Do you have a Will? A large percentage of Australian’s don’t have a Will despite knowing very well about them, how they work and where to go and get one. Perhaps it seems as though it’s a tedious task, and that there’s really no point, yet. After all you only need one for if you die right? Wrong.
You do it for your family’s future. A will enables you to start thinking about issues like whether you have the right insurance coverage, life insurance and ways of replacing your lost income.
Whether you’re 22 years old and just ran your tenth marathon or are ready to retire, laying out an estate plan should definitely be near the top of your list of things to do.
Don’t assume your parents or other relatives will step in to take care of your little ones after you pass away. If you want a specific family member or friend to take care of your children, but that person is not your next of kin, you’ll need to designate him or her specifically in your will. Otherwise, custody may be handed automatically to a blood relative you may not have chosen.
People in their 20s and 30s go through plenty of life changes that make it important to start creating a will early in life. You might get married, have children, file for divorce or go through a life-changing medical condition.
Think about who you would leave your assets to if you were to pass away, such as friends, family or charities.
Once you have your will squared away, don’t let it become a huge family secret. No matter what you’ve set out in your will, making all those concerned aware will make it much easier for them down the track.
You can provide details for whether you would like to be buried or cremated. Without having these wishes or instructions included in your will, your family will then make the decision without your input.
Your will can protect any business you own, or family business running by ensuring that there are people in the right positions to continue while your estate is in administration.
By leaving a detailed and valid will, your estate should be more efficient and therefore cost less.
Making a will these days is easier than ever and if you’ve been putting it off simply because it seems daunting, you could be making a huge mistake.
Contact the team at BD&N and we’ll help you secure your family’s future.