{"id":7379,"date":"2024-03-20T00:34:15","date_gmt":"2024-03-20T00:34:15","guid":{"rendered":"https:\/\/economicherald.net\/?p=7379"},"modified":"2024-03-20T00:34:15","modified_gmt":"2024-03-20T00:34:15","slug":"inheritance-nightmare-safeguarding-your-legacy-with-a-will","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=7379","title":{"rendered":"Inheritance nightmare: Safeguarding your legacy with a Will"},"content":{"rendered":"

Almost half of all adult Australians don\u2019t have a Will
\nMore than 4 in 5 people would get a Will if they were cheaper
\ncom gives away $1 million worth of free wills this week <\/p>\n

\u00a0<\/p>\n

Special Report:<\/em><\/strong> Succession<\/em>. It\u2019s not just a HBO drama or a peek into the world of billionaires, Australian families are being torn apart when promises about business transfers, commercial interests and family assets end in dispute and often in a courtroom. <\/strong><\/p>\n

\u201cWhat we have found is that problems arise when families haven\u2019t engaged in meaningful end-of-life conversations with their loved ones. In some cases, it\u2019s as simple as one party thinking they are entitled to more,\u201d said Safewill CEO, Adam Lubofsky.<\/p>\n

Courtroom showdowns can take up to 18 months and pending the level of your representation, the final invoice could be in the hundreds of thousands of dollars.<\/p>\n

\u201cThe solution is simple, every adult needs a Will and needs to have a discussion with their family about their wishes,\u201d said Lubofsky.<\/p>\n

A recent study commissioned by Australian tech company Safewill uncovered that almost half of all Australian adults (45.9%) are living without a Will, even though 86.9% possess estates valued between $10,001 and $750,000.<\/p>\n

Half of those surveyed had not discussed their wishes with their family and a majority of parents (64.5%) had not appointed legal guardians for their children.<\/p>\n

To address these issues, Safewill is launching Free Wills Week, during which they will give away $1 million worth of free wills. Lubofsky explained, \u201cNot having a valid will, known as dying \u2018intestate,\u2019 means that assets could be distributed according to the State\u2019s laws. Often, that\u2019s in stark difference from the person\u2019s wishes, and could lead to family disputes and high legal costs, putting undue pressure on loved ones at a time when they are grieving.\u201d<\/p>\n

Katherine, a Victorian professional, found this out the hard way. Her father moved to Thailand and took all his assets with him, so when the time came to finalise his Will, she was left with nothing.<\/p>\n

\u201cWe had verbal discussions about what dad would leave to me but when the time came, an old Will said I could have everything in Australia. The problem was, there was nothing left in Australia, everything had been moved to Thailand.\u201d<\/p>\n

\u201cI\u2019m now in a position where I have to negotiate with his wife and it\u2019s up to her if she agrees to honour his wishes and send me what dad verbally promised. It\u2019s not her fault, but ultimately, it\u2019s her business, she\u2019s legally inherited his assets. It\u2019s very painful and upsetting for everyone. I wish dad had just updated his Will.\u201d<\/p>\n

As families grapple with the administrative burdens of unplanned estates, Safewill aims to provide accessible and efficient solutions.<\/p>\n

All Wills created on the Safewill platform are reviewed by their affiliate law firm, Safewill Legal. Lubofsky highlighted: \u201cThat\u2019s what sets us apart from other platforms and will kits. Every will written on our platform gets reviewed to make sure our customers have used the platform correctly and to flag any issues. From March 18, that\u2019s all done for free.\u201d<\/p>\n

\u201cMany believe their assets will automatically be distributed to their loved ones, but this is far from the truth. Without a Will, the estate will be distributed according to a government statutory formula, often different from a person\u2019s wishes.<\/p>\n

\u201cFree Wills Week offers accessible and efficient solutions to help Australians avoid this scenario.\u201d<\/p>\n

\u00a0<\/p>\n

This article was developed in collaboration with Safewill, a Stockhead advertiser at the time of publishing.<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post Inheritance nightmare: Safeguarding your legacy with a Will<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

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