You work hard your whole life to accumulate assets, make sure they go to the right people. Think about who should get your money when you’re gone and make sure they will actually get it. This is especially important if people depend on you financially.
1. Do a will
“No will” equals “no choice”. If you die without a will then the government decides who gets what using their own formula and it will take longer for beneficiaries to receive their share. Your estate also runs the risk of being hit with a bigger tax bill than a properly planned estate.
A will sets out exactly what will be done with your assets when you die. It must be detailed, specific and address every eventuality.
There is no excuse for not having an up-to-date will. If your will is very simple then write one yourself with the help of a Will Kit. These can be bought from the Post Office and newsagencies.
2. Get advice
If your affairs are a bit more complex get advice from an accountant or financial planner and use a lawyer. Discuss your options and the tax implications of each alternative for the beneficiaries.
One way to make sure loved ones get their fair share may be to provide for them outside of the will. Investment vehicles such as DIY superannuation funds and family trusts allow assets to be specifically handed on in accordance with your wishes. These alternatives are costly to set up, but worth considering if you have substantial assets.
3. Update it regularly
Update your will after any major changes in your personal life. That includes births, marriage, divorce, or entering a de facto relationship. Also remember to make changes after any financial windfalls or losses.
If your life is going well and there are no changes it’s still a good idea to review your will at least every 5 years.
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