One Australian dies every 3 minutes and 12 seconds1 and with over 50% of Australians dying without a valid Will2, that is a hell of a lot of intestacies (people dying without a valid Will). That’s around 164,250 Aussies each year.
In 2018 alone, $120 Billion3 was passed on to loved ones.
That is more than the Federal Government spend on Healthcare in the same year.
With an average of $125,000 to be passed on to each beneficiary per year, surely this could be done more efficiently while saving tens of thousands of hours for courts, executors and beneficiaries.
It should not be that hard to raise the percentage of Australians with Wills.
It is not difficult to create a Will. Basically, it is helping your clients assign executors and beneficiaries and deciding the best way to distribute their estate.
Once that is done, then all that is left is having at least 2 adults witness it being signed.
Again not hard!
What are the barriers to completing a Will?
There are numerous barriers, the top three we come across are:
- Lack of guidance.
Most people do not know where to start, not having a clear and simple outline to follow allows us to procrastinate.
- what is required,
- what to consider,
- how to get started and
- how to complete
holds many of us back.
- Lack of education
Many people do not know:
- What is a valid and current Will?
- What should be included?
- How to decide on the best executor(s)?
- Who to choose for Guardian roles?
- What instructions to leave for Executors and Guardians?
- Who gets the dog?
- What circumstances may create opportunities for the Will to be contested?
With the digital age we now live in, do you know how to prepare your documents, accounts, information and access for your executor(s) to properly execute the Will for you?
And the common thing missed by most is – How often should you update your Will?
If these questions are holding you back, there are extremely easy processes to help you.
- Lack of understanding of one’s own mortality!
Yes, we are living longer and the chances of something happening today is low. Of the expected 30,368 days the average Australian lives, it is hard to know on what day our mortality will end.
However, we have seen some recent unexpected deaths in Shane Warne and Kimberly Kitching – both 52! And we would all have experienced the unexpected loss of a young loved one in recent years.
To overcome these barriers, we have found that by providing a clear pathway the process is easy and simple to follow.
Although it is still early days for LGen aiming to raise the standard of Estate Planning across Australia, we have found by providing a guided solution that overcomes the main barriers, we have a good chance of increasing those numbers of Australians without a current Will. With our additional resources, we have also built a solid process for executors to easily follow and administer the estate.
If you are interested in raising the standard of your client’s Estate Plan, then reach out or attend our next 45-minute webinar by clicking here.