4 Things To Remember When Estate Planning

It’s no secret that having a detailed estate plan is imperative. Whether you have children, an extended family or a partner, chances are you’ll have assets you’ll want to pass on to them. Or to your best friend, or colleague, or neighbour, or a charity of choice. Sitting down to map out your estate plan is a great way to ensure you have control over your assets and who they’re given to you once you pass away.

Confused about what an ‘estate plan’ actually is? We’ve written an entire guide on it.

While the process of planning your estate might seem pretty straightforward, there are a few common elements people often overlook. So – because we love helping you guys out in any way we can when it comes to all-things Wills and estate planning – here’s a list of 4 things worth remembering when planning your estate.

1. End-of-life planning

Many people tend to focus on their current life, their current assets, and the current life circumstances of their loved ones. However, they often don’t even think about what they want when it comes to the end of their life.

When planning your estate, ask yourself:

• Am I interested in organ donation?
• Where do I want to die?
• Do I want to be resuscitated?
• Do I want to be buried or cremated?
• Do I have specific funeral and/or funeral director requirements?
• Who should inherit my home?
• Who gets my savings?

Your loved ones will likely have heaps of work to do once you’ve died, so anything you can do to make things a little easier (and so you can take the guesswork out for them), is always a good idea. Not only will your loved ones appreciate the effort, but you can also rest easy knowing you’ve set plans and rules in place for when you pass.

2. Updating your Will

While you might’ve spent time planning out your estate, dictating your desired funeral and burial/cremation plans, and assigning assets to different beneficiaries, it’s important to also update your legal Will. Regularly adding in, removing and editing details within your Will (when things change because #LifeHappens) is super important. All your wishes should be stipulated in your Will.

Haven’t written your Will yet? You can start yours today in just 15 minutes with Willed.

3. Making donations to charities you’re passionate about

If you’re passionate about certain charities, the people they support, and the work they do to support them, it might be worth considering leaving them a gift in your Will. There are many organisations around Australia doing incredible and important things, and they are always looking for financial support in order to broaden their impact.

Not only are donations helpful to charities in need, but they’re a lovely way to leave a lasting legacy once you’ve passed (and hey, it can even make Will-writing feel a little more positive and rewarding).

4. Selecting a back-up or secondary Executor

Sometimes, things change. The person you’ve selected as your Executor might be the perfect person for the job when the time comes, but they also might not be pending their own life circumstances (and the way they might deal with grief after your passing). It can be worthwhile considering a back-up Executor if things don’t go according to plan. That way, you know your Estate will be dealt with by a person you trust, even if your O.G Executor isn’t available to take on the role.

Wrap up

Creating an estate plan isn't just about passing on stuff—it's about leaving behind a legacy that reflects who you are and what you care about. Whether it's specifying your end-of-life wishes or updating your Will regularly, each step is crucial for making sure your loved ones are taken care of and your values are honoured. And don't forget about the little things, like considering a backup executor in case things change. By planning ahead with thought and care, you're not only making life easier for your family but also leaving a lasting imprint of the person you are.

Now that you know what to look out for, get started with your Estate Plan by writing your Will online with Willed today at willed.com.au.