It’s never nice to think about. But if you were to pass away or become unable to make decisions about your health or finances, the financial impact on your family could be significant. By having a plan in place, you’ll be able to ensure they’re always looked after, and these are the top four things you may want to consider.
It outlines how you want your assets to be distributed, and may spare your family and friends unnecessary stress at a difficult time.
Your Will can identify:
Remember, it’s likely you’ll need to update your Will throughout your life, particularly after divorce or separation, the death of a spouse or beneficiary, or if your circumstances change in other important ways.
It takes a lot of people by surprise, but the estate distributed by your Will doesn’t include your super. If you want to have some certainty over who will receive your super, you can make a binding death benefit nomination.
An Enduring Power of Attorney, sometimes called an EPA, is a legal document that gives someone else the power to make personal or financial decisions on your behalf, while you're alive. If you lose the capacity to make decisions for yourself, it makes sure those decisions are made by someone you know and trust.
Whatever your age or state of health, you may not be able to make decisions regarding your health. An advance health directive is a formal way of giving instructions about your future health care.
The Public Trustee offers a free Will making service, and can also help with power of attorney documents. Visit their website at pt.qld.gov.au.