Business & Finance
Mon, August 11, 2025
[ Today @ 09:38 AM ]: Seeking Alpha
[ Today @ 09:37 AM ]: Seattle Times
[ Today @ 08:41 AM ]: reuters.com
[ Today @ 08:40 AM ]: reuters.com
[ Today @ 08:39 AM ]: Toronto Star
[ Today @ 08:38 AM ]: The Globe and Mail
[ Today @ 08:37 AM ]: Toronto Star
[ Today @ 07:39 AM ]: Forbes
[ Today @ 07:38 AM ]: Forbes
[ Today @ 06:37 AM ]: Channel NewsAsia Singapore
[ Today @ 05:38 AM ]: The New York Times
[ Today @ 05:37 AM ]: The Financial Express
[ Today @ 04:37 AM ]: moneycontrol.com
[ Today @ 03:39 AM ]: moneycontrol.com
[ Today @ 02:39 AM ]: Business Today
[ Today @ 02:38 AM ]: BBC
[ Today @ 01:40 AM ]: Seeking Alpha
[ Today @ 01:39 AM ]: The Motley Fool
[ Today @ 01:38 AM ]: BBC
Sun, August 10, 2025
[ Yesterday Evening ]: Ghanaweb.com
[ Yesterday Evening ]: Business Today
[ Yesterday Evening ]: BBC
[ Yesterday Evening ]: LEADERSHIP Newspaper
[ Yesterday Evening ]: WISH-TV
[ Yesterday Evening ]: Tulsa World
[ Yesterday Evening ]: CoinTelegraph
[ Yesterday Evening ]: Fox 5 NY
[ Yesterday Evening ]: Seeking Alpha
[ Yesterday Evening ]: Seeking Alpha
[ Yesterday Evening ]: legit
[ Yesterday Evening ]: The Motley Fool
[ Yesterday Evening ]: The Globe and Mail
[ Yesterday Evening ]: ThePrint
[ Yesterday Evening ]: The Motley Fool
[ Yesterday Evening ]: Forbes
[ Yesterday Afternoon ]: Chicago Tribune
[ Yesterday Afternoon ]: The West Australian
[ Yesterday Afternoon ]: Searchenginejournal.com
[ Yesterday Afternoon ]: washingtonpost.com
[ Yesterday Afternoon ]: Impacts
[ Yesterday Afternoon ]: The Straits Times
[ Yesterday Afternoon ]: The Globe and Mail
[ Yesterday Morning ]: The News-Gazette, Champaign-Urbana, Ill.
[ Yesterday Morning ]: Ghanaweb.com
[ Yesterday Morning ]: U.S. News & World Report
[ Yesterday Morning ]: Palm Beach Post
[ Yesterday Morning ]: Sky News Australia
[ Yesterday Morning ]: Channel NewsAsia Singapore
Sat, August 9, 2025
[ Last Saturday ]: The Motley Fool
[ Last Saturday ]: Ghanaweb.com
[ Last Saturday ]: Patch
[ Last Saturday ]: news4sanantonio
[ Last Saturday ]: reuters.com
[ Last Saturday ]: Ghanaweb.com
[ Last Saturday ]: Telangana Today
[ Last Saturday ]: Deadline
[ Last Saturday ]: Seeking Alpha
[ Last Saturday ]: Flightglobal
[ Last Saturday ]: The Telegraph
[ Last Saturday ]: The West Australian
[ Last Saturday ]: 12onyourside.com
[ Last Saturday ]: Business Insider
[ Last Saturday ]: Impacts
[ Last Saturday ]: Business Today
[ Last Saturday ]: Seeking Alpha
[ Last Saturday ]: Penn Live
[ Last Saturday ]: BBC
[ Last Saturday ]: BBC
[ Last Saturday ]: Impacts
[ Last Saturday ]: gpfans
[ Last Saturday ]: Penn Live
[ Last Saturday ]: HoopsHype
[ Last Saturday ]: Palm Beach Post
Fri, August 8, 2025
[ Last Friday ]: The Observer, La Grande, Ore.
