preparing for the unexpected

life

Life can throw up some curve balls - both good and bad - that can throw us for six. It helps to have a plan in place to deal with unexpected events. Here are some things we find members regularly need help with.

 

 

On this page:

 

 

creating an estate plan

 

Unfortunately, a number of HESTA members have heart-breaking stories of unexpected loss and the distressing delays or family battles that follow. We know it's not something anyone wants to think about, but it's important to consider your estate plan.

Creating an estate plan ensures your wealth is passed on to your loved ones after you die. You may also choose to nominate a trusted person to help you make decisions if you're unable to do so yourself. Setting up your estate plan can give you peace of mind; knowing your affairs are in order and you're not leaving a burden behind for those you care about most. This includes making a valid binding beneficiary nomination for your super. Our Advice Library shows you how to create an estate plan in three steps:

 

Reach out to a qualified estate-planning professional such as our partners at Estate First Lawyers, to help you with all your estate planning needs, including creating or reviewing your will and estate plan, advice on estate planning for your super, and more. As a HESTA member, you’ll receive a discounted rate on estate planning services. Talk to Estate First Lawyers for more information or to book an in-person or online appointment. Mention you’re a HESTA member when you contact them to receive the discount.

Did you know: your super doesn’t automatically form part of your estate, and is therefore not subject to the terms of your will? This means that in addition to creating a will, you should also make sure you nominate your beneficiaries with your super fund.

Have you thought about what would happen if you became ill or injured and lost the capacity to make decisions? Who will be responsible for helping you keep your financial and personal affairs in order when you most need support?

An enduring power of attorney allows you to delegate personal, health or financial decisions to those you trust, so they can look after your affairs in your time of need. You can separate out these decisions and nominate different people. It also prevents your trusted friends and loved ones from having to go through law courts to obtain a power of attorney.

It's a bit like personal insurance: you organise it now so you’re covered if something happens in the future. Having an enduring power of attorney in place now means you can rely on others to take care of our personal and financial needs in future if we need it. Estate First Lawyers has more information on appointing a power of attorney.

 

have peace of mind that you’re protected

 

Life insurance is something you generally don't think about, until you need it. Debt can leave families with extra stress on top of distress when unexpected events like serious illness, injury or even death happen. This is why insurance can be so important; especially when you have large and long-term debts like a mortgage.

If a tragic event does happen, you might already be covered. Your HESTA super may include some insurance cover if you’re eligible. Check your eligibility.

One of the simplest and most effective things you can do right now is log in and check what insurance you’re covered for through HESTA. You may be eligible to apply to change the level of insurance via your online account too. Check your level of protection.

 

 

dividing super through a separation or divorce

 

No one enters a relationship thinking it will end. However, in 2021 more than 55,000 couples were granted a divorce in Australia1.

After property, your superannuation is most likely your biggest asset and will need to be considered when you’re dividing assets through a separation or divorce.

Super splitting is the most common way that couples divide assets during divorce or separation, but it’s important to keep in mind that a fair valuation of super forms part of the totality of assets shared by the separating couple. Super splitting may be an outcome – but not always, and it’s not mandatory. Check out how super splitting typically works.

 

 

we're here for you

Life happens: we get it. If you find yourself in unexpected financial circumstances, contact us and we’ll help you get the right advice.

1Australian Bureau of Statistics 10/11/2022 https://www.abs.gov.au/statistics/people/people-and-communities/marriages-and-divorces-australia/latest-release

*Estate First Lawyers is a division of Corporate First Pty Ltd ABN 61 613 157 074.

Third-party services are provided by parties other than H.E.S.T. Australia Ltd and under the terms and conditions of those parties. H.E.S.T. Australia Ltd does not recommend, endorse or accept any responsibility for the products and services offered by third parties or any liability for loss or damage incurred as a result of services provided by third parties. You should exercise your own judgment about the products and services being offered.

Any cost for estate planning services or appointing a power of attorney will be paid by you directly and cannot be deducted from your HESTA account. This cost will be agreed with you prior to your direct payment of the fee. HESTA does not receive any commissions for these services.

Issued by H.E.S.T. Australia Ltd ABN 66 006 818 695 AFSL No. 235249, Trustee of HESTA ABN 64 971 749 321.

 

 

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