Description
With many Australians putting their estate planning, in particular, Wills, in the too-hard basket, DIY Will kits can seem an easy option. This article outlines the downside of ‘doing it yourself’ and the other alternatives. And although a financial planner cannot prepare a Will, it recommends that a planner be involved in the process.
Introduction
More than 45% of Australians don’t have a valid Will. If you die without one, your hard-earned wealth (your estate) will be distributed according to the rules of intestacy – a government-determined formula. That may not divide your estate as you would like, and if your family consists only of distant relatives your assets could end up enriching your state government’s coffers.
If that’s convinced you that a Will is a good idea, how do you go about making one? There are three main options:
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