An estate plan will often comprise:

•  a Will

•  a Power of Attorney

•  an Enduring Guardianship Appointment

• a binding death nomination for superannuation benefits

• any life insurance policies

• an advance care directive

Superannuation benefits are not considered part of an overall estate so while a Will nominates who should receive what from your estate, it does not apply to superannuation benefits. A valid binding death nomination is therefore necessary to ensure that your wishes are observed.

All of the above should be checked at least every 5 years to ensure that they are appropriate to changing circumstances.Life expectancy is increasing. Savings, accrued during a working life, now need to last a significant time. Relationships are often more complicated than in previous times as second and even third marriages and de facto relationships as well as same sex marriages become more frequent. In consequence, blended families are now more common than in previous generations.

These considerations increase the need for a detailed estate plan to be in place to ensure that proper provision is made for you and loved ones and those to whom there is a legal and a moral obligation to make a reasonable financial provision.

The possibility of loss of mental and decision-making capacity concerning lifestyle or financial decisions is becoming increasingly prevalent, it is crucial that people have:

1.  an Enduring Guardianship Appointment, to make decisions concerning where the person will live and with whom and to make decisions about medical and dental treatment that may be required; and

2.  an Enduring Power of Attorney to manage the person’s financial affairs.

O’Brien Connors & Kennett can help ensure that intended beneficiaries will receive the maximum benefit from your estate. Give us a call on (02) 9982 1655 or visit our Northern Beaches office located in Dee Why.