Not Having A Will – A Huge Mistake

Robert Holmes a Court was one of Australia’s most respected businessmen in the 1980’s. Throughout his life he managed to build an empire worth $2 billion dollars, but with one huge mistake. He didn’t have a will.

Why Would Such A Man Fail To Do Such A Thing?

The two most common reasons people have for not planning for their estate are lack of time, knowledge or the perception that their assets are too insignificant to warrant it. For some people it’s as simple as they don’t want to think about, let alone talk about the end of our lives.

Who needs estate planning?

Estate planning is the process of protecting the wealth that you have spent a lifetime building and ensuring that this wealth is distributed in line with your wishes. A good Estate Plan will also take into account your other assets including superannuation, how your  assets are held where your assets are held and who will make health and or financial decisions for you in the event that you are unable to do this yourself.

Do you own any assets? Do you have any dependents, financial or otherwise? Would these dependents struggle financially if anything were to happen to you? If you have answered yes to any of these questions you need an Estate Plan. It is also important that your Estate Plan is reviewed at least every three years assuming there are no changes to your circumstances.

 

Has any of the following occurred since you last reviewed your Estate Plan?

  • getting married, living with a partner, separating or getting divorced
  • when you have children or step-children
  • buying real estate or other valuable assets
  • buying, selling or operating a business
  • if you have superannuation (most people are unaware that your super is not covered by your will)
  • if you have family members with special needs or children who are vulnerable
  • if you set up a family trust or company
  • if you are unable to make decisions, financial or otherwise, on your own behalf

If so, it is important that your existing Estate Plan is reviewed now.

Please get in touch with us to discuss your estate plan, click here – or call us on  (07) 5598 3800

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For more info see: Sydney Morning Herald