Your ‘estate’ includes everything you own – your ‘earthly possessions’, if you will. It can include for example cash, property, cars, boats, furniture, jewellery, family heirlooms, art, shares and more.
This is where you decide what will happen to your belongings after you pass away. By leaving a clear set of ‘instructions’, you help make sure that the people you care most about aren’t faced with any unnecessary conflict or uncertainty.
Even if you don’t have much money or property, planning your estate is the best way to make sure that special belongings go to the people who will treasure them. Often, it’s these items that matter most.
Why an estate plan is a good plan
Your will is a legal document that’s part of your estate plan. It outlines how you want your estate to be managed and how you want your assets to be distributed when you pass away.
If you have a fairly straightforward estate and know how you’d like to distribute it, you can easily write your will yourself. It’s as simple as buying a will pack from Australia Post and select news agencies, or you can download one online.
For more complicated estates, it might be a good idea to get advice from a solicitor or the Public Trustee. You can then appoint them to be your executor.
Your will checklist
Your will should:
Life is never predictable, so it’s a good idea to update your estate plan when things change.
Why you might change your estate plan
Organising life insurance and a funeral plan can make things easier for your family later. Learn the ins and outs of life insurance, or find out about estate planning in more detail with ASIC’s Moneysmart guide.
Source: NAB
Reproduced with permission of National Australia Bank (‘NAB’). This article was originally published at https://www.nab.com.au/personal/life-moments/family/will
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