What is my Estate

This is a common question: What is my Estate?

Your estate is your property and possessions and includes all things such assets as real estate, shares or other investments, money in bank, digital assets, jewellery, photos, keepsakes and other items of sentimental value. Your estate includes your interests in companies, business, partnerships and trusts. Your estate can also include superannuation and insurances although these are commonly dealt with differently when writing wills.

Your estate plans consist of the documents that provide instruction for the distribution of your estate, such as a will. They can also provide directives to persons handling your finances while you are away or if you no longer have the capacity to do so, such as powers of attorney. Other estate plans include directives for medical care when you have lost capacity

An Estate Plan may include (though not limited to):

  • Wills
  • Powers of Attorney – General and Enduring
  • Enduring Guardianship and Advanced Health Directives
  • Testamentary Trusts
  • A binding death benefit nomination for superannuation and associated life insurance.

Estate Planning Considerations

Your Estate Planning lawyer will discuss with you such matters as:

  • Assets and liabilities
  • Personal and family circumstances
  • Retirement plans
  • Lifestyle needs
  • Personal wishes
  • Children, spouses and other family dependants
  • Proposed beneficiaries
  • Charitable or other organisations you’d like to provide for
  • Guardianship
  • Any potential claimants against your Estate
  • Taxation implications
  • Social security benefits
  • Medical and health issues
  • Business interests including your succession plan
  • Financial and tax position
  • Any potential risks.

See our partner site DIY Estate Plans for do-it-yourself online estate planning forms.

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Contact us today for more information about how we can tailor an estate plan to suit your individual needs.