Wills and Estate Planning for Older Australians: What to Know - Jinz Haiggh Blog

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Wills and Estate Planning for Older Australians: What to Know



Australians aged 50 and above may wonder whether or not they may still be eligible for will and estate planning. If you are thinking about hiring wills & estate planning lawyers but not quite sure if it is possible, this article will definitely answer some of your questions.

The most common notion about estate planning is that it is only applicable for younger professionals; however the truth is, even if you are 50-years-old or older, you can still get a good offer for insurance. Since more and more insurance companies are catering to older applicants, you can surely get one regardless of your age.

According to financial management experts, estate planning is best for people who are single parents, married couples with or without children, and even business owners. Having no spouse to help you in day-to-day and long-term expenses is no walk in the park. Tending to your children’s needs like education, food, rent, and other necessities is truly a difficult task to accomplish.

 However, everything could turn for the worst for them if one day you pass away. Your children will be the ones to be greatly affected of this, not only emotionally but financially as well. They may hit rock bottom once you leave them because they greatly depend on you financially. Simply put, if you are a single parent, you need estate planning more than anyone else. Having this insurance can ensure your children a stable future even if you are gone. Your insurance will cover paying off debts, education expenses, and other necessities that they cannot pay for themselves.

Even if you and your spouse have stable career and source of income, you can never be too sure about your family’s finances. If one day you or your spouse passes away, the burden of taking care of expenses will naturally become doubled. This will be very problematic not only on the part of your surviving spouse but your children as well.

 Meanwhile, if you and your spouse do not have children, don’t think that there’s no need to get estate planning. When one of you passes away, the other one will surely be devastate not only emotionally but financially as well. The fact that one of you has to take care of all the debts and loans is just enough to put you in financial difficulty. Hence, if you are married, whether or not you have children, it is important that you invest on estate planning to ensure your family’s financial stability even if you pass away.

If you are a business owner, there are people who greatly depend on you – your employees and business partner/s. In case you pass away, there is a great chance that your business’ earning capacity and financial status would also hit rock bottom. 

In order to prevent your business from going to financial limbo, then you would want to get yourself a estate planning. The people you will leave behind can use your insurance policy to leverage costs associated with your business. Also, you and your business partners can buy estate planning policy that would pay out if one of you passes away.

The list of groups of people who will benefit from estate planning goes one; however these groups are the ones that will undoubtedly benefit from having one. If you belong to any of these groups, don’t think twice about hiring wills & estate planning lawyers because you can never be too confident that the people you will leave behind can overcome all financial difficulties. Having a estate planning will certainly give you a peace of mind.
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