No one likes to face mortality. The reality, however, is that you will die one day. When your friends and loved ones are grief-stricken over your death, you wouldn’t want to put extra stress on them to sort out whatever financial mess you left behind.
Here are critical financial issues you should fix prior to your death:
Review Your Superannuation and Life Insurance
These funds can make certain that your partner, children, or other people dependent on you would be cared for when you’re gone. If you’re employed, check with your employer if you have coverage from a superannuation fund. This would pay your nominated beneficiaries a sizeable lump sum upon your death. Make sure to review your nominated beneficiaries for both policies regularly to make certain that your hard-earned money would be left to your intended beneficiaries.
Review Your Bank Accounts and Assets
Check your bank accounts and make sure that only people you want access to your accounts could access them after your death. While you’re at it, evaluate your assets as well. Check if you could pass them directly to your nominated beneficiaries or through an estate, advises QLD solicitors specialising in wills and estates. For instance, if you own a property by yourself, it would become your estate’s asset and you must sort this out in a will.
Create or Review Your Will
Create a valid will to make certain that all assets would go to your chosen beneficiaries. If you have kids, state who you want legal guardianship awarded to if both parents die. Don’t forget to review your will and be aware that certain events might void it, such as marrying again.
After resolving issues you might have with your bank accounts, superannuation fund, life insurance, assets, and will, tell someone trusted about your plans. This would ensure that someone would have some idea on how to manage your finances when you die.