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Estate Planning
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Blog | Revisit your estate plan before retirement

Travis Schindler
Partner/Private Client Adviser
16 Mar 2022

With more than 15 percent of Australians 65 years of age or older, it is important to start asking yourself some difficult questions as you approach retirement.

The increasing potential of a loss of capacity is one most people tend to avoid given it is perhaps the toughest of these questions. You should think about who will manage your affairs, protect your assets, and act independently in your best interests when you are no longer able to do so.

In addition to the loss of capacity, estate planning includes addressing what happens to your assets and liabilities after your death. It is vitally important that all elements of your estate plan are in place and up to date to ensure that your wishes are fulfilled, and your beneficiaries’ interests are protected.

Estate Planning broadly consists of the following elements:

Your Will

The Will determines who will oversee the administration of your Estate and how the assets are to be distributed after death. A person who dies without a valid Will is said to have died ‘intestate’. In this situation, the person’s assets are distributed in accordance with a government formula. Under this formula, the intentions of the deceased person do not prevail unless formally stated. In the case of superannuation benefits, it is essential to have a Binding Death Benefit Nomination or Agreement in place to ensure that your superannuation death benefits are directed according to your wishes.

Enduring Powers of Attorney

A Power of Attorney (POA) is a legal document appointing a trusted individual to act on your behalf in the event you are unable to act for yourself due to absence, illness, or disability.  It is important to appoint someone you can trust as you must be able to rest assured that any decisions will be made in your best interest.

In my experience, retirement doesn’t mean you stop work altogether just because you’re ceasing paid employment. Many people also consider questions about giving back to their community and establishing a philanthropic legacy, during their lifetime and into perpetuity which forms part of the estate planning process. These questions can become particularly relevant in retirement when people are often seeking to actively contribute to the community and establish a purpose.

While the concepts of estate planning, asset protection, and philanthropy may seem unnecessary or too complicated, the reality is that all Australians should consider these as part of their life planning, and not just in the lead-up to retirement.

We have an abundance of experience in guiding and connecting clients with like-minded professionals to assist with the preparation of wills and POA’s and helping clients with their philanthropic goals.


Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.auPlease note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.