Home / Blog / A Guide to Estate Planning & Securing Your Family’s Future

A Guide to Estate Planning & Securing Your Family’s Future

It can be extremely difficult emotionally to lose a family member or close friend. Logistics and administrative duties can place additional strain on loved ones during this time. Having a well-thought-out estate plan might bring some peace of mind through this important life event. It may also reduce the likelihood of future disagreement between loved ones over money and wealth. Here is our guide to estate planning and securing your family’s future:

What is Estate Planning?

Estate planning is the process of creating a plan in advance to manage your assets and healthcare should you become incapacitated or die. This plan can include things like who will manage your finances, who will make decisions about your medical care, and how your assets will be distributed after your death.

The NSW Trustee and Guardian advises that “it’s important to have your Will prepared by experts who are experienced in all aspects of estate planning, including law, accounting, taxation, and financial planning and investments.”

How is Estate Planning Different From Writing a Will?

A will is a legal document that outlines how you would like your assets to be distributed after your death. However, a will does not take effect until after you die, so it cannot address issues like financial management or healthcare decision-making if you become incapacitated.

The Estate Planning Process

There are many different estate planning options available, so it’s important to work with a solicitor to figure out what will work best for you and your family. Some common estate planning documents include an enduring power of attorney, enduring guardianship, living will, last will and testament, and trusts. Outlined below are some of the steps involved in the estate planning process.

1. Do an Inventory of Your Assets and Liabilities

The first step in estate planning is to complete an inventory of your assets and liabilities thoroughly. This includes things like your home, superannuation, investment accounts, savings, life insurance policies, personal belongings, and debt. You’ll also want to make a list of any businesses you own or are a part of.

2. Assign Responsibility

After taking inventory of your assets and liabilities, you will need to decide who will be responsible for managing them. For example, you may want to appoint a spouse or child to handle your finances if you become incapacitated. You will also need to designate someone to make decisions about your medical care if you are unable to do so yourself.

3. Set up a Will or a Testamentary Trust

One of the most important aspects of estate planning is creating a Will or setting up a Testamentary Trust. A Will is a legal document that outlines how you would like your assets to be distributed after your death. A Testament is a legally binding document that provides instructions for the management and distribution of your assets in the event of your death or incapacity.

4. Choose an Executor

An executor is a person responsible for carrying out the instructions in your Will. This person will be in charge of distributing your assets according to your wishes. You’ll need to choose someone you trust to be your executors, such as a spouse, child, or close friend.

5. Identify Your Beneficiaries

In your Will, you’ll need to identify who you want to receive your assets after you die. These people are called beneficiaries. You’ll need to think carefully about who you want to include as beneficiaries and what assets you want them to receive.

6. Review Your Plan Regularly

It’s important to review your estate plan regularly to make sure it still meets your needs. This is especially important if you experience a major life event, such as getting married, having a child, or buying a new home.

Time to Plan your Estate

Estate planning is a process that everyone should go through to ensure that their assets and healthcare are taken care of in the event of their incapacity or death. By taking inventory of your assets, assigning responsibility, and setting up a Will or Testamentary Trust, you can provide peace of mind for yourself and your loved ones.

If you need financial advice in Port Macquarie, Coastal Advice Port Macquarie provides financial planning strategies to help clients achieve their desired financial success and security. Your guide can help you to enjoy your goals by delivering personalised financial advice for a relaxing, rewarding lifestyle. Take a step towards your financial freedom today and live your best life. Call us or book online to secure your complimentary meeting today!


  1. https://www.tag.nsw.gov.au/wills/make-will/what-will

DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.