Share your estate planning details with your family - So everyone knows what to expect
Starting the conversation
It can be difficult to talk about things like Wills and Estates, however, having everything organised makes life easier down the road. By discussing it with your family, you can ensure that your loved ones are aware of how and why you have structured things.
Speak openly about your values and priorities. It will give them peace of mind that what’s being done is in line with your wishes. This transparency can reduce confusion and conflict that may lead to disputes, or even legal challenges. The important issues:
Do you have a Will
- If yes, where is it and who are the Executors?
- When was it last updated and are the beneficiaries clearly listed?
- Review your Will regularly, especially if life changes, e.g. moving into a retirement village or aged care facility, the addition of new family members (grandchildren) etc.
- If you don’t have a Will, make one as soon as possible.
Power of Attorney (POA) – If something happens and you can’t make decisions, who will?
- Who have you chosen to handle your finances and/or make medical decisions if you can’t.
Advanced Care Directive – what type of healthcare do you want, if you were really ill?
- Do you have strong feelings about certain medical treatments or procedures. Make sure these are written down so there’s no guessing.
Important Documents – Where do you keep documents like birth certificates, house deeds, share certificates, tax returns, retirement village or nursing home paperwork?
- Make sure you know where these documents are kept and that they’re all in one spot.
- Do you receive an Age Pension (Centrelink) and if so, where are the details?
- The contact details of your estate planning lawyers, financial planner and accountant.
Funeral Plans – Have you thought about what kind of funeral you’d want – e.g. do you want to be buried or cremated?
- Knowing these preferences will help ensure that your wishes are respected.
Life does not always go to plan. You may not always be in a position to communicate important information to your loved ones, which is why it’s crucial that you have these conversations now. Don’t leave it to the last minute, causing unnecessary stress for the people you love.
Boris Pedisic CFP®
Representative (No 301739)
