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None of us like to think about life without our loved ones or what will happen when they pass away. While we don’t want to think about this, we should. One of the best parting gifts you can leave your loved ones is an estate that you have thought about and planned, making life easier for those you leave behind. And it’s not just about money – it’s about ensuring that your wishes are taken care of and all your affairs are in order.
Below is a list of things you might need to consider before you pass away:
Have you got a current Will?
If you pass away without a Will, your assets will be distributed based on the relevant laws in your state. A Will gives you peace of mind that:
It’s also important to keep your Will up to date. Think about how long it has been and how much your life has changed since you last updated it.
Have you got life insurance outside of super?
If you have any form of life insurance policy that is separate to your superannuation account, you need to let your insurance provider know who should receive the insurance payout in the event of your death.
Who will receive your super?
Many people aren’t aware that your super account isn’t paid to your estate in the event of your death. Where the money from your super goes depends on what you have in place with your super fund. You need to complete a nomination of beneficiaries and there are three different options available to you – which one you choose can be really important. You’ll also need to check what options your super fund provides, as not all funds offer all options:
Non-binding nomination of beneficiary
This is an instruction to the trustee of your super fund, asking them to distribute your superannuation investment as per your instructions. Please note that whilst you’ve instructed how you’d like your investments paid, the trustee has the ultimate decision on how your benefits are distributed and they take into account your dependant relationships when you passed away.
Binding nomination of beneficiary
For this option, once you’ve completed and submitted your instructions to your superannuation or pension fund, the fund is obliged to pay the funds as per your instructions. Please note that this nomination will lapse though, generally every three years and will need to be renewed.
Non lapsing nomination of beneficiary
This is an instruction that you provide to your superannuation fund, where the there’s no expiry date and the trustee of the superannuation fund MUST follow your direction. It’s like a Will for your superannuation money as your Last Will and Testament doesn’t have the power to decide where your superannuation money is allocated after you pass away, unless it is paid to your estate.
What is a Power of Attorney and do you need one?
A Power of Attorney, sometimes known as a POA, is a document that legally allows someone else to make important decisions for you if you’re not able to. This includes financial, business and personal decisions, and in some states (particularly the ACT and Queensland), it gives the authority for that person to also make decisions about the health care for another person.
Types of Power of Attorney documents
You can create a Power of Attorney that best suits your situation and there are different types of directions you can create:
Here are some examples of decisions that could be made on your behalf, once you have a Power of Attorney in place:
How do you create a Power of Attorney?
Your lawyer can draw up the paperwork for you. Your delegate is the person you nominate to make your decisions for you. The delegate can be anyone you choose who you trust, for example a lawyer, accountant, colleague, partner or family member, as long as they are:
If you want or need to put a Power of Attorney in place, speak to your lawyer so that they can document your specific instructions. Make sure this responsibility is with someone you can trust, in the event that you can’t take care of for yourself.
There are lots of benefits associated with estate planning. Mostly it provides peace of mind, knowing your assets will be distributed the way you want them to be.
This article was previously prepared and published by AIA Australia Limited ABN 79 004 837 861 (AIA Australia) prior to Resolution Life’s acquisition of AIA Australia’s Superannuation & Investment life insurance on 1 July 2023.