When you die, you die. Nothing can be done from the grave that you haven’t planned for already.
I’ve had many clients come in during their twilight years to make their first will. As surprising as this may seem, it’s actually quite common. The following are the reasons I hear most often about clients not having considered their estate planning sooner:
I’m too busy.
Life can be incredibly busy at times and that makes it even more important to attend to your estate planning. Ultimately, the beneficiaries of your estate plan are your loved ones. Neglecting your estate plan will not affect you, it will affect them.
I/we can’t agree on our wishes.
Estate planning for many people, especially those with blended families, can be challenging, as there may be different needs and wishes at play. However – don’t overthink it. Once you have determined what you would like your estate plan to be, even if it is different to your partner, you’re halfway there. Write your wishes down and seek advice on anything you’re unsure on to see what your options are.
I don’t have much money in the bank so it’s not worth it.
Never assume that you know how your loved ones will react to your passing. I have seen many estates of a nominal value being disputed by family members over principle.
Also, I see many people that do not factor their superannuation death benefits into their estate plan. If you don’t have a Binding Death Benefit Nomination in place, your superannuation could still be paid to your estate, increasing its value significantly.
Whilst a will does not prevent family members disputing the distribution of an estate, it will ensure your wishes are clearly recorded.
I’m young and healthy, I’ll think about it in 20 years.
Life is unpredictable, and unfortunately, accidents happen. The kindest thing you can do for your loved ones is be prepared. The benefit of addressing your estate plan early on, is the well-rounded advice you can receive on budgeting, wealth protection and taxation.
Think of your estate plan as an insurance policy – once it’s in place, it’s there for when you need it.
If you wish to discuss creating a new will for yourself or your estate planning, please do not hesitate to contact me.