SNAPSHOT OF THE ESTATE PLANNING DOCUMENTS

End of life planning can be an overwhelming process, if the concept and importance of estate planning documents is foreign. When looking to document your estate plan, there are many documents to consider that may or may not be relevant to your personal situation.

The various types of documents in an estate plan include but are not limited to:

• Will

• Power of Attorney

• Appointment of Enduring Guardian (Specific to NSW)

• Superannuation Death Benefit Nomination

LAST WILL AND TESTAMENT

A Will is arguably the most important legal document for end-of-life planning as it records your wishes and directions with respect to how you would like your estate handled following your death, specifically in relation to your assets and liabilities. If you do not have a Will at the time of your death, the law stipulates who is entitled to your estate and this takes away your right to choose and record your wishes. You have several options when drafting your Will, as you can choose to construct a simple Will, a Testamentary Trust Will, and/or Mutual Wills.

POWER OF ATTORNEY

A Power of Attorney is a legal document that appoints someone (the Attorney) to make legal and financial decisions on your behalf whilst you are alive. These decisions can include but are not limited to:

• Signing legal documents

• Selling property

• Attending to everyday banking

There are three forms of Power of Attorney and they include an Enduring Power of Attorney, a General Power of Attorney, and a Corporate Power of Attorney.

APPOINTMENT OF ENDURING GUARDIAN

An Appointment of Enduring Guardianship is a legal document that appoints someone (the Guardian) to make medical and lifestyle decisions on your behalf, whilst you are alive but do not have the capacity to do so for yourself. The types of decisions a Guardian can make include:

• Decide where you live

• Decide what healthcare you receive

• Consent to personal services

• Arrange medical and dental treatment on your behalf

SUPERANNUATION DEATH BENEFIT NOMINATION

Your superannuation does not automatically form part of your Estate and is distributed based on the decision made by the superannuation trustee. You can complete a form which nominates the beneficiaries you would like receive your superannuation; however, this is not a binding direction to the superannuation trustee and they ultimately hold the power to decide who the most appropriate person or people to receive your superannuation are.

YOUR NEXT STEPS

VIVMAR Lawyers can take the stress out of your end-of-life planning by:

• Drafting your Estate Plan in accordance with your wishes.

• Review and update your existing Estate Plan.