This topic is becoming more and more prevalent.

Dying intestate (without a will) may cause a myriad of issues for the next-of-kin. Additionally, if you die without a single living relative, your “unwilled” estate may be disbursed in ways you would have not anticipated or expected.

With more younger and middle-aged borrowers seeking debt, it is worthwhile that they consider preparing a Will. Whilst this may be considered as a “to do later job”, the borrowers need to understand and consider the fallout of not doing it in the event of a mishap ,and what impact this would have on the family unit and relatives.

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 does not automatically form 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 the 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 super funds are to be distributed in the event of your death.

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

When preparing a Will, make sure that your Accountant, Lawyer and Executors all receive a copy of the Will.

Borrowers should always have Medical and Financial 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 it as there may have been recent life changes that may have a future impact. Be forewarned, you do not wish to be caught out with an passé Will.