How to talk to your loved ones about Estate Planning

It can be difficult to talk about things like wills and estates, but having everything organised makes life easier down the road. Here’s a simple guide to help you start the conversation with your loved ones. It’s not about the “what ifs,” but making sure everyone is on the same page.

Tips for the Conversation

1. Pick the right time – Find a relaxed moment when you can talk without distractions.
2. Be patient – It can be a tricky topic, and they may not want to talk right away. That’s okay!
3. Focus on peace of mind – Let them know this is about making things easier for everyone in the future.

Ask if They Have a Will

“Mum, Dad, do you have a will? Is everything written down?”

• If they do: Ask where it is and who the executor (the person who handles things) is.
  • When was it last updated?
  • Is it current with their wishes?
  • Are the beneficiaries clearly listed?
• If they don’t have a will: Encourage them to make one. A will ensures their wishes are known.

Power of Attorney

“If something happens and you can’t make decisions for yourself, who will?”

• Find out if someone has been legally chosen to handle their money or make medical decisions if they can’t.
• Ask them to write this down if they haven’t already.
• Make sure they are aware that if they don’t have a POA that the government will appoint a stranger to look after their finances and health decisions

Health Wishes

“Have you thought about what you’d want for healthcare if you got really ill?”

• They might have strong feelings about certain medical treatments. Make sure these are written down so there’s no guessing.

Important Papers

“Where do you keep important papers, like birth certificates, house deeds, share certificates or tax returns?”

• Make sure you know where all of this is, and it’s organised in one spot.
• Are they on a pension and if so have they kept a copy of their CRN number with Centrelink in a place you can locate it if necessary.
• Retirement Village paperwork or nursing home paperwork and any refundable deposits that may have been paid to any home.

Funeral Plans

“Have you thought about what kind of funeral you’d want, or if you want to be buried or cremated?”

• It might feel a little strange to ask, but knowing their preferences will help ensure their wishes are respected.

Keep Things Updated

“When was the last time you reviewed all this?”

• It’s a good idea to remind them to check everything regularly, especially if life changes, like moving, new family members, or buying a home.
• Consideration of future plans for aged care and how that may affect their pension, there are ways to protect the family assets but still have sufficient funds for amazing care.

Consider Getting Help from a Professional

Consulting with a professional can provide valuable guidance and ensure everything is properly set up. Speak with Nathan to learn how we can assist with you and your family members with Estate Planning.

The information contained in this webpage is general in nature and has been provided in good faith, without taking into account your personal circumstances. While all reasonable care has been taken to ensure that the information is accurate and opinions fair and reasonable, no warranties in this regard are provided.