[ Last Friday ]: Sports Illustrated
[ Last Friday ]: St. Louis Post-Dispatch
[ Last Friday ]: AOL
[ Last Friday ]: Seeking Alpha
[ Last Friday ]: The Tennessean
[ Last Friday ]: reuters.com
[ Last Friday ]: Fox News
[ Last Friday ]: Business Today
[ Last Friday ]: Lincoln Journal Star
[ Last Friday ]: The Financial Express
[ Last Friday ]: Impacts
[ Last Friday ]: The Motley Fool
[ Last Friday ]: Business Today
[ Last Friday ]: The Financial Express
[ Last Friday ]: Page Six
[ Last Friday ]: Reuters
[ Last Friday ]: moneycontrol.com
[ Last Friday ]: SmartCompany
Wed, August 6, 2025
[ Last Wednesday ]: LEADERSHIP Newspaper
[ Last Wednesday ]: Toronto Star
[ Last Wednesday ]: USA TODAY
[ Last Wednesday ]: The Motley Fool
[ Last Wednesday ]: BBC
[ Last Wednesday ]: Entrepreneur
[ Last Wednesday ]: Channel NewsAsia Singapore
[ Last Wednesday ]: Anfield Index
[ Last Wednesday ]: WDTN Dayton
[ Last Wednesday ]: HoopsHype
[ Last Wednesday ]: U.S. News & World Report
[ Last Wednesday ]: Milwaukee Journal Sentinel
[ Last Wednesday ]: moneycontrol.com
[ Last Wednesday ]: Post and Courier
[ Last Wednesday ]: Tallahassee Democrat
[ Last Wednesday ]: NY Daily News
[ Last Wednesday ]: The Motley Fool
[ Last Wednesday ]: WSB-TV
[ Last Wednesday ]: Seeking Alpha
[ Last Wednesday ]: moneycontrol.com
[ Last Wednesday ]: Realtor.com
[ Last Wednesday ]: RTE Online
[ Last Wednesday ]: Tasting Table
[ Last Wednesday ]: The Irish News
[ Last Wednesday ]: Forbes
[ Last Wednesday ]: Forbes
[ Last Wednesday ]: Ghanaweb.com
[ Last Wednesday ]: Business Today
[ Last Wednesday ]: Business Today
[ Last Wednesday ]: Claremore Daily Progress, Okla.
[ Last Wednesday ]: Seeking Alpha
[ Last Wednesday ]: KXRM Colorado Springs
[ Last Wednesday ]: KIRO
Tue, August 5, 2025
[ Last Tuesday ]: moneycontrol.com
[ Last Tuesday ]: KCCI Des Moines
[ Last Tuesday ]: Los Angeles Times
[ Last Tuesday ]: Toronto Star
[ Last Tuesday ]: Patch
[ Last Tuesday ]: Ghanaweb.com
[ Last Tuesday ]: The New York Times
[ Last Tuesday ]: Fortune
[ Last Tuesday ]: The Motley Fool
[ Last Tuesday ]: RTE Online
[ Last Tuesday ]: The Messenger
[ Last Tuesday ]: Michigan Advance
[ Last Tuesday ]: BBC
[ Last Tuesday ]: Seeking Alpha
[ Last Tuesday ]: Toronto Star
[ Last Tuesday ]: syracuse.com
[ Last Tuesday ]: reuters.com
[ Last Tuesday ]: Reading Eagle, Pa.
[ Last Tuesday ]: Forbes
[ Last Tuesday ]: Austin American-Statesman
[ Last Tuesday ]: Fortune
[ Last Tuesday ]: reuters.com
[ Last Tuesday ]: Business Today
[ Last Tuesday ]: The Irish News
[ Last Tuesday ]: Ghanaweb.com
[ Last Tuesday ]: The Hill
[ Last Tuesday ]: Tallahassee Democrat
[ Last Tuesday ]: The Scotsman
[ Last Tuesday ]: Investopedia
[ Last Tuesday ]: The Globe and Mail
[ Last Tuesday ]: Forbes
[ Last Tuesday ]: The Irish News
[ Last Tuesday ]: moneycontrol.com
[ Last Tuesday ]: Business Today
[ Last Tuesday ]: Associated Press
Mon, August 4, 2025
[ Last Monday ]: Channel NewsAsia Singapore
[ Last Monday ]: Fortune
[ Last Monday ]: moneycontrol.com
[ Last Monday ]: The Irish News
[ Last Monday ]: The Center Square
[ Last Monday ]: TwinCities.com
[ Mon, Aug 04th ]: Seeking Alpha
[ Mon, Aug 04th ]: The Straits Times
[ Mon, Aug 04th ]: CoinTelegraph
[ Mon, Aug 04th ]: newsbytesapp.com
[ Mon, Aug 04th ]: ThePrint
[ Mon, Aug 04th ]: Forbes
[ Mon, Aug 04th ]: The New York Times
[ Mon, Aug 04th ]: News 8000
[ Mon, Aug 04th ]: BBC
[ Mon, Aug 04th ]: Palm Beach Post
[ Mon, Aug 04th ]: ThePrint
[ Mon, Aug 04th ]: Nebraska Examiner
[ Mon, Aug 04th ]: Ghanaweb.com
[ Mon, Aug 04th ]: Artemis
[ Mon, Aug 04th ]: Business Today
[ Mon, Aug 04th ]: RTE Online
[ Mon, Aug 04th ]: The Financial Express
[ Mon, Aug 04th ]: BBC
[ Mon, Aug 04th ]: The Goshen News
The essential bucket list for your finances before you die
//business-finance.news-articles.net/content/202 .. ucket-list-for-your-finances-before-you-die.html
Published in Business and Finance on Sunday, August 10th 2025 at 15:37 GMT by The West Australian🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Financial planners are all too familiar with someone who dies unprepared, leaving a dog's breakfast to be sorted out. Your Money has compiled a list of the most important things that need to be in place now.
