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Don't wait or leave it to chance, hope or to those left behind; take simple steps in advance to put your affairs and ‘house’ in order. 

The key elements in Estate Planning include; 

• A Will 

• Powers of Attorney 

• Superannuation nominations 

• Personal Records 

Getting started. More than ever, as scams and AI technology invade our privacy and security, establishing and proving our identity and verification is crucial. It is a precursor and protection for later life, both in living and in passing, and essential in all areas of Estate Planning.  

Tip: Begin by ensuring your Estate Planning is clearly documented, with all details accurately recorded and matching other documents and records.  

For example, problems can arise for those born overseas if they have adopted English versions of their name or identified with familiar ‘family’ names rather than those recorded on birth certificates.  

Also, using shortened versions can cause problems later when institutions require an exact match with legal papers.  For example, some people with names long by English standards adopt shorter versions for everyday use.  But rectifying this variation is not simply an administrative matter. For decisions related to health, estates, or finances, correct identification is a legal requirement.   

Differences and variations present a major stumbling block, as inconsistency can cause disputes, delays, and significant expenses.  

Tip: Keep copies of the required certificates for identification purposes.  

And prepare these documents in advance so they are available when needed. Having documents hidden in secret places or locked away without access can cause major problems if an emergency happens. 

Tip: Ensure that the Executors, guardians, or trustees can access these records. This is critical in case of an emergency or unforeseen events. 

Personal records: 

Compile a list of relevant records. This basic information is critical when dealing with the affairs and paperwork left behind. For example, debtors, regular subscriptions,  investments, property and Business interests.  Importantly, also include friendship contacts and leisure groups. Having access to these details can help minimise stress and challenges for those handling estate matters. With digital records now the norm, logins, passwords, and cryptic codes should be secured with your other legal documents. 

Legal Will: 

This is a formal legal document that states how you wish your assets to be distributed upon your death.   

A valid Will can also nominate an Executor of your choosing, the person who will look after your estate and distribute it in accordance with your wishes and instructions.  

It is also important to keep your Will current. As time passes, circumstances can change significantly. Events such as remarriage, divorce or births can influence previous decisions and wishes. Seeking professional advice in this important process can help ensure your wishes are correctly and legally recorded.   

If you die without a Will, your estate may be distributed according to predetermined formulas that may not be what you wanted. 

Estate Tax Planning is more than just having a will.  

Estate Tax Planning is about wealth succession, a way to help protect and ensure that the wealth you have built over a lifetime is distributed according to your wishes. There are benefits for all concerned. 

An Estate Plan is designed to help protect your loved ones. A rigorous estate plan ensures your wealth transfers smoothly and tax-efficiently to your intended beneficiaries. It helps them minimise taxation upon the transfer of assets in a legal and logical manner, in accordance with your wishes. Estate planning can be captured under three questions: 

What do I have? 

Who do I want to have it? and, 

What will the implications be for that person? 

Enduring Power of Attorney:  

This gives nominated people the right to make financial decisions on your behalf if you are in poor health, unavailable or losing decision-making capacity. For example, your specified family members can act on your behalf.  It’s a good idea to check that these arrangements are valid and in order before they are needed. Get professional help and advice. 

Tip: Importantly, keep accessible copies of these documents. Should you become seriously ill, incapacitated, or suffer an accident, access to them is crucial. 

Superannuation: 

As part of your Estate Planning, effective Superannuation planning includes tracking your balance, making regular contributions and consolidating accounts. These actions help maximise compound growth and tax advantages. 

This planning also includes choosing a nominee for these funds in the event of your passing.  

Enduring Power of Guardianship (EPG): 

An enduring Power of Guardianship safeguards your interests if you are no longer able to make reasoned decisions for yourself. 

It is a legal document that authorises a person of your choice to make important personal, lifestyle and treatment decisions on your behalf, should you become incapable of making such decisions yourself. Simply, how you want to be looked after and who can make the necessary decisions if you are unable to. 

This can be crucial for providing instructions and authority for the family regarding placement into residential aged care if the situation arises.  

To make an EPG, you must  

• Be 18 years or older 

• Have full capacity. This means you must be able to make a formal agreement and understand the implications of the statements made in that agreement. 

In Western Australia the rules governing the execution and operation of an EPG are set out in Part 9A of the Guardianship and Administration Act 1990. 

Takeaway:  Seek professional help and advice when investigating these matters to ensure you have the right legal instruments in place that reflect your wishes.  

Don't wait or leave it to chance, hope or those left behind; take simple steps in advance to put your affairs and ‘house’ in order.