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How to get your will sorted

Making a will is an important way to help ensure that your wishes are respected and your loved ones are taken care of if you pass away.

A will is a legal document that sets out how you want your assets, such as property, money or possessions, to be distributed among your beneficiaries in the event of your death. Yet, according to a Finder survey, 60% of Australians (about 12 million people) don’t have one. Understandably, it’s something many people don’t like to think about, however it’s straightforward to set up and could make a big difference to your family during an already difficult time.

Understanding the terminology

There are some terms that are helpful to know when making a will:

An executor is the person or organisation that you appoint in your will to carry out your wishes and manage your estate.

A beneficiary is a person or organisation that you name in your will to receive all or part of your estate after your death.

Dying intestate means dying without a valid will, which leaves your estate to be distributed according to the law of your state or territory.

How to make a will

You can make a will yourself using a will kit or an online service for a small fee, or you can hire a lawyer to draft your will if your estate is complex. The advantage of using a professional is that they can ensure your will complies with the law and meets your specific needs and circumstances.

It’s also important to review and update your will regularly, especially when your personal or financial situation changes, such as in the case of getting married, divorced, having children or inheriting assets. If you don’t update your will, it may not reflect your current wishes and may cause problems for your beneficiaries.

Consider life insurance

While a will can ensure your loved ones inherit your assets, this may not be enough to financially support them in your absence. Life insurance pays a lump sum benefit to your beneficiaries if you pass away, provided the relevant policy terms and conditions are met. It may help your family cover funeral expenses, pay off any debts you had and help improve their financial security as they continue life without you.

A financial planner can help you create a plan to safeguard your loved ones’ financial future with a life insurance policy that suits your needs.

Reference:

If you don’t, who will? 12 million Australians have no estate plans | finder.com.au
Wills and powers of attorney – Moneysmart.gov.au

 

Source: TAL

Hardik Gupta

Senior Paraplanner

Education: Master of Business Administration (Finance & marketing) & Bachelor of technology (B.tech)

Hardik is a financial professional with an MBA in Finance and extensive expertise in financial planning. As a Senior Paraplanner, he brings a wealth of knowledge and a deep commitment to helping clients achieve their financial goals.

With significant experience in the financial industry, Hardik excels in creating detailed financial plans, performing comprehensive financial analyses, and supporting financial advisors with client portfolio management. His strong background in finance provides him with a robust understanding of market dynamics, investment strategies, and risk management, enabling him to deliver tailored solutions that align with each client’s unique needs.

In his free time, Hardik enjoys spending quality time with his family, biking, playing snooker, and exploring new culinary delights through cooking.

Mayank Manta

Team Leader

Master’s of Commerce & Bachelor of Commerce

Mayank has 8 years experience in the Financial Services industry, with extensive understanding and in-depth knowledge of Financial Planning.

Mayank enjoys systems and numbers, ensuring that every step that needs to be followed gets done and every step that is unnecessary be removed from the process. Being an open, honest and naturally empathetic person, Mayank goes out of his way to ensure that clients, family and friends are happy and content. In his free time, Mayank enjoys spending quality time with my family, creating lasting memories with the people who matter most to him.

Another activity he enjoys is travelling – exploring new places and experiencing different cultures is something that excites him.

Jack Wyer.

Financial Adviser

Bachelor of Business – Major, Financial Planning

Jack Wyer is a Financial Planning Graduate who has recently commenced his Professional Year with Verity Wealth Solutions. With a Bachelor’s Degree in Business, Majoring in Financial Planning, Jack has demonstrated high achievement, receiving merit awards in both 2021 and 2022. Jack’s passion for helping others and his desire to see others succeed financially have been the driving forces behind his chosen career pathway.

Driven by his passion for financial well-being and his innate ability to connect with others, Jack is dedicated on making an impact on the lives of others. Through his expertise, empathy, and commitment, he strives to empower people to achieve their financial goals.

Alongside his financial planning endeavours, Jack finds joy in spending quality time with friends and family and wants to slowly visit new countries along the way. Jack is also an avid Soccer player, actively playing for a local team. When it comes to supporting a team, Jack goes for Tottenham in the English Premier League.

Jack Wyer’s Adviser Profile