[{"data":1,"prerenderedAt":260},["ShallowReactive",2],{"globals":3,"page-data-blog-posts-estate-planning-in-australia___au-au":66,"9rp6wVGch2UC9kEBPTMYhAxFVuhSt8dA4fr7nsKxRds":132,"seo-data-blog-posts-estate-planning-in-australia___au":140,"_apollo:default":229},{"phoneNumber":4,"contactCtaPanel":5,"address":21,"disclaimer":22,"socialChannels":23,"testimonials":37,"onboardingSection":48,"video":52,"videoThumbnail":57},"1800 10 33 10",{"__typename":6,"body":7,"heading":8,"backgroundImage":9},"ctaPanelBlock_Entry","The best way to contact our Customer Care team is via chat, or you can call us - we are open 9am to 5pm, Monday through Friday","We’re here to help",[10],{"__typename":11,"title":12,"filename":13,"kind":14,"original":15,"xs":16,"sm":17,"md":18,"lg":19,"xl":20},"gcs_Asset","Contact bg","contact_bg.jpg","image","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002Fcontact_bg.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002F_xs\u002Fcontact_bg.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002F_sm\u002Fcontact_bg.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002F_md\u002Fcontact_bg.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002F_lg\u002Fcontact_bg.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002F_xl\u002Fcontact_bg.jpg","Level 7, 28 Foveaux Street, Surry Hills NSW 2010","Safewill is an online service providing streamlined forms and information. Safewill is not a law firm or a substitute for a lawyer’s advice about complex estate planning issues.",[24,28,31,34],{"__typename":25,"platform":26,"url":27},"socialChannel_Entry","facebook","https:\u002F\u002Fwww.facebook.com\u002FSafewillAus\u002F",{"__typename":25,"platform":29,"url":30},"messenger","https:\u002F\u002Fm.me\u002FSafewillAus\u002F",{"__typename":25,"platform":32,"url":33},"instagram","https:\u002F\u002Fwww.instagram.com\u002Fsafewillau\u002F?hl=en",{"__typename":25,"platform":35,"url":36},"linkedin","https:\u002F\u002Fau.linkedin.com\u002Fcompany\u002Fsafewill",[38,42,45],{"__typename":39,"body":40,"customerName":41},"testimonial_Entry","About time something like this existed. Great product.","Oscar H",{"__typename":39,"body":43,"customerName":44},"Awesome, easy process. I'm kicking myself for not doing it years ago.","Blair P",{"__typename":39,"body":46,"customerName":47},"I had this on my to-do list for too long… highly recommend.","Scott M",{"__typename":49,"heading":50,"body":51},"globals_onboardingSectionBlock_Entry","Free until you’re ready to submit","Get started for free to see just how easy we’ve made it to write your own Will online. Pay when you’re ready to submit it to us for review.",{"__typename":11,"title":53,"filename":54,"kind":55,"url":56},"Safewill video","safewill-video.mp4","video","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fvideos\u002Fsafewill-video.mp4",{"__typename":11,"title":58,"filename":59,"kind":14,"original":60,"xs":61,"sm":62,"md":63,"lg":64,"xl":65},"Sw vidthumb alt4","sw-vidthumb-alt4.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002Fsw-vidthumb-alt4.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002F_xs\u002Fsw-vidthumb-alt4.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002F_sm\u002Fsw-vidthumb-alt4.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002F_md\u002Fsw-vidthumb-alt4.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002F_lg\u002Fsw-vidthumb-alt4.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002F_xl\u002Fsw-vidthumb-alt4.jpg",{"entry":67},{"__typename":68,"textContent":69,"topics":70,"author":78,"date":93,"dateUpdated":94,"headerImage":95,"id":105,"postType":106,"readingTime":111,"slug":112,"summary":113,"title":114,"uri":115,"customStructuredData":80,"isHidden":116,"faqStructuredData":117,"howToStructuredDataName":80,"howToStructuredData":125,"structuredDataType":130},"blogPost_Entry","\u003Ch2 dir=\"ltr\">What Is An Estate Plan?\u003C\u002Fh2>\n\u003Cp dir=\"ltr\">Put simply, estate planning is deciding how your affairs will be handled when you die or become incapacitated. This covers everything in your estate- from money, property, business possessions and any other assets or liabilities under your name.\u003C\u002Fp>\n\u003Cp dir=\"ltr\">\u003Cbr \u002F>Whether outlining intended beneficiaries, business succession planning or enduring power to someone to make your medical decisions- a proper estate plan stands to benefit you in life, and your family in death. More than just distributing certain assets, it's also your chance to take control of the legacy you'd like to leave. \u003C\u002Fp>\n\u003Cp dir=\"ltr\">It also offers the chance to identify an executor, guardian for minor children and power of attorney to carry out your wishes. All in all, it's the ultimate way to manage your affairs, safeguard your wishes and arrange financial support for your loved ones in the future.