If retirement is getting close, it’s worth making sure your financial and legal arrangements are built for the long haul. Taking some simple steps now to organise your financial and legal affairs can make life easier for you in the years ahead, and clearer for the people who may one day help you manage them. You should consider getting legal advice, as the documents you will need, and what they should include, depends on your individual circumstances.
Planning for later life is an act of care for your future self, and for the people who may need to support you. By taking steps now, you can reduce the risks for yourself of financial abuse, confusion, and unnecessary stress later.
For most Australians, the basics include creating a will, nominating a beneficiary for their super, and enduring power of attorney, and an advance care directive.
Plan ahead and make a will
A will sets out what will happen to your assets when you die, as well as letting you plan for who will take care of dependents and pets. Victorian Legal Aid has a guide to making a will in Victoria. The Law Society has a guide for NSW. If you live outside NSW and Victoria, check with your local Law Society.
Moneysmart also has a page on wills and power of attorney.
Super and your will: nominating a beneficiary for your superannuation
A lot of people may think that nominating a beneficiary for their super isn’t necessary if they have a will. However, the money in your super isn’t automatically included with your other assets like a house or a car for distribution in line with your wishes. We have information and a form available on our website to help you get this in place for your Vision Super account.
Making an enduring power of attorney
An enduring power of attorney allows you to appoint someone you trust to manage your financial affairs if you lose capacity. This can include paying bills, managing bank accounts, and dealing with investments or super.
Plan your future health care with an advance care directive
An advance care directive sets out what treatment you may or may not want, particularly at the end of your life, and who you want to make medical decisions for you if you can’t. The Australian Government’s Advance Care Planning Australia organisation is a useful guide if you are looking for more detailed information.
Retirement should be a time to focus on the people and activities you enjoy, and not on unnecessary complexity. By putting good plans in place early, you can reduce confusion, protect yourself, and make it far easier for trusted people to support you if the need ever arises.