Get your estate planning done
Estate planning isn’t just about organising your will. While that’s a fundamental part of the process, it’s also about taking stock of your finances and making sure your money is invested in the right places and protected.
Make a will (or review it if you already have one)
A will sets out how you’d like your assets and finances to be managed and distributed after your death. It’s important to have a valid will and to review it regularly to make sure it’s still in line with what you want to do.
Choose a few people to help
Start thinking about:
- setting up an enduring power of attorney (choosing someone you trust to act for you and make important decisions about your affairs, if you’re unable to)
- selecting an executor (someone to distribute your assets after your death, like your solicitor or a trustee company)
- giving guardianship (a person who can make decisions about your medical care and where you live, if you’re unable to).
Sort out your beneficiaries
If you have insurance through your superannuation, the death benefit and balance remaining in your super fund are usually paid to your nominated beneficiaries.
A beneficiary must be:
- a dependant under superannuation law (please check the relevant Product Disclosure Statement), or
- your estate (your legal representative).
Death benefits will be paid tax-free to dependants, but non-dependants will be taxed up to 32%.
You should always keep your beneficiaries up to date and in line with your personal circumstances. Otherwise, your benefits may not go to the people that you want them to.
Make sure you’re protected
You’ve worked hard for so many years to make sure your family will be financially secure long after you’re gone. It’s important to have enough insurance in place so all you’ve saved and worked for doesn’t go to waste.
Insuring yourself could also mean you won’t be a financial burden to your family if something goes wrong.
How much insurance do you need? Use our calculator to estimate the amount of cover you may require.
Will you have enough for yourself?
While it’s good to think about taking care of your children’s and grandchildren’s future, it also makes sense to work out how much you’ll have for yourself in retirement.
Use the My retirement simulator to give yourself an idea of your projected retirement savings.
You can also try the How long can I expect to live? calculator to understand how much you’ll need to live the lifestyle you want in retirement.
It’s important to get advice
It’s a good idea to talk to a financial adviser about your personal circumstances. They’ll bring the right knowledge, expertise and guidance to help you take care of your kids’ and grandkids’ future in the most effective and useful way.
Once you’ve talked through your needs with them, the adviser will then create a financial plan for you to consider and discuss. This may include a mix of financial strategies and a recommendation of appropriate products for you.
Important informationShow more
It’s important to consider your particular circumstances and read the relevant product disclosure statement before deciding what’s right for you. This information hasn’t taken your circumstances into account.
This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.
The issuer of AMP Growth Bond is AMP Life Limited.