Estate planning is much more detailed than simply making a will. It involves orchestrating your estate to ensure that your wealth is passed into the right hands, in the most financially-efficient and tax-effective way possible.

What do I need to consider when assessing my estate planning needs?

• Do you have an effective, current Will?
• Do you believe you may require the creation of more complex trusts within this will?
• Do you have susceptible beneficiaries with special needs?
• Will there be enough money to satisfy your family's needs in the future?
• Have you considered any tax or other implications of your estate planning arrangements?

These are just some of the issues Australians are faced with every day when considering their estate planning needs. If you answered yes to any of these questions, you should contact your financial planner for advice on developing your own estate plan that works for you and your family.

Adam and Genevieve are married and have two young children. With all the expenses of having young children, and the recent purchase of a large, four bedroom home, Genevieve planned to restart part-time work at the company she had worked for previously.

Unfortunately, Adam was killed unexpectedly while on a fishing trip off the coast near their new home. The future they had planned for fell to pieces in an instant. The only cover Adam had apart from insurance for their mortgage was a small savings account his parents had set up for him when he was younger. This, however, was only a few thousand dollars - and was definitely not enough for Genevieve to raise both their young children. An event like this can leave a family in a desperate situation. Although Adam had a Will, a lack of planning had seen his family left with no money for the future.

An estate planning review with a professional financial planner would have provided Adam and Genevieve with a full analysis of the type of risk cover they would need to ensure Genevieve and the children would be financially stable.