Plan to provide for the loved ones you leave behind
Estate planning is more than just having a Will. It's about ensuring your assets go to the right people when you pass away. Even if you don't need it yet, it’s helpful to have your full estate planning documents in place so you’re ready – just in case.
There are five key elements of estate planning, and each element helps your loved ones decide what to do with your assets and/or how to manage your affairs when you die or lose the ability to make sound decisions.
Super beneficiary nomination
This allows you to nominate who should receive your superannuation benefits when you die. Your nomination can be:
- binding – an instruction your super fund is legally required to follow
- reversionary – continues paying your pension to the nominated person after your death
Death insurance cover
Death insurance cover with Mercer Super may pay a lump sum to your nominated beneficiaries when you pass away. It can help provide financial security during a difficult time and cover expenses like your funeral costs, outstanding debts, and regular bills. Alternatively, if you are diagnosed with a terminal illness, with 24 months or less left to live, this benefit may be paid to you directly.
Insurance needs calculator
This handy calculator from one of our insurers, AIA Australia, can give you an idea of how much cover you may need.
Last Will and testament
A Will is a legal document that outlines how your assets will be distributed after you die and states an executor to carry out your wishes. You can also specify who you’d prefer to be the guardian for your minor children.
Estate planning checklist
Our estate planning checklist may help you keep on top of things as you put your plan in place.
Powers of attorney and guardianship
A power of attorney grants someone authority to make legal, financial, and personal decisions on your behalf if you become unable to do so. It can be:
- general – becomes invalid when you die or lose mental capacity, or
- enduring – remains valid even if you lose mental capacity
Guardianship allows you to nominate a person to make lifestyle decisions for you if you lose mental capacity. Decisions like where you live, your at-home care, and medical treatment.
Advanced care directive
An advanced care directive (also known as a Living Will, personal directive or health directive) records your preferences for future medical treatment if you can’t communicate those decisions. It guides doctors on continuing or withdrawing treatment, as well as instructions about organ donation and funeral arrangements.
Important!
We recommend you engage a lawyer to support you through this process.
Preparing your estate plan
Our estate planning checklist may help you keep on top of things as you put your plan in place.
Explore more: it’s your time to thrive
What can I expect to change?
Retirement represents one of the biggest changes in life, and there will likely be practical, financial, and emotional impacts to prepare for – from how you receive income, to finding new ways to spend your days and ignite passions.
Ageing & living well
Maintain independence, dignity, and peace of mind, by putting steps in place to help you live the life you want, from health and care, travel, finances, and housing, to maintaining family and social connections.
How do I turn my super into income?
Your super doesn’t stop working when you do. You could set it up to pay you a regular income, take it as a lump sum, or use a mix of both.
* Any information in this material regarding legal, accounting or tax outcomes does not constitute legal advice or an accounting or tax opinion and prior to relying and acting on this information it is important that you seek independent advice from a qualified lawyer or accountant regarding this information. Past performance is not a reliable indicator of future performance. 'MERCER' is a registered trademark of Mercer (Australia) Pty Ltd ABN 32 005 315 917.
The material contained in this document is based on information received in good faith from sources within the market and on our understanding of legislation which we believe to be accurate.
Issued by Mercer Superannuation (Australia) Limited (MSAL) ABN 79 004 717 533, Australian Financial Services Licence #235906, the trustee of Mercer Super Trust ABN 19 905 422 981 (‘Mercer Super’).
Any advice provided is of a general nature and does not take into account your objectives, financial situation or needs. Before acting on any advice we recommend you obtain your own financial advice and consider the Product Disclosure Statement and Financial Services Guide available at mercersuper.com.au. The product’s Target Market Determination setting out the class of people for whom the product may be suitable can be found at mercersuper.com.au/tmd.
‘MERCER’ and 'Mercer SmartPath®' are Australian registered trademarks of Mercer (Australia) Pty Ltd ABN 32 005 315 917.