When is it time to start thinking about making a will, and what are your tops tips for estate planning?

DEATH! Hey, can we lighten this up a bit? To Salt ’N’ Pepa’s classic: “Let’s talk about death, baby. Let’s talk about you and me …”

About once a month, DebtBoy makes me squirm. “Dad, I hope you don’t die.” He means it as an “I love you” comment, but I wince every time.

I’m pretty fond of life. I’m head over heels in love with my family. Despite being pretty sure at age 21 that life after 40 would bore me to death (pardon the pun), I’ve been pleasantly surprised to discover life keeps getting better.

I don’t want to find out if Kerry “Lazarus” Packer’s claim is true – that there’s nothing on the other side. But I have prepared with what’s called estate planning.

Before considering wills, Gen Xers need to make sure they have an estate to leave. We are, largely, on the cusp of creating wealth – buying homes and making our first investments.

But we aren’t wealthy yet. Have you made enough for your family to feel looked after in you cark it? No? Xers need to fund that shortfall with adequate life insurance.

While you and your kids are young, get plenty. Enough to make sure your partner can clear all debts, plus create an income stream to replace what you won’t be earning because, you know, you’re, um, dead.

You can fund your insurance through super. Top up your super with salary sacrifice to pay for it.

Once Xers have done that, they need to make sure they have wills and enduring powers of attorney in place. And when? NOW!

Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and principal adviser with Castellan Financial Consulting.