70% OF AUSTRALIANS DON’T HAVE A WILL OR DIRECTED THEIR SUPER – ARE YOU ONE OF THEM?
Australia is on the brink of an extraordinary intergenerational transfer of wealth. Over the next two decades, an estimated $3.5 trillion will change hands, marking one of the most significant financial shifts in the nation’s history, according to the Productivity Commission. Yet despite this looming milestone, a recent article suggests 70% of Australians don’t have a legally binding will*. This raises a critical question: are your affairs in order?
At Tonkin Drysdale Partners, we understand that estate planning has evolved beyond simply drafting a will. It’s about creating a comprehensive strategy to ensure your wishes are honoured, your loved ones are supported and your legacy is preserved.
Modern estate planning encompasses far more than deciding who gets what. It’s about addressing complex realities such as overseas assets, digital investments like cryptocurrencies, and the intricacies of blended family dynamics. What we also need to consider is roles for your loved ones – Power of Attorney, Enduring Guadian. The goal? To craft an estate plan that protects every aspect of your estate – physical, financial and digital.
The Importance of Starting Now
For many Australians, estate planning is an item perpetually pushed to “I’ll get to that someday”. But life is unpredictable, and waiting can leave your loved ones vulnerable to financial and emotional turmoil. Instead of planning solely for distant milestones, consider what would happen if the unexpected occurred tomorrow?
Acting now ensures your wishes are clear, minimising potential disputes and safeguarding your family’s wellbeing when it matters most.
Without a solid plan, even well intentioned families can find themselves entangled in avoidable challenges. Disputes over asset ownership are common, particularly when jointly held or trust held assets aren’t properly accounted for in a will. Blended families may face competing claims without clear directives, leading to strife and confusion.
At Tonkin Drysdale Partners, we have a team of experienced Wills and Estate specialists who are familiar with both the planning and complexities that can come with litigation. We help you navigate these complexities, ensuring your estate plan is as thorough as it is enforceable.
Taking the First Steps
Estate planning doesn’t have to feel overwhelming. Start with these simple steps:
- List your assets and liabilities: Include your home, investments, superannuation, and any personal possessions.
- Talk to your family: Open communication prevents misunderstandings later. Consider who would be best for what role in your Estate.
- Book an appointment: A professional estate planning solicitor such as Tonkin Drysdale Partners ensures your wishes are respected and legally binding.
For over 65 years, Tonkin Drysdale Partners has been a trusted name in wills, probate and estate planning across the Central Coast and wider area. Whether you’re drafting a will, appointing an enduring guardian, or managing the estate of a loved one, our team offers expert, personalised advice tailored to your needs.
Contact Tonkin Drysdale Partners today to take the first step toward safeguarding your future – call us on 4341 2355.
