Estate planning

Most of us prefer not to think about what happens when we die, so we tend to put off estate planning. But the downside to this is that your loved ones may miss out on their entitlements, or have to deal with unnecessary delays or complications at a difficult time.

Make your wishes clear to avoid extra grief

Keep an up to date will

Your will is a legal document that sets out your wishes about how your remaining wealth is distributed when you die. If you die without a will (intestate) your estate is divided according to state or territory laws. This can cause expensive delays and result in family hardships and heartaches. Keep a legal will up to date and accessible.

Trusts

When someone dies, a trust can be set up to handle the estate. The trustee has the discretion, according to the will, to distribute the estate to the nominated beneficiaries. A testamentary trust may have taxation benefits, especially for children.

Seek advice

With the help of your financial adviser, you can make sure that any money you leave behind does the most good.

Find a financial adviser using BT's Adviser Referral Program

Nominating beneficiaries

You can usually nominate beneficiaries for your superannuation fund, or your income stream. In this case your super assets may not form part of your estate. If you are uncertain about what happens to your income or assets when you die, or your choices for nominating beneficiaries, check the Product Disclosure Statement (PDS) or talk to your financial planner.

Life insurance

Life insurance provides for your spouse and dependents when you die. When you retire, this may be a good time to review your life insurance needs.

Enduring power of attorney

This is a legal document that provides authority to another person (attorney) to make decisions and act on your behalf should you become ill or incapacitated. An enduring power of attorney ensures your affairs can continue to be managed and only comes into effect if you are unable to make decisions or act yourself.

Find out more about retirement

Find a financial adviser using BT's Adviser Referral Program.
Learn about BT's pension plans.