Leaving behind a positive legacy
Imagine the relief on your partner’s face when they realise you had thought of everything and, as far as possible, made sure that they were secure and looked after in the event of your passing.
We have seen many people after the loss of a loved one. The best-case scenario is that there is not a rush to attend to anything and that matters can be left until after the funeral or when the person is ready to deal with the estate.
There is often a lot of fear and concern when a partner in the relationship dies:
How will I afford the mortgage?
How will I manage with the kids on my own?
What happens to the business?
What happens to the family home?
What do I do about the superannuation accounts?
Can I access the money in the bank?
How do I pay for the funeral?
Furthermore, a lot of parents are concerned about what would happen if they both pass away when the children are young. Their fears include:
Who will look after the children?
Will they still be able to go to the same school?
Who will they live with?
How will they be able to maintain the lifestyle to which they have become accustomed?
Who will look after the money until they are old enough?
How will they be able to continue to pursue their goals and be successful as adults?
If you are separated or widowed, you may wish to consider whether your children are old enough or responsible enough to take on matters after you are gone. It may be that you want to arrange for someone else, a parent, sibling, or trusted friend, to secure their inheritance. You may wish to put a trust in place to ensure the children get access to the money when they need it the most or are responsible enough to spend it wisely.
When some people pass away, they are disorganised: there is no will, no direction, no information about assets and liabilities, no way to access their personal information. Their relatives find it a stressful and confusing process: “I am their partner, why am I not allowed to have this information?” or “I never imagined it would be this difficult.”
Others are organised, they have a plan, they have left a will, they have left instructions, their relatives know who to contact and where to find information. Their relatives find the process a lot less daunting. When asked for information: “Fortunately my partner had everything in order, I have that information right here” or “they really thought about this and made sure I would be taken care of – it is such a relief”.
Which legacy would you rather leave your family, a disorganised mess to untangle or an organised plan to execute?
Rather let a wills and estates law firm detangle the mess.