Your Retirement and Will

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 would be financially secure, and the Wills reflected their changed circumstances and wishes. Lisa and Rod also updated their Powers of Attorney and made Appointments of Enduring Guardian. To alleviate stress on family, it was important to Lisa and Rod that the administration of their estates be handled by an independent party, so they decided to appoint NSW Trustee & Guardian as executor of their estates. Once the process was complete Lisa and Rod felt confident their affairs were in order and their documents were safely stored. They were also impressed that Alexis asked for details of their family pets and how they should be treated should Lisa and Rod not be able to care for them. Lisa and Rod are relieved they no longer need to worry and can enjoy the next phase of their lives.

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.

In addition to your home, savings, and investments, some of the things 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. It might be your largest financial resource. Getting professional advice about how these financial resources will pass on, having a valid Will, and making 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 accredited will makers or solicitors and peer-reviewed for accuracy. Our customers have easy access to advice in over 100 locations around NSW or by video conference, and we offer competitive pricing tailored to your needs.”

Request an appointment to make your Will by calling 1300 10 20 30 or visit their website. 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.

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Courtesy NSW Trustee & Guardian

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