The Quinn Group’s Comprehensive Estate Planning Checklist is a great resource to help ensure that you have covered all the important bases when it comes to planning and managing your estate in accordance with your wishes.
Estate Planning is much more than drafting a Will and as such, it is important to review all the items in the Estate Planning Checklist and consider your options and preferences in each instance. Be sure to discuss all elements of your Estate Plan with a qualified lawyer for professional advice for your individual situation and to ensure your intentions are correctly administered.
What does the Estate Planning Checklist cover?
The Estate Planning Checklist covers critical Estate Planning components such as preparing or updating your Will, nominating a Power of Attorney, appointing an Enduring Guardian, drafting an Advance Health Directive, nominating beneficiaries for Superannuation Death Benefits and Life Insurance Benefits and succession planning for Businesses, Companies and Self-Managed Super Funds.
Preparing or Updating Your Will
(1) Make a list of your assets and liabilities – this will enable you to find out what may be included in your Estate in the future.
(2) Choose your executor – who do you want to manage your Estate when you pass?
(3) Choose your beneficiaries – identify the people you want to benefit from your Estate and what they are to receive (whether that be specific assets of yours or a percentage of your Estate).
(4) Instruct Quinns to draft your Will– if instructed, we will facilitate a discussion regarding your Will to ensure that you have considered any potential issues regarding your wishes (e.g. tax considerations, potential family provision claim issues, whether a testamentary trust might be appropriate)
Nominating a Power of Attorney
(5) Choose who you wish to appoint as your attorney – identify the person or people you want to trust making financial and legal decisions on your behalf whilst you’re still alive
(6) Choose whether you want to place any limitations on the power of attorney – determine whether you want to limit the power of your attorney to certain tasks (e.g. managing certain bank accounts) or whether you want the power of attorney to only apply in certain circumstances (e.g. when you lose mental capacity).
(7) Instruct Quinns to draft your Power of Attorney
Appointing an Enduring Guardian
(8) Choose who you wish to appoint as your guardian – identify the person or people you want to trust to make medical or lifestyle decisions on your behalf
(9) Choose whether you want to place any limitations on the guardian
(10) Instruct Quinns to draft your Enduring Guardian
Drafting an Advance Health Directive
(11) Determine whether you would want or refuse certain medical treatment
(12) Instruct Quinns to draft your Advance Health Directive
Superannuation Death Benefit
(13) Discuss with Quinns who you wish to receive your Death Benefit– we will discuss the tax implications of your decision.
(14) Instruct Quinns to assist you in drafting a Death Benefit nomination – we will liaise with your superannuation fund to determine what types of nominations are available to you and help you complete it.
Life Insurance
(15) Nominate the beneficiary of your life insurance benefit
Business/Company/Self-Managed Superannuation Fund Succession Plan
(16) Determine how you want these entities to be managed once you lose capacity or die – For example, who do you want as the director of your company.
(17) Instruct Quinns to develop and implement your business Succession Plan
Need Help?
If you would like help with Estate Planning, contact our team of experienced lawyers by submitting an online enquiry form, calling us on 1300 QUINNS or +61 2 9223 9166 to arrange a teleconference or appointment.
