Today's news from QBANK, CEO Mike Currie discusses the importance of estate planning and answers the question..."Why do I need a Will?"
A very famous quote that is attributed to Benjamin Franklin is that “The only two certainties in life are death and taxes.” I would argue that you can also add to that the certainty that, in April every year, Dragons supporters will be calling for the coach to be sacked and starting to think about next season.
The topic of estate planning can be complex, and the temptation for us in life is, to put off until tomorrow, making plans for what happens in death. Various sources estimate that 50% of Australians do not have a Will. Having a Will is the only way to ensure that your assets are distributed the way you want after your death. It also helps to avoid potential arguments between family members and allows the lawyers and courts to better understand your wishes.
If you Google, “Why do I need a Will”, you will access plenty of lists of reasons that outline why it is a good idea. Foremost among them is that having a legal Will saves time, money, and stress for your loved ones in the event of your passing. A Will can deal with critical matters such as:
- Who manages your estate;
- Who your assets and property is distributed to;
- Who takes care of your children;
- Providing funeral instructions.
Unfortunately, part of our day-to-day life at the Bank is to help families navigate through some of the arrangements after the passing of a loved one. It is invariably a sad, stressful time, and, it can be made more so if the loved one has dies without a Will.
It is not necessarily a topic we want to dwell on in life, but we would certainly encourage all of our members to speak to an expert who can help with such important planning for the well-being of you and your families. Further information about making a Will, including accessing the public trustee’s free Will service, is available here https://www.pt.qld.gov.au/wills/making-a-will-step-by-step/.
Although QBANK cannot assist you with preparing your Will, our team is always available to talk about the options available to make a Will, and to support those dealing with the aftermath of the loss of a loved one.
Mike Currie, Chief Executive Officer QBANK