When you donate to charity or an organisation, you want to know where your money’s going. But have you thought about where your money might go if you die?
According to Pastor Rodney Woods, Director of Trust Services for the Greater Sydney Conference, everyone over the age of 18 needs to make a Will.
“Younger people often don’t consider the need to make a Will,” says Pastor Woods. “The impact this can have on family and friends if they pass away can be significant. There’s an expectation that older folk will die before younger, but sadly that’s not always the case in the real world.”
But do young people really have that much to put in a potential Will?
“Young people often believe that they don’t have any assets, but that doesn’t take into account the possibility of inheritances or other financial windfalls,” says Pastor Woods.
“A lot of young people are also earning an income before they turn 18, so they need to deal with superannuation too. Superannuation is paid to the estate if they have no spouse or dependent, so not having a Will or dying intestate slows down the administration of the estate — and increases the cost. It can subsequently increase the pain for your family.”
The process of making a Will isn’t a difficult one — “Unlike going to the dentist, which can be a regular occurrence, making a Will is painless!” says Pastor Woods. “And you don’t have to do it quite as often.”
When considering making a Will, you need to think about who to appoint as an executor, develop an understanding of your asset situation as well as your liabilities (such as bills, loans, etc), specify your funeral desires and — most importantly — how you want your estate to be distributed.
The Greater Sydney Conference’s Trust Services department offers a free Will-making service to church members, family and friends. This service is a provision of the Planned Giving and Trust Services Department of the General Conference. Your signed Will is also able to be registered with the Registry of Births, Deaths and Marriage.
To book an appointment with Trust Services, please call (02) 9868 6522 or email Pastor Woods’s secretary Dulce Ferguson at [email protected]