An estate plan records what you want done with your assets/children after your death.
It can include documents such as:
- your will
- a testamentary trust (as part of your will)
- an advance healthcare directive (what you’d like done with your body)
It also covers how you want to be cared for — medically and financially — if you can no longer make your own decisions. This part of your estate plan may be in documents such as:
- any powers of attorney
- a power of guardianship (giving someone the right to choose where you live and to make decisions about your medical care)
- an anticipatory direction (stating your wishes about your future medical treatment)
The documents you choose will depend on your situation and what you’re comfortable to trust others with.
You must be over 18 and mentally competent when you draw up your estate plan.
We can connect you to an Estate Planner across Australia for your estate planing needs.
Credit: Money Smart Gov Australia