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Every good estate plan starts with a Last Will and Testament.

A Will is a legal document that sets out who will receive your property and possessions when you die. In NSW, it is usually in your best interest for a solicitor, or the NSW Trustee and Guardian, or a trustee company to do your will for you.

To be valid a Will:

• must be in writing;
• must be signed; and
• Your signature must be witnessed by two other people who also need to sign the Will.

With a Will, you may specify who will get your assets, including cash, investments, real estate, vehicles, jewellery, art, and other valuables. You may also utilise your Will to inform your loved ones about your funeral, burial, or cremation preferences. Without a Will, legal challenges from unhappy or estranged family members and other interested parties are common.

You must choose an executor to guarantee that your instructions are carried out, and your estate is distributed accordingly. An executor’s responsibilities include collecting assets and paying bills so that your beneficiaries receive their inheritance. Select an executor you can trust and who is willing to handle this job.

What would happen to your dependents if you died today? Are you prepared to provide for their care, including guardianship and money for their education and upbringing? If you have minor children, it is imperative that your estate plan addresses all these issues. It is a good idea to discuss this responsibility with your chosen guardian, should the situation occur, before they are officially appointed.

A Power of Attorney is a legal document that gives a nominated person the legal authority to act for you to manage your assets and handle financial and legal affairs on your behalf should you become incapable of doing so yourself.

An Enduring Power of Guardianship is a legally binding authority for a person to make welfare and medical decisions for you if you become mentally incapacitated, similar to an Enduring Power of Attorney (EPA). You need to be able to rely on this person to know and respect your essential lifestyle and medical needs. See Advance Health Directive below.

Your wishes may be expressed in an Advance Health Care Directive should you become incapacitated or otherwise unable to make medical choices for yourself. Your medical treatment options and how your body is treated might be specified in the event of an accident. An Advance Care Directive will make it easier for your loved ones and health staff if they need to make decisions for you.

A testamentary trust is a trust that is written in your Will. It takes effect when you die, and it’s administered by an appointed trustee. If you have significant assets and several people who will benefit upon your death, then you may wish to start a Trust. This will give you control over the distribution of your assets, help you avoid probate, and potentially avoid estate taxes. It is this flexibility of a trust that allows you to protect your money and control how your children (or other beneficiaries) spend their inheritance.

Having a trust fund for your children makes sure they are going to be protected and financially secure no matter what happens to you. A trust allows you to keep money out of the hands of your children until they’re older and more able to handle it as you can set funds aside for essential future expenses, such as education expenses or paying off your home. Your children will gain control of the trust when they turn 18, however, you can also choose to defer trust access.