This topic is becoming more and prevalent. Dying intestate (without a will) may cause issues for the next-of-kin. And, if you die without a single living relative, your “unwilled ”estate may be disbursed in ways you would have not anticipated.

With more young and middle-aged borrowers seeking debt, it is worthwhile to consider preparing a Will. Whilst this may be considered a “do later job”, borrowers need to consider the fall-out of not doing so in the event of a mishap and what impact this would have on the family unit. If you die without a spouse or partner, everything you own (with exceptions such as super) forms your estate, and what you do with it in your Will is up to you. Super is not automatically a part of your estate and does not necessarily go to the beneficiaries according to your Will. Your superannuation funds are held in trust by super funds, whose trustees decide where it should go. You should ensure that you have executed a “binding death nomination form” so that your superfund is aware of where your superfunds are to be distributed.

Also, consider if there is a need for a Testamentary Trust. Ensure that this is discussed with your lawyer, especially if there are “blended marriages” or parents who had gifted their children for house purchases, or any other worthwhile acquisition.

When preparing a Will, make sure that your Accountant, Lawyer and Executors all receive a copy of the Will. Borrowers should always have Powers of Attorney executed and kept in a safe place for peace of mind. If you have a current Will, maybe it’s time to review and update as their may have been recent life changes. You do not wish to be caught out with an passé Will.

Contact Paul to discuss this as Paul has associates who will assist with estate and wills.


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