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Estate Planning will Wills Excuses Lawyer Legal Queensland Brisbane Australia Death Deceased Estates

What is your excuse for not having a will?

When you die, you die. Nothing can be done from the grave that you haven’t planned for already.

I’ve had many clients come in during their twilight years to make their first will. As surprising as this may seem, it’s actually quite common. The following are the reasons I hear most often about clients not having considered their estate planning sooner:

I’m too busy.

Life can be incredibly busy at times and that makes it even more important to attend to your estate planning. Ultimately, the beneficiaries of your estate plan are your loved ones. Neglecting your estate plan will not affect you, it will affect them.

I/we can’t agree on our wishes.

Estate planning for many people, especially those with blended families, can be challenging, as there may be different needs and wishes at play. However – don’t overthink it. Once you have determined what you would like your estate plan to be, even if it is different to your partner, you’re halfway there. Write your wishes down and seek advice on anything you’re unsure on to see what your options are.

I don’t have much money in the bank so it’s not worth it.

Never assume that you know how your loved ones will react to your passing. I have seen many estates of a nominal value being disputed by family members over principle.

Also, I see many people that do not factor their superannuation death benefits into their estate plan. If you don’t have a Binding Death Benefit Nomination in place, your superannuation could still be paid to your estate, increasing its value significantly.

Whilst a will does not prevent family members disputing the distribution of an estate, it will ensure your wishes are clearly recorded.

I’m young and healthy, I’ll think about it in 20 years.

Life is unpredictable, and unfortunately, accidents happen. The kindest thing you can do for your loved ones is be prepared. The benefit of addressing your estate plan early on, is the well-rounded advice you can receive on budgeting, wealth protection and taxation.

Think of your estate plan as an insurance policy – once it’s in place, it’s there for when you need it.

If you wish to discuss creating a new will for yourself or your estate planning, please do not hesitate to contact me.

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The information provided in this article is for general information and educative purposes in summary form on legal topics which is current at the time it is published. The content does not constitute legal advice or recommendations and should not be relied upon as such. Whilst every care has been taken in the preparation of this article, Wills, Estates and Probate Lawyers (WEP Lawyers) cannot accept responsibility for any errors, including those caused by negligence, in the material. We make no representations, statements or warranties about the accuracy or completeness of the information and you should not rely on it. You are advised to make your own independent inquiries regarding the accuracy of any information provided on this website. WEP Lawyers does not guarantee, and accepts no legal responsibility whatsoever arising from or in connection to the accuracy, reliability, currency, correctness or completeness of any material contained in this article. Links to third party websites or articles does not constitute any endorsement or approval of those sites or the owners of those sites. Nothing in this article should be construed as granting any licence or right for you to use that content. You should consult the third party’s terms and conditions of use in relation to any third-party content. WEP Lawyers disclaims all responsibility and all liability (including liability for negligence) for all expenses, losses, damages and costs you might incur as a result of the information being inaccurate or incomplete in any way. Appropriate legal advice should always be obtained in actual situations.

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Chloe Kopilovic

Written by—

Chloe Kopilovic

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