It's a new financial year and many Australians are setting aside time for their life admin and finance tasks.
One way you can prepare, is to ask yourself these four important questions, especially if you are in the older generation.
Do you have an up-to-date Will?
Everyone over 18 should have a Will.
You should review your Will as life changes, generally every three to five years.
For example, you will want to consider reviewing your Will if you purchased significant assets or welcomed a new family member.
Can your Will be easily located?
Your Will should be stored in a secure location, such as the NSW Trustee Guardian WillSafe storage facility.
At least two people should be notified of its location.
These might be your family members, major beneficiaries, or your executor.
What about your digital assets?
Online accounts, memberships, and files stored on a computer or in the 'cloud' may be of sentimental value (e.g. photo collection) or financial value (e.g. PayPal or Opal account).
You should decide how these will be dealt with when writing your Will.
Have you also appointed an attorney and guardian?
A power of attorney appoints someone to manage your financial affairs if you are unable to.
An enduring guardian will make your health and lifestyle decisions if you are unable to.
Take time to carefully consider who you appoint as your attorney and guardian as they are in a position of trust and responsibility.
Talk to an Expert
NSW Trustee Guardian is the state's largest maker and executor of Wills.
They are taking appointments for their Kempsey and Macksville pop-up locations.
To get started on making your Will, Power of Attorney and Enduring Guardianship appointment, contact the Port Macquarie team on 1300 10 20 30 or visit www.tag.nsw.gov.au.
