Approaching retirement is an exciting time. As your financial situation changes, one common thing to consider is your Will.
Lisa* was turning 60 and starting to think about retirement. Lisa and her husband Rod* previously made a Will with NSW Trustee & Guardian, but their circumstances had changed. Rod was now retired, and Lisa had recently managed her elderly parent’s affairs and found they weren’t as prepared as they should be. This created significant stress for the extended family.
After that experience Lisa wanted to make sure her Will was updated and there was clarity about who could make financial and health decisions, if needed. Lisa approached us and made an appointment with Alexis, who worked with Lisa and Rod to understand their specific needs.
After this appointment Lisa and Rod updated their Wills so that the surviving partner was secure, and the estate would be administered according to their wishes. They also updated their Powers of Attorney and included an Enduring Guardianship.
Lisa and Rod’s story is a common one at NSW Trustee & Guardian. According to the Australian Bureau of Statistics there are expected to be 4.4 million retirees between 2019 and 2024. As your financial situation changes you should consider how to preserve your wealth and make sure your loved ones are protected.
Other assets you may need to consider when preparing your Will include insurances and your superannuation. According to the Australian Prudential Regulation Authority, superannuation funds in Australia in March 2022 totalled over $3.4 trillion. A valid Will and plans for who will be the executor of your estate will give you peace of mind that your wishes are properly documented.
Senior Solicitor Natalie Darcy emphasises the importance of being prepared. “When going through periods of change it is essential you protect the people and things you care about.” She says there are several benefits of making a Will with NSW Trustee & Guardian “our Wills are prepared by professional will makers or solicitors We have easy access to advice in over 100 locations or by video conference and competitive pricing.”
Request an appointment to make your Will by calling 1300 10 20 30 or visit tag.nsw.gov.au. Bundle and save $220 when you include a Power of Attorney and Enduring Guardianship. The service is provided at no charge for those entitled to a full Centrelink Age Pension.
* Names and identifying details have been changed to protect the privacy of individuals.