Disclaimer: This article is not a financial advice. This is just me sharing to the wall! I am simply recalling what, why, and how we did it … This daunting task is, hopefully, simplified 🙂
A will is one of those things that most people put in the “too hard” basket. You either procrastinate or you forget about it altogether. But this should not be the case when you have dependents. Especially not so when you have a dependent who will be needing lifetime care (read: a special needs child). Contrary to popular belief, a will is not only for the rich and the famous. You, yes you, will need one too. Not only does a will ensure that your surviving family is looked after according to your wishes; a will also protects the time, energy and resources you spend in building your wealth.
Having said that, in my opinion, a will is not essential if one has straightforward investments. Your superannuation plan and life insurance policy will have nominated beneficiaries, after all.
But what if you have shares, investment properties, businesses and other assets? It is useful to consider how you want your dependents to receive their inheritance. Will they have access to it at age 21 or will they get it later? Will they be needing guardians? Who do you appoint as trustee, etc. The possibilities are endless; the whole exercise can be mind-boggling! [Read more…]