The Essential Bucket List for Your Personal Finances Before You Die
In an era where life expectancy is longer than ever, it's easy to put off the uncomfortable task of preparing your finances for the inevitable end. Yet, as financial expert Nick Bruining emphasizes, creating a "financial bucket list" isn't just about ticking boxes—it's about ensuring your loved ones aren't left with a mess of paperwork, disputes, and financial headaches after you're gone. This comprehensive guide outlines the key steps to take, drawing from years of advisory experience, to safeguard your legacy and provide peace of mind. From updating legal documents to organizing digital assets, these actions can prevent costly mistakes and family conflicts. Let's dive into the essentials, step by step, to help you get your affairs in order.
First and foremost, revisit your will. If you don't have one, that's your starting point—dying intestate means the government decides how your assets are distributed, often leading to outcomes that don't align with your wishes. Bruining stresses that even if you have a will, it should be reviewed every few years or after major life events like marriage, divorce, birth of children, or significant asset changes. For instance, if you've remarried, your new spouse might have claims that override previous intentions. Include specifics: who gets the family home, investments, or sentimental items? Appoint an executor who's capable and trustworthy—perhaps a professional if family dynamics are complex. Don't forget to consider blended families; provisions for stepchildren or ex-partners can avoid legal battles. In Australia, where laws vary by state, consulting a solicitor is crucial to ensure your will is valid and comprehensive.
Next on the list is superannuation. Unlike other assets, super doesn't automatically fall under your will. Bruining highlights the importance of binding death benefit nominations (BDBNs), which direct your super fund to pay benefits to specific beneficiaries. These nominations lapse every three years unless they're non-lapsing (available in some self-managed super funds), so set reminders to renew them. Without a valid nomination, the fund trustee decides, potentially leading to disputes. If you have life insurance within super, review the policy details—who's the beneficiary? Ensure it aligns with your overall estate plan. For those with substantial super balances, consider tax implications: death benefits paid to non-dependents (like adult children) can be taxed at up to 15% plus Medicare levy, so strategic withdrawals or contributions might minimize this.
Power of attorney (POA) and enduring guardianship are non-negotiable for incapacity planning. A POA allows someone to manage your financial affairs if you're unable to, while an enduring guardianship covers health and lifestyle decisions. Bruining warns that without these, courts may appoint a guardian, a lengthy and expensive process. Choose attorneys wisely—perhaps adult children or a trusted friend—and specify limits, like whether they can sell property. These documents must be enduring to remain valid if you lose mental capacity, such as from dementia. In Western Australia, for example, forms are available through the State Administrative Tribunal, but professional advice ensures they're tailored to your needs.
Insurance policies deserve a thorough audit. Life, total and permanent disability (TPD), and income protection insurance should be up-to-date. Bruining advises checking beneficiaries and coverage amounts—has inflation eroded the value? If you're nearing retirement, assess if you still need certain policies or if they're better converted to funeral bonds. Trauma insurance might be redundant if you're healthy, but don't cancel without expert input. For homeowners, ensure property insurance covers current rebuild costs, especially post-natural disasters like floods or bushfires.
Debt management is another critical area. List all debts: mortgages, credit cards, personal loans, and even informal ones like money owed to family. Bruining suggests creating a debt repayment plan or, if possible, paying them off to unburden heirs. For mortgages, consider life insurance to cover the balance upon death. If you have investment properties, review loans and ensure they're structured tax-efficiently. High-interest debts should be prioritized—consolidating them could save thousands.
Organizing assets and records is about accessibility. Compile a master file or digital folder with bank details, investment statements, property titles, and passwords. Bruining recommends using a secure password manager for digital assets like online banking, email, and social media. What happens to your Facebook account or cryptocurrency wallet after death? Designate a digital executor in your will. For physical assets, inventory valuables, jewelry, and collectibles, perhaps with appraisals for insurance and inheritance purposes. If you own shares or managed funds, ensure they're held in a way that's easy to transfer—joint ownership can simplify things for spouses.
Tax planning extends beyond death. Bruining points out that executors must file a final tax return, so keep impeccable records. Capital gains tax (CGT) on assets sold after death can be hefty; pre-death strategies like gifting assets might reduce this. For retirees, review pension arrangements—reversionary pensions can provide seamless income to spouses. If you're charitably inclined, structure donations in your will for tax benefits.
Funeral and end-of-life wishes shouldn't be overlooked. Pre-paid funeral plans lock in costs and relieve family of decisions during grief. Specify preferences in your will or a separate letter—cremation or burial? Organ donation? This prevents arguments and ensures your send-off reflects your values.
Family communication is the glue holding it all together. Bruining urges open discussions with heirs about your plans to manage expectations and reduce surprises. This might involve family meetings or letters explaining decisions, like why one child gets more due to needs.
Finally, seek professional help. A financial planner, accountant, and lawyer form a dream team for personalized advice. Costs vary, but the investment pales against potential estate disputes, which can drain hundreds of thousands. Start small—pick one item from this list today—and build momentum. As Bruining aptly puts it, this bucket list isn't morbid; it's empowering. By preparing now, you gift your loved ones clarity and security, allowing them to grieve without financial turmoil. In a world of uncertainty, this is one area where you can take control. (Word count: 928)
Read the Full The West Australian Article at:
[ https://thewest.com.au/business/your-money/nick-bruining-the-essential-bucket-list-for-your-personal-finances-before-you-die-c-19608783 ]