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Estate planning in its simplest form is having a valid Will.
Only approximately 50% of Australians have a valid Will.
However even if you do, you may not realise that a Will only deals with your Estate. This means your real estate, personal effects and bank accounts, vehicles, shares and managed funds held in your name.
Most importantly, your Superannuation, for most people their biggest asset aside from the family home, does NOT form part of your Estate and therefore is not distributed according to your Will.
Superannuation funds should nominate a beneficiary although this in itself can be Null and Void if the beneficiary nominated is not a dependent under Superannuation law.
Of course Estate planning can be far more complex than the above basic concepts, especially with blended families and second marriages.
If you would like help with ensuring the right assets go to the right people at the right time, complete our 5 minute health check to the right and we’ll be in touch.