Estate Planning: 10 Questions Answered

You can avoid any nasty family dramas if you carefully consider what should happen to your estate.

Q. At the very minimum, what should an estate plan include?

It requires a solicitor who has expertise in estate planning. The reason you need an expert is demonstrated in some of these estate issues I’ve encountered:

• Individuals seeking to cut children out of wills following a falling-out over a new life partner they’ve met;

• Clients who’ve discovered their parent’s new partner has cut them out of the will;

• People who’ve told me about family members kicked out of their lifelong home due to the estate claims from the children of their (now deceased) second wife – it’s frightening (and completely avoidable);

• Expensive legal fights among families following the death of a beloved; and

• Coming into a large sum of money. A basic estate plan should include a will, enduring power of attorney, power of guardianship and death nominations for your super. More structured estate plans will include consideration for testamentary trusts.

Your state’s local law society can assist you to identify a suitable legal expert in the area. TONY DAVISON

Q. At what age should people start thinking about an estate plan?

I’d suggest the focus should be when a person starts to accumulate wealth and/or has as a spouse and/or children. This can be as soon as they enter full-time employment, at which time they will become entitled to receive compulsory superannuation, often with a significant life insurance benefit attached. It’s here that all four core elements of an estate plan become relevant: a professionally prepared will; an enduring power of attorney; appointment of an enduring guardian; and a binding death nomination. BRIAN HOR

Q. How often should my estate plan be reviewed?