If you’re like most people your estate plan consists of a Will prepared by a Solicitor who helped you with the purchase of your last house. Maybe you even got it for free. Perhaps the Public Trust did it for you - This is the most expensive free Will you will ever get.
Most people do not put a lot of effort into their Will, we will have seminar coming up soon which will provide you with the tools to complete a comprehensive estate plan but more on that later.
Today I want to talk about the part of your estate people never consider - education of the beneficiaries.
Wills focus on who gets the money but not on what they will do with it. It is important that the beneficiaries understand how best to use the funds to enhance their life and of those around them.
Do you ever just shake your head at the way your children waste money?
Do you worry about the level of debt they have or whether they can give your grandkids a good education?
In every family there is always someone who is hopeless with money. Yet no effort is made to help them improve this skill.
It is my experience that most people’s poor handling of money is due to a lack of education about finance and financial matters.
To improve this skill start reading, the best book to start with is “Easy Investing and Abundant Income” if you call into my office I will give you a copy for free.
Every parent should give a copy of this book to their child. This will be compulsory reading for my kids. From there, set yourself a target to read at least another 5 books on finance in the following 12 months. This is only one book every 2 months. Not a big ask.
Next is to get the kids interested in investments, the simplest way is to buy them direct shares, this is because direct shares are much simpler to understand. They can associate Woolworths the shop to Woolworths the shares. The key here is not to just go out and buy the share for them but to provide them with the research on 5 shares, have them read the research and then let them pick which share to buy.
Again our office is happy to provide you the research at no cost.
The above two tips are simple ways to start training the beneficiaries of your estate to be financially stable and ensure that your estate plan is more than a free off-the-shelf Will.
If you have any further queries please give me a call I am happy to discuss. Call (07) 4771 4577.