Select Page

Your Estate Planning To-Do List (Step 1 – Gather Information)

by | Nov 9, 2022 | Wills & Estates

As previously written about, while a Will is an important document for you to have, there are other things that you may need to consider when it comes to your assets and how you wish for them to be dealt with upon your death.  Therefore, we want to take you through 5 steps to have on your estate planning ‘to-do’ list so that you can ensure that you have considered every aspect that may need to be dealt with.

What is estate planning?

Estate planning is a process whereby you carefully assess all aspects of your financial, personal and familial circumstances so that you can best manage these things should you pass away or lose capacity to act on your own behalf.

It includes more than just making a Will and can involve working with accountants to best deal with companies or businesses, tax planning, setting up Trusts, making Powers of Attorney and other key documents.

Step 1 – Gather information

What are your assets?
  • This includes physical assets such as property, cars, jewellery, artwork, personal possessions, etc; and
  • It also includes non-physical assets such as superannuation, cryptocurrency, shares, bank accounts and life insurance.
What are your debts?
  • Make a list of all debts that you currently have in your name or in joint names. This includes personal loans, business debt, credit cards, mortgages and even store cards.
Who is your family?
  • While we don’t necessarily need to know all of your extended family, to be able to thoroughly explore all avenues of your estate plan, your advisors need to know about your family. That includes close family members but also those that you may have distanced yourself from and any members who may step forward upon your death to stake a claim to your assets.
What other interests do you have?
  • Do you have a SMSF? If so, who is the Trustee?  Who are the members?
  • Are you the director or secretary of any companies?
  • Are you in any business relationships including partnerships, etc?
  • Do you have a Family Trust and if so, what are its assets? Who are the Trustees?  Who are the beneficiaries?
What documents can assist your advisors?
  • If you do have a SMSF, a copy of the Super Deed;
  • If you do have a Family Trust, a copy of the Trust Deed; and
  • If you have a partnership or business arrangement, a copy of any Agreement that has been entered into.

How can Nevett Ford help?

In the coming weeks we will build on your to-do list so that you can ensure that your affairs are dealt with in the best possible way.

Our Wills and Estates team has extensive experience and expertise and can guide our clients through the preparation of Wills, Powers of Attorney and other Estate Planning documents.  We will work hand in hand with you and your other advisers to ensure that your assets and your family are dealt with in accordance with your wishes.

If you would like further information, please contact our team at melbourne@nevettford.com.au or on +613 9614 7111.