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Reasons to make a valid Will

Without an up-to-date and valid Will, you are missing out on a critical opportunity to make proper arrangements for your family’s future.

For a Will to be considered valid:
– it must be in writing
– the will-maker must have the mental capacity
– it must be voluntarily signed by the will-maker or by some other person in the presence of and at the direction of the will-maker
– the will-maker’s signature must be made or acknowledged in front of two or more witnesses, present at the same time
– must be signed, dated and witnessed by two other parties
– the signature of the will-maker or person signing at the direction of, and in presence of the will-maker must be made with the intention of executing the Will.

Here are five reasons why you should make a valid Will:

Provide for the people you care about
If you don’t have a Will it is unlikely that what you want to happen will happen. Instead, your estate will be governed by the laws of intestacy under the Succession Act 2006 and the people that you would like to see benefit from your estate may not.

Leave particular gifts or items for friends or relatives
If you have particular gifts or items that you would like to see passed to particular friends or relatives this isn’t possible unless you have a Will which states your wishes.

Appoint someone you trust to be your executor
When you make a Will you have the choice of appointing your executor; this is the person who will administer your estate and distribute your assets in accordance with your wishes.

Leave particular instructions
If you have pets that you would like a friend or relative to look after or you have particular burial wishes, these can be included in your Will.

Appoint a guardian for your children
You cannot appoint a guardian for your minor children without a Will. If both parents of the children died, guardianship of your minor children would likely pass to the grandparents, and it may be necessary for the Court to decide which grandparents.

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Understanding various kinds of super fees

February 16, 2018

No matter the kind of superfund you opt for, you will be subject to super fees. Understanding how these fees work and the difference they can make to your next egg is vital.

When it comes to superfund fees, there are two factors you need to get your head around; the kinds of fees you are being charged and the rate of fees you pay. Opting for a superfund based on these two factors can see you retire with hundreds of thousands more money.

You should be aware of the various types of fees you are being charged. If you would like to find out the fees you are being charged, you should do two things. Firstly, Google your fund’s product disclosure statement and scroll through to the fees section. You should see a list of different types of fees, with an explanation of what they are, how they are applied, and how often they will be incurred. Secondly, you should log in to your superfund account and take note of all the fees being charged to you. Investigate how closely these correspond and correlate with the product disclosure statement.

If you feel there are discrepancies, do not hesitate to contact your superfund or financial advisor and ask for clarification. It is worthwhile doing your research and comparing the fees you are being charged against other super funds and what they charge. Being complacent and not paying attention to your super is extremely irresponsible; the dividends you will receive later in life for being diligent now outweighs the burden of taking time to be informed today.

Some of the common super fees across the board include:

Another major factor contributing to how much you accumulate in your super account throughout your working life is the rate of fees you pay. Plain and simple, some funds offer much lower fees than other, creating a difference of hundreds of thousands of dollars when it comes time to retire.

Generally, funds are categorised into three groups; low super fees, medium super fees and high super fees. Ultimately, you want to be in a fund that charges low super fees. In saying this, it’s not only about super fees, as some funds have medium-high super fees but also perform better based on investment strategy, meaning you will get more back from your investments.