When it comes to estate planning, there are many different facets to consider. For example, powers of attorney, superannuation death benefit nominations, advanced care directives and the drafting of a will (and testamentary trust where applicable).
Importantly, whether you are a wealth accumulator or retiree, having an appropriate estate plan in place prior to an event, such as your passing, is a vital consideration. However, this seems to be falling by the wayside for a large number of us. For example, 45% of people are passing away intestate. This means that they failed to make a valid will.
In this animation, we illustrate the implications of passing away intestate. Importantly, one of the significant consequences of passing away intestate is that you don’t get to decide how your assets are distributed. Instead, they are distributed according to a pre-determined formula.