Unfortunately unforeseen death comes to us all, and we need to prepare for our own deaths by providing for our loved ones’ continued well-being with a valid will, but also should be ready to deal with the various legal and practical issues that we will face when someone close to us dies. We hope the following questions will tickle your urge to contact your Origin Financial Planner and update your will before beginning of the December holidays. Who will ensure my minor children are cared for? By stipulating a different inheritance age in your will or even providing for a testamentary trust to administer your assets on behalf of your (minor) children, you may help ensure that they are financially secure and properly looked after in the future. You should also appoint a guardian in your will to care for your minor children. Has your will been altered after your date of divorce? Our law only gives a period of three months following a divorce for you to amend your will during which time any bequest to your ex-spouse will be deemed revoked. Following this three month period, any bequest will go to your ex-spouse as if you did not change your will. Why are the estate costs and taxes so high? A proper estate and financial plan and structure can avoid unnecessary costs, duties and taxes. Where the will becomes an estate planning tool, it is very important that a qualified Origin Financial planner assists you to do this properly to avoid unforeseen long-term consequences for your heirs. What happens to my Bitcoins when I die? The easiest way to ensure that your Bitcoins can be transferred to your heirs is to ensure that someone has a copy of the private key. It is also a good idea to bequeath your Bitcoins formally in your will and identify who has a copy of the private key. This will help ensure that there is no uncertainty as to whom you wanted to gain access to your wallet after your death. If you don’t have a will or have not recently reviewed your will, it is advisable that you consult with our committed Origin team of professionals to obtain a valid will or that you update your will so that it is enforceable in a way that correctly demonstrates your wishes and you can start the December holidays with peace at heart.
