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In Australia - What Does Estate Planning Involve?

Introduction

In Australia, estate planning is the process of making sure that your assets are passed on to the people you want to inherit them. It’s important because it allows you to decide who will be responsible for your affairs and what happens to your property when you die.

If you don’t have an estate plan in place, then the law will decide who gets what–and this may not be what was intended by either party involved.

For example: if there are no children or partners involved and no Will has been made by a deceased person (or their parents), then according to Australian law their assets would go firstly into probate before being distributed amongst family members according to intestacy laws which means that any remaining money may go back into government coffers instead of being given out as intended by them!

Estate Planning for family

Estate Planning for all generationsProtecting Your Family and Business

In Australia, there are many benefits to estate planning. The most obvious is that it allows you to protect your family and business from legal problems after you pass away.

Estate planning involves creating a Will, which states how you want your property distributed once you die. If there is no Will in place, then state law determines how assets are distributed among family members–and this may not always be what was intended by the deceased person (especially if they had children from different marriages).

Another benefit of estate planning is avoiding probate court proceedings when someone dies without leaving behind an executor or administrator who can manage their affairs on their behalf until such time as probate begins. This means less stress for grieving families because they don’t have to go through lengthy legal procedures before being able to access funds held by banks and other financial institutions that hold accounts with deceased persons’ names on them. Instead, these funds can simply be released directly into the hands of those entitled under terms outlined within wills created prior-to death.”

The Key Components of an Estate Plan

Estate Plan Components

The key components of an estate plan include:
  • Will – A Will is a legal document that contains your wishes for how you want your assets distributed after death. Your will can also name guardians for any children or dependents who are under 18 years old and living with you at the time of death.
  • Enduring Power of Attorney – An enduring power of attorney (EPA) allows someone else to make financial decisions on your behalf if they become unable to do so themselves, such as due to illness or injury. It’s important to note that having an EPA does not replace having a Will; rather, it should be used in conjunction with one another so that all aspects of your wealth management are covered in case something happens unexpectedly.
  • Advance Care Directive – An Advance Care Directive allows people over 18 years old who have decision-making capacity about their medical treatment options should they become incapacitated by illness or injury before they die (or while they’re still alive). This includes whether they would like their life prolonged by artificial means if their condition becomes terminal; however, this is only applicable when there aren’t any other viable treatment options available which could improve quality of life instead.”
 

A well-drafted Advance Care Directive will also cover any future medical treatment options that are not currently known or available, as well as the right to refuse medical treatment. It’s important to note that Advance Care Directives aren’t a legal requirement in Australia. Nevertheless, this document can be used by families and doctors if there’s ever a dispute about whether someone is able to make their own decisions about their life or death.

How A Wealth IQ Adviser Can Help You With Your Estate Planning

Wealth IQ advisers are highly qualified professionals who specialise in:

Tony Skinner - Founder and Senior Adviser

The Wealth-IQ Group, led by Tony Skinner, is a professional, holistic financial services company, based in Adelaide South Australia, with well over 35 years of experience. Therefore, we understand that our relationship with each client will be built on trust, integrity and professionalism.

To learn more about the services we offer, please take a look at our website.

The Wealth-IQ Group is committed to providing you with the best possible service, and we are proud of our reputation for excellence. We will always act in your best interests and will endeavour to exceed your expectations. Our team of dedicated professionals has extensive experience in financial planning and wealth management. Moreover, we are committed to providing a high level of personal service and expertise, while remaining client focused. Our team of advisers provides a range of financial advice and solutions to help you achieve your financial goals.

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