Where to Start
Sometimes, starting the conversation is the hardest part of estate planning. R.B. Flinders has compiled a short list of conversation starters to help identify your estate planning needs, and engage your family and close friends (should you wish) in your estate planning journey.
Estate Planning General
- When did you last do your estate planning and what documents were prepared for you?
- What does your family relationship structure look like?
- Do you have any business partnership relationships?
- Who would you trust to be at decision making level both before and after your death ?
Powers of Attorney
- If you were to lose capacity, have you made any powers of attorney?
- Who have you/would you appoint as your attorney for financial decisions and why?
- Who have you/would you appoint as your attorney for personal decisions and why?
- Who have you/would you appoint as your attorney for medical decisions and why?
- If your preferred attorney was unable or unwilling to act, have you/who would, you appoint as an alternate attorney?
- Do you currently have a Will?
- Testamentary trust wills are a vehicle which can provide tax and asset protection benefits for your beneficiaries. Does your Will contain a testamentary trust? If so, can you remember how it is structured?
- Assets not personally owned may not be directly dealt with in your Will. How do you own your assets?
- If you have infant children, what provision have you made for them by way of guardianship should both you and your partner pass away.
- If you have children from a former relationship, what have you done by way of providing for them as part of your estate planning?
- What arrangements have you made with respect to your superannuation death benefits?
- Do you have a SMSF?
- Are you interested in managing your own retirement funds?
- Do you have a family trust in place? Are you interested in knowing more about family trusts?
- Do you know about the important roles of the appointor and guardian for a family trust?
- What do the successor provisions of your family trust deed provide in the event of your death or bankruptcy?
- What does your current estate plan provide with respect to your family trust?
Once you have considered the above points and collated any estate planning documents, we welcome you to contact our estate planning team for an obligation free conversation about your current circumstances, and how you can plan for your future.