Estate Planning 101: What is an Estate Plan and Who Needs One?

Welcome to Estate Planning 101! Join us over the next couple of weeks as we discuss the basics of estate planning.

Today, I want to talk to you about estate planning. What is it and who needs one?

Estate planning is a really common thing, but a lot of people don’t understand what it means. If you’re over 18 though, and you have a car, or perhaps a bank account, then you have estate assets that can form part of your estate plan. If you have superannuation or life insurance, they are assets of yours and they can form part of your estate plan. So, estate planning is for everyone, and it’s something that we all need to think about.

So, what is an estate plan? Well, an estate plan is a plan for what will happen to your estate in the event of your death, but also what will happen if you’re alive, but for whatever reason, you can’t make medical, lifestyle, legal, or financial decisions for yourself. So, it involves making your will, looking at your Enduring Power of Attorney, appointing a Medical Guardian, superannuation nominations and, for some, there might be some other documents that might relate to family trusts, or incorporated entities or control of those entities. So, estate planning is something that everyone should look at and also regularly review.

If you’d like to think more about your estate plan, then why not reach out to us using our online booking system or giving us a call on (02) 9159 3885.

Simone Hargreaves

Wills and Estate Planning Lawyer

Director and Principal of The Estate Planning Centre