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Protecting your wealth.

You’ve worked long and hard for what you have and naturally you want to make sure that your nearest and dearest are looked after. Planning for a time when you’re not here can help ensure your wealth is managed and distributed the way you intended. Your Hostplus benefit does not form part of your estate when you die, details of how you can ensure your Hostplus benefit goes to the person(s) you want it are provided later.

What is estate planning? 

Estate planning is the process of ensuring that your property, money and other assets are distributed according to your wishes after you die.  
With the right planning, you can minimise the amount of tax your beneficiaries pay on their inheritance.

Planning your estate

Step 1: Make a valid will

A will is a legal document that sets out how you want your estate to be managed and distributed after your death. 

Without a valid will, a court-appointed administrator will distribute your estate according to state-based legislation

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Simply put

Co-contributions' extra super contributions by the government to elligible individuals.

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There are specific requirements attached to creating a valid will, so consider having yours prepared by a lawyer to ensure your wishes are clear, concise and unambiguous. Double check that there are no mistakes that might affect the distribution of your estate.

Step 2: Set up an enduring power of attorney 

An enduring power of attorney is valuable to have if you should ever lose the ability to make decisions for yourself. If you became incapable of handling your affairs, control of your assets could revert to a person appointed by a court unless you have an enduring power of attorney. 

Even if you’re married, your partner still needs to be nominated to be able to make decisions for you. By setting up an enduring power of attorney, you can be sure that someone you trust will make the important decisions affecting you and your affairs. 

Speak to a lawyer about setting up your power of attorney.

Step 3: Set up a trust

To set up a trust, the best place to start is by speaking with a licensed financial planner or lawyer.  Establishing a trust, with a trustee who will distribute your estate to your beneficiaries, may be an option to consider if you have dependant children or other circumstances that may benefit from having you assets managed and distributed according to a trust.

Trusts can also be used to protect assets from dependent's creditors or mismanagement. 

Step 4: Nominate a beneficiary

Chances are your Hostplus benefit is a larger part of your wealth and as mentioned above does not automatically form part of your estate if you were to die. You are able to nominate one or more  beneficiaries who you would like to receive your Hostplus benefit. 

If you don’t make a Binding Death Benefit nomination or your Binding Death Benefit nomination is invalid, you Hostplus benefit will be paid to your dependants at the trustee’s discretion. If the trustee cannot identify any dependants or if you make a Binding Death Benefit Nomination in favour of your Personal Legal Representative your Hostplus benefit will be paid to the executor of your estate. 

Learn about the types of beneficiary nominations you can make today 

Speak to a licensed financial planner or lawyer before you make a nomination to ensure your nomination is valid and right for your situation.

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