\u003C\u002Fp>\n\u003Ch3>Legal Documents Within a Legal Document\u003C\u002Fh3>\n\u003Cp dir=\"ltr\">Estate plans essentially bundle a number of important legal documents together. This includes a \u003Ca href=\"https:\u002F\u002Fsafewill.com\u002Fblog\u002Fposts\u002Fshould-i-witness-a-will\">valid Will\u003C\u002Fa>, \u003Ca href=\"https:\u002F\u002Fsafewill.com\u002Fblog\u002Fposts\u002Fhow-you-could-benefit-from-a-family-trust\">Family Trust\u003C\u002Fa>, \u003Ca href=\"https:\u002F\u002Fsafewill.com\u002Fpower-of-attorney\">Power of Attorney\u003C\u002Fa> and details around life insurance, \u003Ca href=\"https:\u002F\u002Fsafewill.com\u002Fblog\u002Fposts\u002Fwhat-happens-to-your-superannuation-when-you-die\">superannuation or death benefit nominations\u003C\u002Fa>. The cumulative effect of an effective estate plan also minimises taxes on your assets for the future sake of your beneficiaries.\u003C\u002Fp>\n\u003Ch2>Is an Estate Plan the Same as a Will?\u003C\u002Fh2>\n\u003Cp dir=\"ltr\">A Will is a standalone document which outlines how your assets will be distributed when you die. On the other hand, estate planning is more about the big picture when it comes to end of life matters.\u003C\u002Fp>\n\u003Ch3>The Key Difference\u003C\u002Fh3>\n\u003Cp dir=\"ltr\">One of the main differences is that an estate plan can guide what happens if you get sick or lose the mental capacity to make decisions. Giving your Power of Attorney the authority to act as your legal personal representative and managing director of all money, property and business whilst you're still alive.\u003C\u002Fp>\n\u003Ch3>Strategic planning for financial and legal decisions in estate management\u003C\u002Fh3>\n\u003Cp dir=\"ltr\">In this way, the documents in your estate plan make financial provisions and plans which are not covered by a Will, like retirement savings or life insurance.\u003C\u002Fp>\n\u003Cp dir=\"ltr\">Whilst a Will gives legal authority to an executor, the person who is responsible for distributing assets a death, the focus is centralised on post-death estate management of assets.\u003C\u002Fp>\n\u003Ch4 dir=\"ltr\">\u003Cstrong>In contrast, an estate plan is much broader, including:\u003C\u002Fstrong>\u003C\u002Fh4>\n\u003Cul>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">A Will\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">\u003Ca href=\"https:\u002F\u002Fnsw.gov.au\u002Flife-events\u002Fplanning-for-end-of-life\u002Fwhat-to-include-a-will\u002Fsetting-up-a-trust\">Testamentary Trusts\u003C\u002Fa>\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">\u003Ca href=\"https:\u002F\u002Fsafewill.com\u002Fpower-of-attorney\">Powers of Attorney\u003C\u002Fa>\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">Guardianship decisions\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">Advance care directives\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">Life Insurance\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">Superannuation death benefit nominations\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">Burial arrangements\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\n\u003Ch2 dir=\"ltr\">The Estate Planning Process\u003C\u002Fh2>\n\u003Cp dir=\"ltr\">In taking into consideration more than just your assets and liabilities, estate planning requires more time and more complex understanding of the law, compared to writing a Will.\u003C\u002Fp>\n\u003Cp dir=\"ltr\">With this in mind, a big part of estate planning is about informing your loved ones how you want to be taken care of if you lose your mental faculties.\u003C\u002Fp>\n\u003Ch3>Why Go the Extra Mile With An Estate Plan?\u003C\u002Fh3>\n\u003Cp dir=\"ltr\">In taking these extra steps to plan for the future, you can assist your family that bit more by reducing the burden during the grieving process.\u003C\u002Fp>\n\u003Cp dir=\"ltr\">From the documents to the law, business concerns to \u003Ca href=\"https:\u002F\u002Fsafewill.com\u002Flegal-advice\">enlisting professional, legal hel\u003C\u002Fa>p- there's a lot to think about in estate planning. To help navigate the process, Safewill has created the following instructions to get you started on the Estate planning process.