The Uggs are on, the heater’s cranked, the soup is on the stove – which means the end of the financial year is almost upon us. Along with ticking your taxes off the do-list and staying across any health insurance premium updates, it’s also the perfect time to think about another key part of your financial literacy toolkit – creating or reviewing your estate plan, including your Will. Sure, it might not be anyone’s idea of a fun time, but let’s be real: it’s too cold to go out anyway, so you may as well take advantage of the indoor time. (Thankfully, Safewill lets you write and update your Will anywhere from any device, including from the comfort of your couch.)
Here’s how it’s done.
Why: In a nutshell, estate planning lets you have control over how your affairs will be handled if you die or become incapacitated and can no longer make decisions for yourself. It lets you plan for what will happen to your money, property, possessions and any other assets or liabilities under your name, as well as appoint guardians for anyone you care for who can’t look after themselves (including children and pets).
How: There are many parts to estate planning, but there are some key documents that can help you plan for and manage your end-of-life affairs. These can include Wills, Powers of Attorney, Advanced Care Directives, testamentary trusts and details around life insurance, superannuation, death benefit nominations and funeral preferences. The Safewill platform lets you write, store and update your Will online (where you can nominate guardians and note funeral preferences), as well as appoint your financial and medical Powers of Attorney. You can even prepay your own funeral through Safewill Cremations, saving your family time, stress and money when the time comes. Learn more about estate planning in Australia here.
Why: You might’ve already organised your estate plan in the past, and now have it stored away for safekeeping. But your life can change a lot, making it necessary to regularly review your estate plan and Will. While your arrangements may still suit your current situation, it’s worth taking a closer look at all the details in case you’ve changed your mind or circumstances.
How: Have a look at your estate planning documents and consider any changes that have happened since you last reviewed it. There can be major and minor changes to your health, relationships, finances and assets that necessitate reviewing your estate plan. Even inconsistencies in smaller details, like changes to full legal names, can have negative consequences when it comes to dividing your estate.
When it comes to your estate plan and Will, it’s important to keep in mind any changes with:
Relationships in the family
Deaths in the family
New additions in the family
Your digital assets (including things like cryptocurrency and any sites you own)
As your life keeps moving, so does the value of your estate. Keeping this in mind, it might be the right time to look at setting up a trust fund or appointing a legal guardian for your children. If you need to update your estate plan, there are benefits to switching over to an online system. Safewill makes it easy to write, store and make changes to your Will online and our subscription service means you can make unlimited updates to your Will for $15/year (the first year is free) and have it checked over by a Wills expert every time.
Put your life in order with Safewill
With EOFY right around the corner, Safewill is offering 50% off your bespoke Will with the code EOFY22 at checkout to help you get your affairs in order*. For your convenience, our membership subscription simplifies updating your Will whenever you like for just $15 a year.
*Offer ends at 11:59pm, 06/07/2022.