25 year old dies without a Will, beneficiaries left scorned

Monday May 13th 2019

We are calling all financial advisers and accountants to join us in changing the conversation around Estate Planning from one that only happens after you retire to one that is on everyone’s minds now. It is not just for older retirees – Estate Planning is something we all need to be talking about. Don’t let any of your clients or their families be left with no control over how their Estates are distributed.

We recently read this story about a 25 year old woman who died unexpectedly with no Will in place. The outcome was that, according to intestacy laws, her father who had no involvement with her upbringing or life, was by default granted half of her Estate.

The big victim in this story is the mother. She was left to deal with the death of her daughter, suffering the emotional and financial consequences of that. If she wanted to contest the outcome for the full Estate proceeds to go to her, she would be powerless to do so, due to the lack of Will in place and clear laws dictating the distribution of an intestate Estate. This young woman was, not unlike many others of her age, unaware of her assets and didn’t consider the need to plan her Estate in the case of her death. What most young adults don’t realise is that they start building up Superannuation as soon as they become a part of the workforce.

This is a reminder that planning for Estate affairs is not just for retirees. In fact, it needs to be on everyone’s minds. Yodal is the bridge to easier Estate Planning, empowering accountants and financial advisers to organise Estate Plans for clients as soon as they start earning money and building up their Superannuation.

As professional advisers you understand that Estate Planning is about ensuring that the assets your clients acquire during their lives (long or short) are appropriately structured and sufficiently protected, in order to be properly distributed to their intended beneficiaries after their death. Preparing a Will professionally is the only way your clients can ensure the assets you are helping them to build are allocated in the way they would like them to be distributed.

We are sure this young woman would’ve had a different view on the distribution of her superannuation, that she worked hard for, and not wished it to go to a father who deserted her.

Adding Estate Planning to your service offering means you can help foster a positive discussion about protecting the living and ensuring individual wishes are fulfilled.

Yodal is dedicated to simplifying the once complex Estate Planning process and making it easier for everyone to have a plan. Yodal assists accountants and financial advisers to deliver and manage valuable Estate Planning services to which they are centric as trusted advisers. Try it now, and don’t forget to let us know what you think at info@yodal.com.au.

Read the full article on Brisbane Times