\u003C\u002Fp>\n\u003Ch3 dir=\"ltr\">1. Create an inventory of all your assets and liabilities\u003C\u002Fh3>\n\u003Cp dir=\"ltr\">Compile a list of everything you own in your name and assign a value to the Estate. The inventory should include:\u003C\u002Fp>\n\u003Cul>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">Savings accounts or debts\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">Shares or bonds\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">Any business shares or ownership\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">Personal property\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">Vehicles\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">Collectibles\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">Valuable possessions or items with sentimental value\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">Life insurance policies\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">Superannuation savings\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\n\u003Ch3 dir=\"ltr\">2. Protect yourself and your family\u003C\u002Fh3>\n\u003Cp dir=\"ltr\">A good Estate plan will spell out what to do if you can no longer make decisions while you are still alive. Protecting your family and your own interests means assigning responsibility to people you trust.\u003C\u002Fp>\n\u003Cul>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">Creating a Power of Attorney, Power of Guardianship or making an Advance Care Directive will give your family clear instructions, and assist them in handling your medical or financial needs if you become incapacitated\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">\u003Ca href=\"https:\u002F\u002Fsafewill.com\u002Fblog\u002Fposts\u002Fappointing-a-legal-guardian-for-your-children\">Appointing a Guardian\u003C\u002Fa> will ensure your children or pets are looked after by the right people when you die.\u003C\u002Fp>\u003C\u002Fli>\u003Cli dir=\"ltr\">\u003Cp dir=\"ltr\">Life insurance can act as an extra layer of protection when organising your affairs. This can help to pay off any debts in a deceased estate or help to offset potential capital gains tax liabilities.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\n\u003Ch3 dir=\"ltr\">3. Protect your assets\u003C\u002Fh3>\n\u003Cp dir=\"ltr\">Creating a Will and other legal documents are an essential part of Estate planning. Now that you're armed with an inventory of all your assets it is time to decide how you want to keep them safe.\u003C\u002Fp>\n\u003Cp dir=\"ltr\">This can be done by creating a Will or \u003Ca href=\"https:\u002F\u002Fsafewill.com\u002Fblog\u002Fposts\u002Fwhat-is-a-testamentary-trust\">setting up a Testamentary Trust.\u003C\u002Fa> A Testamentary trust can also be a smart way to offset taxes on your assets for the sake of your Beneficiaries and intended trustee. Using the law to your advantage, you can use a trust to help reduce potential capital gains taxes imposed on assets sold off after your death.\u003C\u002Fp>\n\u003Ch3 dir=\"ltr\">4. Choose an Executor\u003C\u002Fh3>\n\u003Cp dir=\"ltr\">Your executor is an integral part of your estate planning team. They are the person who will be granted powers to carry out your final wishes after you die. For this reason, an \u003Ca href=\"https:\u002F\u002Fsafewill.com\u002Fblog\u002Fposts\u002Fwhat-is-an-executor-and-how-do-you-choose-one\">an Executor should be someone you trust\u003C\u002Fa> should be someone you trust.\u003C\u002Fp>\n\u003Cp dir=\"ltr\">It can also be useful for them to have some professional, financial knowledge as they will be responsible for paying off debts and managing your Estate according to the law, and the terms set out in your Will. An Executor can be a family member, close friend, a lawyer, Public Trustee or other corporate provider. They can also be outlined as a beneficiary.\u003C\u002Fp>\n\u003Ch3 dir=\"ltr\">5. Review your beneficiaries\u003C\u002Fh3>\n\u003Cp dir=\"ltr\">If you have created a Will it is likely you have already \u003Ca href=\"https:\u002F\u002Fsafewill.com\u002Fblog\u002Fposts\u002Fhow-to-choose-your-beneficiaries\">decided who your Beneficiaries are\u003C\u002Fa>. But some intangible assets under your name do not necessarily flow to the same people named in your Will.\u003C\u002Fp>\n\u003Cp dir=\"ltr\">Superannuation funds or life insurance policies are not connected to your Will and Beneficiaries have to be identified separately with each provider. This may be something you did when you first set up your policy so it should be reviewed and updated as part of the Estate planning process.