8 Essentials for a Solid Estate Plan
When we think about planning for the future, estate planning is one area that’s often put in the “too hard” or “someday” basket. But a well-thought-out estate plan is one of the most important things you can do for the people you care about most.
Here are eight key elements to consider when getting your estate in order:
1. A Valid Will
A will ensures your assets are distributed according to your wishes. Without one, your estate may be divided based on default legal rules—not your personal intentions. A will lets you:
Choose your beneficiaries
Appoint guardians for minor children
Name your executor (the person who carries out your wishes)
2. Enduring Power of Attorney (EPA)
An EPA gives someone you trust the legal authority to make decisions on your behalf if you become unable to. There are two types:
Property EPA: Handles financial and property matters
Personal care and welfare EPA: Covers decisions about your health and wellbeing
3. A Memorandum of Wishes
While not legally binding, this document can guide your trustees or executors on how you’d like things handled. It’s especially useful for family trusts and helps ensure your values and intentions are understood.
4. Ownership Structures
How you own your assets—individually, jointly, or in a trust—can affect how they’re distributed after your death. Understanding this can help you plan better and avoid unintended consequences.
5. Trusts (If Applicable)
If you have a family trust, it's essential to ensure it’s properly maintained. This includes:
Regular trustee meetings
Accurate record-keeping
Up-to-date trust deeds
A poorly managed trust can cause confusion—or even be challenged in court.
6. Insurance Policies
Life and trauma insurance can provide much-needed financial support to your loved ones. It’s crucial to:
Keep policies up to date
Review who the beneficiaries are
Ensure the cover still aligns with your life situation
7. Funeral Planning
While it might seem morbid, outlining your wishes for your funeral can ease emotional and financial stress for your family. Prepaid funeral plans or written instructions are both options worth considering.
8. Regular Reviews
Your circumstances change—so should your estate plan. We recommend reviewing everything at least every two years, or when a major life event happens (e.g. marriage, divorce, new children, buying property).
Start the Conversation
Estate planning isn’t just about death—it’s about making life easier for the people you love. At New Vision Financial Services, we can connect you with legal experts and help ensure your insurances and financial structures are aligned with your estate plan.
📞 Ready to take the next step?
Let’s talk about how to protect your legacy and look after the people who matter most.
Glen Hatcher
Financial Adviser
New Vision Financial Services
Plan your future and let us help you have peace of mind along the way.