Most people prefer not to think about what happens when they die and put off planning for this situation. It is a very important issue to think about early and is an essential part of the financial planning process. The fundamental purpose of estate planning is to ensure that the assets you've accumulated during your life accomplish what you'd like after your death.

It does not matter how small your personal wealth is, you should still ensure you have a current Will and plan your affairs. Appropriate estate planning can allow you to pass on your assets to your beneficiaries in a tax effective way and can minimise the effect of capital gains tax. As part of the process you should also check your superannuation funds and life insurance policies to see who you have nominated as your beneficiary and seek to make changes if necessary and possible.

However, estate planning is not just about wills and trusts or death and estate taxes, although estate taxes can be a major concern. Rather, it is a lifelong process of accumulating, managing, protecting and distributing your assets for the benefit of you and your family.

Good estate planning helps ensure you leave your heirs, including family and charities, in a well-organized manner.