Perhaps writing a will has been on your to do list for years and you just never seem to get around to it. Or you wrote one early in your working life and then never gave it another thought. Back then it would have been a fairly simple document. But with the passing of time, life becomes more complex. People enter relationships, children arrive, assets and money accumulate. As life progresses the process of arranging a will requires a bit more effort, but also becomes more important. Read on to find out why.
Your estate is probably larger than you think
The total value of our assets and money can easily add up to a significant figure by the time we leave the scene. Combine the value of property (or properties) we own with a super and life insurance pay out, and it’s no great stretch to see our next generation coming into two million dollars or more. For the people on the receiving end, that’s a significant weight of responsibility and it has the potential to reshape their entire future.
There is risk in leaving decisions to others
You may well be a prudent decision-maker when it comes to financial matters for yourself and your family. However all your good work can easily come undone after you’ve gone if there is no will or there’s an inadequate will in place. Your dependents could end up having to place reliance on the wisdom (or otherwise) of third parties with decisions that have to be made. That alone should be sufficient incentive to get an appropriate will in place as soon as possible.
Writing a will is time well spent
When you consider how important a will can be, the time needed to get it organised is a minor issue. It can start with a half hour conversation with your partner, or working things out on your own. This typically could lead to several emails or short appointments with your solicitor. Shoppers take longer over the purchase of home appliance! Arranging a will is a relatively straightforward process. What’s more, as we’ve suggested already, it’s much simpler than what might happen without one in place.
Consistently ranked one of Sydney’s top financial planners (Adviser Ratings), Brenton helps his clients life a great life by making the most of their money. Read his full bio here.
