want each of your beneficiaries to receive from your estate.
  • Appoint an appropriate executor of your Will and confirm they’re willing to act in this role.
  • Consider if you need a backup executor.
  • If you have dependant children, appoint a guardian.
  • Consider where you want to be buried.
  • Think about other assets that do not form part of your estate, such as your superannuation and insurance policies.
  • Determine if you want to provide for a charitable donation.
  • Consider complicated matters, like businesses or previous relationships.
  • Identify where you’ll keep your Will.
  • If you need Powers of Attorney and Enduring Guardianship, determine who they are and appoint them.

Estate planning can be complicated. Call 1300 369 901 to make an appointment with an EISS Super Financial Planner who can provide you with further information about estate planning.