\u003C\u002Fp>\n\u003Ch3 dir=\"ltr\">6. Regularly review your Plan\u003C\u002Fh3>\n\u003Cp dir=\"ltr\">Any good Estate plan should be reviewed and updated regularly. Major life events like marriages, divorces, birth of new children or deaths are a good opportunity to \u003Ca href=\"https:\u002F\u002Fsafewill.com\u002Fblog\u002Fposts\u002F5-reasons-to-update-your-will\">go back through your Estate plan\u003C\u002Fa> and make sure the right people will be protected when you die.\u003C\u002Fp>\n\u003Cp dir=\"ltr\">It's also important to keep your Will, family trusts and finances updated with any changes in the law. Doing so ensures that your appointments are approved by the supreme court when the time comes.\u003C\u002Fp>\n\u003Ch2 dir=\"ltr\">\u003Cstrong>FAQs\u003C\u002Fstrong>\u003C\u002Fh2>\n\u003Ch3 dir=\"ltr\">\u003Cstrong>What is involved in estate planning?\u003C\u002Fstrong>\u003C\u002Fh3>\n\u003Cp dir=\"ltr\">Estate planning is the process of managing all your end of life affairs. It involves reviewing your assets and liabilities and then putting in place strategies to protect your Estate after death.\u003C\u002Fp>\n\u003Cp dir=\"ltr\">An Estate Plan could involve creating a Will or Trust, as well as assigning powers to the person you wish to be your professional or personal Power of Attorney. To protect your children, you can also appoint a\u003Ca href=\"https:\u002F\u002Fsafewill.com\u002Fblog\u002Fposts\u002Fwhat-you-need-to-know-legal-guardianship-australia\"> Power of Guardianship in your estate plan.\u003C\u002Fa>\u003C\u002Fp>\n\u003Cp dir=\"ltr\">Having these provisions in place ahead of time makes the probate process easier, gives the supreme court all the right people to contact and safeguards the legal right of your intended beneficiaries to your remaining estate.\u003C\u002Fp>\n\u003Ch3 dir=\"ltr\">\u003Cstrong>What is the Average Cost of Estate Planning?\u003C\u002Fstrong>\u003C\u002Fh3>\n\u003Cp dir=\"ltr\">The cost of estate planning can vary significantly depending on your needs and personal circumstances. A basic estate plan involving a Will, Power of Attorney and an Advance Care Directive could cost as little as $600-800.\u003C\u002Fp>\n\u003Cp dir=\"ltr\">In contrast, more complicated plans involving Trusts, joint-assets or large blended families could range from $1,200 to $8,000 depending on how much time a lawyer has to spend on the paperwork. An initial meeting with an estate planning lawyer could help forecast this cost.\u003C\u002Fp>\n\u003Ch2 dir=\"ltr\">To Wrap Up\u003C\u002Fh2>\n\u003Cp dir=\"ltr\">When most people think of death the first thing that comes to mind is creating a Will. Whilst it's a good start, writing a Will won't solve all your problems if it neglects assets tied up in life insurance or Superannuation funds.\u003C\u002Fp>\n\u003Cp dir=\"ltr\">In contrast, creating an in-depth Estate Plan allows you to take stock and manage your estate and assets- ensuring they will flow to the right people when you die. It eases probate for your family, gives instructions if you get sick and helps your family make important medical or financial decisions for you on your deathbed.\u003C\u002Fp>\n\u003Ch3 dir=\"ltr\">Minimising Capital Gains Taxes and Maximising Financial Benefits\u003C\u002Fh3>\n\u003Cp dir=\"ltr\">What's more, an estate plan even has financial benefits. Helping you to implement smart strategies to minimise capital gains taxes or other taxes imposed on your estate.\u003C\u002Fp>\n\u003Ch2 dir=\"ltr\">Write Your Estate Plan with Safewill\u003C\u002Fh2>\n\u003Cp dir=\"ltr\">Safewill offers an easy, supportive and affordable service for all things end of life planning. From \u003Ca href=\"https:\u002F\u002Fsafewill.com\u002Fwills\">writing your Will from the comfort of your own home\u003C\u002Fa>, to assigning your POA on your commute to work- we oversee your estate planning around you. Overseen by real lawyers, compassionate experts and a team ready to support you at each step of the way.\u003C\u002Fp>\n\u003Ch4 dir=\"ltr\">\u003Cstrong>Get in touch today\u003C\u002Fstrong>\u003C\u002Fh4>\n\u003Cp dir=\"ltr\">\u003Ca href=\"https:\u002F\u002Fsafewill.com\u002Fhow-it-works\">Start your estate planning today\u003C\u002Fa>, to support your family in the future. It's peace of mind, it's security, and it's taking control of your legacy in one.