When life is good and you’re full of health and vitality, making a will is probably the last thing on your mind. However, it’s often best to start making plans for your estate well before your senior years. Estate planning is more than just stating how you wish your assets to be disposed of when you’re no longer here to make use of them, it’s also about planning wisely for the future.
If you’ve only recently begun considering whether you should be making a will, here are three good reasons why it’s time to make it now, rather than later.
1. You never know what the future may hold
Thankfully, premature death is unusual in Australia, so most people can expect to live well into their seventies and beyond. Unfortunately, accidents can occur, so it makes sense to ensure you have a will in place so that if the worst happens, your wishes are known and can be respected.
2. Estate planning and making a will can take time
If your circumstances are relatively straightforward, then you can make a legally valid will yourself with an Australian Will Kit.
If your situation is complex, particularly if you have significant assets and you’re seeking the best way of minimising tax obligations when your wealth is inherited, its wise to use the services of a lawyer to ensure your wishes are appropriately recorded and legally binding. Obtaining expert advice early on frequently results in more effective planning and a better financial outcome.
3. Enjoy it while you can
Despite a natural desire to pass wealth on to dependants, in some circumstances they will obtain greater benefit from an early cash gift or property transfer. Estate planning legal advice can include assistance with deciding on the best way to ensure your family benefits, as well as what eventually happens to your assets.
Once you’ve made a will, it’s always possible to revisit it at a later date as changing family circumstances or other variables may mean you wish the document to be updated or rewritten. Putting in place the legally binding documentation needed to safeguard your assets for the future is frequently a sobering experience, but one which ultimately can give considerable peace of mind.