15/04/2025
So...what is an estate plan?
Your estate plan is a series of legal documents. These documents:
- Explain your wishes regarding who will receive your estate when you die. Your estate comprises the assets and possessions you own at your death, and the people and/or organisations that receive your estate are your beneficiaries. Your Will handles this;
- Appoint the person or people you want to facilitate the distribution of your estate to your beneficiaries. These persons are known as your executors. Your Will handles this;
- Appoint the person or people you would prefer to care for any children you may have at your death. These persons are known as guardians. Your Will handles this;
- Appoint the person or people you want managing the inheritance of a young beneficiary or an adult beneficiary who you believe may be unable to manage their financial affairs themselves due to illness, a disability, an addiction, or perhaps just naivety. These persons are known as trustees. Your Will handles this;
- Appoint the person or people you want to make financial decisions on your behalf during your lifetime if you lose the capacity to do so yourself, perhaps due to age or an illness. This document and role are known as your Enduring Power of Attorney.
- Appoint the person or people you want to make medical decisions on your behalf during your lifetime if you lose the capacity to do so yourself, perhaps due to age or an illness. This document and role are known as your Appointment of Enduring Guardian or Medical Decision Maker, depending on your State or Territory.
- Make it clear exactly what your wishes are for your end-of-life care and treatment. This document is known as your Advance Care Directive. π«ππ
Learn more: https://www.willwizard.com.au/post/so-what-is-an-estate-plan