Estate Planning: Get the Basics Right

Estate planning can sound complicated, but at its heart it is about making sure the right arrangements are in place for your assets, finances and important decisions.

A Will is an important part of that planning, but it is not the whole picture.

This moneyGPS Learning Series module provides a practical introduction to estate planning and some of the key areas worth understanding as part of your broader financial plan.

What this video covers

In this module, you’ll learn about:

• What makes up your estate.

• Why having an up-to-date Will matters.

• How superannuation can be treated differently from other assets.

• The role of super beneficiary nominations.

• Testamentary and discretionary trusts.

• The purpose of powers of attorney.

The module also introduces some of the common estate-planning terms you may come across, helping make a complex topic easier to understand.

A Will is only one part of the picture

A Will sets out what you want to happen to assets that form part of your estate, but some financial arrangements can sit outside it.

Superannuation is one important example. Your super does not automatically form part of your estate, which is why considering your beneficiary arrangements can be an important part of estate planning.

Depending on your circumstances, your broader plan may also need to consider trusts, jointly held assets and who can make financial or legal decisions for you if you are unable to make them yourself.

Part of the moneyGPS Learning Series

This module forms part of the moneyGPS Learning Series, featuring more than 20 easy-to-follow, bite-sized lessons covering a wide range of financial wellbeing topics.

Each module is designed to help you build practical financial knowledge in a simple, engaging and accessible way, so you can better understand the financial decisions that may matter to you.

You can explore this complimentary Estate Planning module now. To access the full Learning Series library and all available modules, create your moneyGPS account. Once registered, you can access the learning content anytime through the moneyGPS platform and continue building your financial knowledge at your own pace.

Start with understanding what you have

Estate planning does not need to begin with all the answers.

A useful first step is understanding what you own, how your assets are held, who you want to benefit and whether your existing arrangements still reflect your current circumstances.

The Estate Planning module can help you build that understanding and identify areas you may want to explore further.

Watch the Estate Planning Video now.

The moneyGPS platform also gives you access to financial wellbeing tools, educational resources and personalised guidance to help you better understand your current financial position and the areas that may be worth reviewing.