Estate planning: Beyond the will – Documents most families should have

The essentials package

A complete estate plan usually includes:

• Will (can include a testamentary trust for minors, spend-control or tax flexibility).
• Enduring Power of Attorney (EPA) for financial/property decisions if you lose capacity. In WA, an EPA authorises someone to act for you on money and property. 
• Enduring Power of Guardianship (EPG) for personal, lifestyle and treatment decisions. 
• Advance Health Directive (optional but useful) to record treatment choices.

Superannuation: the sleeper issue

Super isn’t automatically governed by your will. Use a Binding Death Benefit Nomination (BDBN) (and keep it current) to direct your fund. Funds must pay death benefits as soon as practicable and in permitted forms (lump sum and/or income stream to eligible dependants). 

When thinking about your estate planning, and how your attorney or executor will deal with your assets, think about the information they might need access to. List key accounts, cloud storage and subscriptions; plan access for your executor/attorney. Company shares, trusts and family businesses need tailored succession instructions so control passes smoothly.

Most Australian jurisdictions allow eligible family members to seek further provision from your estate (family provision claims). Good drafting and appropriate trusts can reduce disputes.

StandTo Legal can help you map your family, assets and entities, align your will and super, prepare EPA/EPG/AHD, and (if helpful) add a testamentary trust.

General information only — please seek advice for your circumstances.