More than will and power of attorney in good estate planning
ALTHOUGH having a current will and enduring power of attorney are the basis of good estate planning, there are other important issues that need to be taken into consideration.
When deciding how best to protect yourself and your estate it is wise to look carefully at how your property and superannuation affairs are structured.
One effective tool for dealing with superannuation entitlements is to consider making a binding death benefit nomination. In general terms this form of nomination will ensure that superannuation trustees clearly know how you wish to have your entitlement divided.
There are strict rules around how nominations are prepared, worded and signed so getting sound legal and financial advice to ensure your wishes are respected is vital.
If you have a self-managed superannuation fund it is important to ensure that it is clear who will control that fund when you die.
A properly drawn will can avoid the pitfalls that can sometimes occur in this increasingly important area so that it is clear who will manage your fund.
When it comes to real property many clients also need to consider how to ensure it can be effectively transferred under their estate. For example, the situation may be very different for a husband and wife who have owned their home for a long time against those who own property in a blended family.
There may also be issues relating to a loved one continuing to live in the family home before it is gifted to other beneficiaries.
An enormous amount of stress and expense can be avoided if your will correctly reflects your wishes well in advance.
For more information about your will, enduring power of attorney and other affairs phone Kennedy Spanner Lawyers 4639 2944.