Step 5: Seek expert advice regarding your end-of-life plan

If you have substantial assets, it’s best to seek the advice of experts to ensure your wishes are accurately reflected in the legal documents that form your estate plan.

A financial adviser or your bank can help you to prepare for your future, no matter what stage you're currently at, while a solicitor can help to draw up legal documents for you and an accountant can advise on the best plan of attack when choosing business successors or setting up complex trusts.

If you move interstate or overseas, keep in mind that different states and countries have different laws which may affect your estate planning documents - your financial adviser can assist with advice here too.

It's important to explain your estate plans to your family and the executor of your will as well to keep them abreast of any substantial changes you may make in the future. It’s also worth reviewing your plans every 5 to 7 years to ensure they're up-to-date.

Read more about wills and power of attorney at ASIC's Money Smart or the Australian Funeral Directors Association.