The past two years has certainly highlighted how unexpected life can be and how so much can be beyond your personal control. COVID-19 has seen us all face unprecedented financial, economic, and human loss across not only Australia but the world.
As we dive into 2022 with a mixture of excitement and uncertainty about what is to come, it continues to highlight the importance of preparing for the unexpected. We all know that having an effective and valid Will is important but we all too often put it into the too hard basket, and “Update my Will” continues to slide down the to-do-list.
It is recommended that you turn your mind to your Will every time your life changes direction. This means reviewing your personal and financial circumstances and objectives as well as the personal circumstances of your intended beneficiaries and comparing them with your current estate plan. If there have been any changes, then this may reflect a need to make or update your Will and other estate planning documents.
A regular review can flag any shortcomings, identify potential tax-saving opportunities due to changes in the law or your personal circumstances and it can ensure that your wishes expressed in your Will remain legally enforceable.
Often, we think about who we want to leave our estate to and neglect to consider how this gift of money or property may affect the beneficiary. When reviewing your estate plan, you should consider the personal and financial circumstances of your beneficiaries as well as the legacy that you would like to leave. This is the right time to think about nominating a charity among your beneficiaries.
A nomination of a charity as a beneficiary is called a bequest but we like to call this a gift. When you leave a gift in your Will to Cystic Fibrosis Queensland you can specify as to where you would like the gift to be allocated: our perpetuity trust account, support and services programs and equipment, or perhaps to research?
To find out more about our Gift in Wills visit Gift in Wills – Cystic Fibrosis Queensland (cfqld.org.au)