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.

1. Preparing a Will is one of the most important things you can do for those you leave behind.

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:

  • how your estate is to be distributed
  • who will care for your children (if they’re under 18)
  • who is the Executor for your estate
  • whether you’d like to leave charitable donations or other bequests.

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.

2. Nominating beneficiaries for your super

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.

3. Enduring Power of Attorney

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.

4. An advance health directive

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.


For more information

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.