Statistics show that about 60% of Australians die without a will, which is huge.
In terms of an estate plan - for business owners especially - an estate plan isn't just a will. When you've got structures like trusts, companies, and self managed super funds, there is much more to consider when you're looking to pass on your wealth. But in terms of the different sets of documentation you’ll need: if you hold assets in your personal name, your will covers that. The will is the only document that covers stuff in your own name.
If you follow our principles on asset protection - where the risk taker has zero dollars in their name - then your will is usually the most useless piece of paper, when you're the risk taker. Often people might think that's the only document they need, which is incorrect.
Watch the video below on the types of documentation you need to pass on your wealth.
For all estate planning advice, please work with qualified estate planning lawyers to help you plan out your estate plan. At inspire, we are not estate planning lawyers, but work with some of the best to walk our clients through this process.