Sydney: 1 July 2010 - With average household debt in Australia now equal to one and a half times after-tax income, Australian families are at greater risk than ever before, prompting a call from the Association of Financial Advisers (AFA) for the Government to seriously engage with consumers on the issue of managing personal risk and protecting their families before banning commissions on life insurance. 

Estate planning is a way of ensuring your estate is passed to the right people, at the right time, and in the most tax effective manner, as chosen by you.

The estate plan is an essential part of the financial planning process. A successful estate plan is achieved by arranging your assets during your lifetime, so as to manage and preserve your wealth and ensure that it is distributed on your death in a way that complements your overall financial plan.

A Will is the cornerstone of any estate plan. It provides you with flexibility in choosing who should benefit from your estate and how they should benefit. It is therefore important that your Will be kept up-to-date to reflect your current wishes and changing circumstances.