Do you know that there is actually one Australian that dies every 3 minutes and 13 seconds? This fact is sourced from the Australian Bureau of Statistics. This news is a very alarming statistic, and it raises many questions around what happens after someone dies. It’s time to give some serious thought about getting a Will created (if you are over the age of 18).
Reasons why you need a Will
The only way to ensure that your assets will be distributed the way you want after you pass away is to have a Will. This will help you avoid possible conflict between your family members by being clear about what you want after your death.
If it happens that you passed away without a Will (called intestate), it will be the courts decision how your assets will be distributed, based according to a legal formula. This means there will be no chance to leave any gifts to friends and family, as these wishes are not documented properly. Moreover, there are additional fees and charges involved which means your beneficiaries will end up receiving less and potentially losing more money paying unnecessary taxes.
There are around 50% of Australians who don’t have a valid Will based on to the statistics. While the main reasons are not yet identified, it could be a combination of not being sure how to make one and trying to ignore our own mortality.
Nonetheless, it’s always important to have your affairs organised as you’ll never know what could happen at any time.
Fortunately, this coming March is Will’s month which means it’s the perfect time to get your affairs in order. As a matter of fact, if you needed any more motivation, Invigor8 Estate Planning is ready to assist you get on top of this critical area.
When should I write a Will?
If you’re are over 18 years old, you are eligible to prepare a Will. You’re never too young to prepare a Will. Even if you have a Will, there are instances where you should review, revoke your Will and create a new Will
- Getting married or re-married.
- Entering into a de facto relationship;
- Getting separated or divorced;
- Buying a house/apartment or other significant asset;
- Buying or starting a business;
- Receiving an inheritance;
- Having additional children;
- A substantial family falling out;
- Changes in financial circumstances of beneficiaries;
- The death of an Executor or Guardian of children;
- Inappropriate estate planning assessed;
- Inclusion of a charity;
- Beneficiaries become bankrupt or suffer addictions or have marriage difficulties;
- Sale of a specific gift/s already included in the will;
- Sale of other assets which may impact the balance between beneficiaries.
As you can see, there are many reasons to have your estate planning reviewed by Invigor8 Estate Planning.
We have partnered with Abbott & Mourly Solicitors. They specialise in Estate Planning & Self-Managed Super Funds. We use a software platform – Lightyear Docs developed by Abbott & Mourly which provides all of the special legal documents we need to assist you.
It is not just Wills, we can offer the following solutions –
- Enduring Power of Attorney
- Advanced Health Directive
- Testamentary Trusts
- Self-Managed Super Fund Wills
- Binding Death Benefits Nomination (BDBN)
- Loan Protector/Business Protector
- Leading Member upgrades (bloodline like the Royal family)