Last updated: March 2020
Capture Critical Information & Wishes
Did you know that 7 of 10 Australian families say it is difficult to find all relevant information to administer an estate after a loss?
Would your family know which banks you have accounts with, who else has a house key or where your Will is located?
There are many things we know and take granted about our own lives. However, your family may not know about all the services you pay for, arrangements you have in place and your exact wishes.
Read more about what you can capture now:
Read About Information & Wishes
1. Critical Information & Wishes
Save your family up to 50 hours of searching and administration work by capturing critical information and wishes such as:
- Service Provider Details
- Online Account Details
- Representative Details
- Will Location
- Asset & Liability Details
- Important Addresses
- Health & Care Wishes
- Organ Donation Wishes
- Funeral Wishes
- Authorised Contacts
2. Communicating Your Information & Wishes
It is absolutely necessary to capture all your important information and wishes in a safe place, and to communicate and share it with your loved ones, the person(s) you nominate as Executor in your Will or your Authorised Contacts.
If your information can’t be found easily, your family, Executor or Administrator will be trying to find needles in a haystack and spend enormous amounts of time. The worst part is that they may never know if they found everything, including bank accounts, superannuation funds, investment property or any other form of asset that is forgotten and gets into someone else’s hand at some point.
Make sure the nest-egg you have worked so hard for all your life is fully understood by your family and will be distributed according to your wishes.
Why Should We Plan Our Estate?
What your Family, Executor or Administrator would need to do if you’re not prepared:
- complete over 200 administrative tasks (find out what these are here);
- make over 200 decisions;
- work up to 250 hours of administrative work over an average period of 6-12 months;
- apply for Letters of Administration with the Supreme Court;
- spend on average $7,500 – $25,000 (excl. Funeral) to administer your estate; and
- pay funeral costs of $5,000 – $15,000 until funds can be reimbursed from estate.