Willed Australia

How to get your Will sorted for the EOFY!

The end not the financial year can be a stressful time for a lot of people - because getting everything together for your tax time is always tough. But it's also an opportunity. This is one of the few times per year where we are actively encouraged to start taking a good hard look at the assets we have and how organised we are around our finances. One of the areas where you can actually make a serious dent in getting things sorted out is actually in creating a legal Will.

When you're putting together information about your dependents, start thinking about who could be a beneficiary for your Will.

For most folks, their beneficiary will be their spouse or their children, and that's going to hold true statistically, right across the board. But it's always a good idea to think a little deeper about it, and maybe even have those conversations about what you're planning and where you're starting to make some provisions.

Looking at where your income and assets are situated is a good way to start listing out what you have.

While you're preparing your taxes, you'll be examining the assets you own, from your property to your investments, and you'll be starting to go through the process of calculating what everything is worth and cataloguing it for the ATO. That's a good thing, because one of the challenges many people face in creating a legal Will online is that they don't have immediate access to the information they need about these assets.

If you're collecting that information anyway, it does make putting together a Will even easier.

Making some long term plans about where your finances will go next has to include a Will.

Tax time and the EOFY is often when people stop and take stock of where things are headed; of whether or not some of their plans for their income, assets and retirement is working out, how their superannuation fund is doing and what the picture looks like. If you're going to start making any changes or adjustments to your future plans, it's also important to think about how you can and should reflect that in your Will.

Remember - your Will is very personal and you should go into all the necessary details to keep the information clear and straightforward and ensure your wishes are followed. If you're thinking about ticking it off for the EOFY, working on it through Willed and writing an online Will is a great option.

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Disclaimer: Willed is a technology platform that allows you to create your own estate planning solutions using our forms and other information. Willed is not a law firm and does not provide legal, financial, taxation or other advice. If you are unsure whether our estate planning solutions are suitable for your personal circumstances, legal advice should be sought from a law firm, such as Vault Legal.