\u003C\u002Fp>\n\u003Cp>Reach out on \u003Ca href=\"https:\u002F\u002Fwww.google.com\u002Fsearch?q=safewill+cremations+phone&oq=safewill+cremations+phone&aqs=chrome.0.69i59j0i512j0i22i30i625.3995j0j9&sourceid=chrome&ie=UTF-8#\">1300 730 639\u003C\u002Fa>, or via live chat now to find out more.\u003C\u002Fp>",[71,75],{"__typename":72,"id":73,"title":74},"blogTopics_Category","15499","Estate Planning",{"__typename":72,"id":76,"title":77},"16010","Australian Law",{"__typename":79,"byline":80,"firstName":81,"fullName":82,"id":83,"photo":84,"role":92},"User",null,"Tali","Tali Weinberg","1630",{"__typename":11,"title":81,"filename":85,"kind":14,"original":86,"xs":87,"sm":88,"md":89,"lg":90,"xl":91},"tali1.jpeg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fusers\u002Ftali1.jpeg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fusers\u002F_xs\u002Ftali1.jpeg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fusers\u002F_sm\u002Ftali1.jpeg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fusers\u002F_md\u002Ftali1.jpeg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fusers\u002F_lg\u002Ftali1.jpeg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fusers\u002F_xl\u002Ftali1.jpeg","Chief of Staff","22 Aug 2022","22nd August 2022",[96],{"__typename":11,"title":97,"filename":98,"kind":14,"original":99,"xs":100,"sm":101,"md":102,"lg":103,"xl":104},"Couple drinking coffee looking at laptop","Estate-Planning-in-Australia.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002FEstate-Planning-in-Australia.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002F_xs\u002FEstate-Planning-in-Australia.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002F_sm\u002FEstate-Planning-in-Australia.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002F_md\u002FEstate-Planning-in-Australia.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002F_lg\u002FEstate-Planning-in-Australia.jpg","https:\u002F\u002Fstorage.googleapis.com\u002Fcms-safewill-operation-australia-southeast1\u002Fimages\u002F_xl\u002FEstate-Planning-in-Australia.jpg","14265",[107],{"__typename":108,"id":109,"title":110},"blogPostType_Category","17430","Article","8 min read","estate-planning-in-australia","Creating an Estate Plan is essential for looking after the family members and assets that you leave behind. Read on to find out why, how, and when to start planning for your end-of-life with an estate plan.","What is Estate Planning in Australia?","blog\u002Fposts\u002Festate-planning-in-australia",false,[118,122],{"__typename":119,"question":120,"answer":121},"faqStructuredData_TableRow","What is estate planning?","Estate planning is the process of deciding how your affairs will be handled when you die or become incapacitated. Your estate is made up of money, property, possessions and any other assets or liabilities under your name.\n\nAn estate plan details how and when your assets will be distributed and who will be responsible for managing your affairs. It could include a Will, Testamentary Trust, Power of Attorney and details around life insurance, superannuation or death benefit nominations. Estate planning also involves working through potential ways to minimise taxes on your assets for the sake of your beneficiaries.",{"__typename":119,"question":123,"answer":124},"What is the difference between writing a will and estate planning?","A Will is a standalone document which outlines how your assets will be distributed when you die. Estate planning is more about the big picture when it comes to end of life matters. One of the main differences is it includes safeguards to guide what happens if you get sick or lose the mental capacity to make decisions. It also organises how assets will be managed which are not covered by a Will, like retirement savings or life insurance.\n\nAn Estate plan can include:\n\nA Will\nTestamentary Trusts\nPowers of Attorney\nGuardianship decisions\nAdvance care directives\nLife Insurance\nSuperannuation death benefit nominations\nBurial arrangements",[126,129],{"__typename":127,"name":128,"text":128},"howToStructuredData_TableRow","",{"__typename":127,"name":128,"text":128},[131],"faq",{"seomatic":133},{"__typename":134,"metaTitleContainer":135,"metaTagContainer":136,"metaLinkContainer":137,"metaScriptContainer":138,"metaJsonLdContainer":139},"SeomaticType","{\"title\":{\"title\":\"What is Estate Planning in Australia? | Safewill | Safewill\"}}","{\"generator\":{\"content\":\"SEOmatic\",\"name\":\"generator\"},\"keywords\":[],\"description\":{\"content\":\"Estate planning is the process of deciding how your affairs will be handled when you die or become incapacitated. 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