Many people are unprepared when it comes to planning for their own death. A recent survey conducted by the Groundswell Project in Australia found that while 90% of Australians believe in the importance of end-of-life planning, only 35% have taken the necessary steps to prepare for their own death. This means that the majority of Australians are unprepared when it comes to this crucial aspect of life.

So, how can we at Inspired Money support you in this area? There are a few key things we see that should be done as advisers to you to help you plan for the end of your lives:

  1. Offer guidance on wills and probate: A will is a legal document that outlines how an individual’s assets should be distributed after their death. It’s important for individuals to have a will in place, as it ensures that their wishes are carried out and that their loved ones are provided for. Inspired Money financial advisers can help you draft a will and ensure that it is legally binding.
  2. Assist with superannuation death benefits: Superannuation death benefits are paid out to the nominated beneficiaries of a person’s superannuation fund upon their death. Inspired Money financial advisers can help you nominate their beneficiaries and ensure that their superannuation is distributed according to their wishes.
  3. Recommend enduring powers of attorney: An enduring power of attorney is a legal document that allows an individual to appoint someone they trust to make decisions on their behalf if they are unable to do so themselves. This can be particularly useful for end-of-life planning, as it allows an individual to appoint someone to make financial and medical decisions on their behalf if they become incapacitated. Inspired Money financial advisers can help you appoint an enduring power of attorney and ensure that it is properly set up and executed.
  4. Provide financial advice: It’s important for individuals to seek financial advice when it comes to end-of-life planning, as it can help them ensure that their assets are properly managed, and their loved ones are provided for. We can provide you with guidance on how to manage their finances during this difficult time.

In conclusion, it’s clear that many people are unprepared when it comes to end-of-life planning, but financial advisers can play a crucial role in helping their clients prepare for this important aspect of life. By offering guidance on wills, superannuation death benefits, enduring powers of attorney, and financial advice, advisers can help their clients ensure that their wishes are carried out and their loved ones are provided for after their death.

If you haven’t already done so, now is the time to start thinking about end-of-life planning. Don’t leave your loved ones in the dark – take the necessary steps to ensure that your wishes are carried out and that your assets are properly managed. Contact an Inspired Money financial adviser today at 08 6222 7909 to learn more about how they can support you in this important process.

Article by Senior Adviser and Director Shane Mitchell.