02/05/2025
Why your Will simply isn't enough to help your family and what you can do to change that.
So you’ve got your Will sorted, Power of Attorney in place and your Advanced Care Directive ready, just in case. Great!
Most people think that is where the preparation ends.
Wrong.
While these documents deal with the legalities of your estate, its management and distribution. They don’t provide a whole lot of help to your family - The people that you completed these documents to protect, whom you love, and will most likely be the ones dealing with your estate after you’ve gone.
In Australia, it is very common for people to appoint a family member as the executor of their estate. A person that they love, trust and feel is competent to complete the task of wind up their affairs and distributing the proceeds in accordance with their wishes (outlined in their Will).
Unfortunately for your executor, the person you love and have trusted with this responsibility, there is a lot of work involved in wrapping up your estate, and much of it is not obvious at the outset.
Hear me when I say this…
Your life is complicated. More complicated than you think.
This is particularly the case when your executor needs to prove their identity and demonstrate that they have the legal authority to act on your behalf (provide evidence of probate).
The paperwork and correspondence involved in managing an estate can be very time-consuming and frustrating.
Your executor, depending on the make-up of your estate, may have to deal with some or all of the following (bear in mind they will likely still be grieving your loss whilst all this is going on):
• Arranging your funeral
• Dealing with your remains
• Securing your property
• Arranging valuations of your assets & ensuring they are insured, or your insurances remain current
• Taking control of your finances – bank accounts, pension accounts, term deposits, share portfolio, paying your bills
• Arranging the sale of your assets and any property
• Your life admin – social media accounts, email, subscriptions, Govt online accounts & benefits, streaming services
• Caring for, or transferring care of, your pets
• Keeping records of all of this activity
• Preparing your final tax return
• Dealing with other family members all along the way, keeping them informed and finally arranging distribution of your estate.
It’s a big role! So how can you make this easier for them, save them time and unnecessary stress?
You need to make a detailed record of these details that you can keep securely with your Will.
Then, when the time comes, your executor will have ready access to it and the benefit of your guidance - Just when they will need it most!
There is a lot to consider in writing such a summary and it is easy to miss important details, so we have created a simple guided approach to collating this information - The Essential Estate Summary.
The Essential Estate Summary is designed to simplify the preparation and recording of all these details - and more!
It enables you to support your executor as they take on one of the most complex and important jobs they will ever have to do – honoring the wishes of a person they love.
https://www.essentialestatesummary.com.au
Designed and produced in Australia, the Essential Estate Summary is a low cost and effective solution.
This 40-page booklet enables you to leave a comprehensive summary of your affairs and avoids the risks associated with storing this sensitive information electronically.
Born out of our own experiences dealing with the estates of family members, we know the value of having such a summary.
Your executor will be extremely thankful for your forethought and guidance.
We are proudly Australian owned and operated. Seniors Card holders can access a 20% discount on Essential Estate Summary ‘Singles’ and ‘Couples’ packs. Check your local Seniors card directory for the discount code and visit our website to order - https://www.essentialestatesummary.com.au
If you have been appointed the executor of someone else’s Will, you may also want to let them know about the Essential Estate Summary, so that you have access to the detail that will make your job as executor easier when the time comes.
We hope the Essential Estate Summary can help you and your family. “Don’t leave a mess, leave a legacy!”
https://www.essentialestatesummary.com.au
