The purpose of a Power of Attorney (PoA) is to make decisions on your behalf regarding things that relate to personal, lifestyle and financial decisions.

Incorporating testamentary trusts into your will.

Deferring Capital Gains Tax (CGT) liability.

When it comes to distributing your assets, your financial advisor will explain how you can do so in a way that attracts fewer tax implications for your recipients. If your benefit is less than $50,000, it may be paid to a spouse or child. If you do not nominate a beneficiary and your benefit is more than $50,000, it will be paid to your estate. If you have life insurance outside of your super fund, you will need to nominate a beneficiary to receive your benefit when you pass away.

Your financial advisor will discuss this with you, in more depth, so that you’re confident your super fund will act as you please. Without a Binding Death Benefit or Non-lapsing Death Benefit, your super fund will follow it’s own rules to distribute your benefit. Your death benefit includes the total super balance and any life insurance held in the fund. Without a will, your assets will be distributed according to your state’s laws.Ī Binding Death Benefit or Non-lapsing Death Benefit allows you to nominate who should receive your death benefit when you pass. How your loved ones should carry out your funeral or burial.Who will be legal guardians for your children (if they are under 18).

When you prepare your will, you will outline your wishes for when you pass, including: Your financial advisor will work with you to discuss developing your estate plan using the estate planning checklist:Ī will is a legally binding document that expresses how a person would like their property to be distributed after passing. When you meet with your financial advisor, they will begin by hosting a discovery session. The Standard Estate Planning Checklist for Australians Luckily, on the bright side, there are plans we can put in place to ensure all of our wishes are fulfilled when that day does come. One day, we will all leave this wonderful world. 1 Like Estate planning checklist Australia : what you need to know

Financial checklist for estate planning