What happens to your family if you die tomorrow?

It's a morbid awful thought without doubt. Yet it happens, everyday.

When I was 13, my friend's father died suddenly. Dr M was fit and healthy, in his early 40s, a non-smoker, and occasional drinker. That day, he wasn't feeling well, so had an afternoon nap and never woke up.

Dr M died without leaving a Will or life insurance.

He lived with his wife and 4 daughters in executive accommodation owned by the small regional hospital in NSW where he worked. Within weeks of his death, his devastated family had to move out of their home to make room for the next medical director.

For many years, they relied on friends and family to take them in and help them understand their financial situation. Mrs M was a caring, intelligent and hardworking woman but she had never managed the finances. She didn't even know where to start.

everybody knows that everybody dies. It's a fact. If a 13 yo knew this then how come a grown-up didn't??

Over the years, I have often wondered why this capable professional man and the protective family man hadn't provided for his family. The adults in my life made many excuses, such as “his death was unexpected”, “he didn’t like to think about dying” and “he never expected this would happen to him”. To my 13 year old ears, this didn't make sense. After all, everybody knows that everybody dies. It's a fact. If a 13 yo knew this then how come a grown-up didn't??

Estate Planning may not be 'exciting', BUT it is a must-do and with 2-5 yearly reviews.

The reality is, this awful turn of events is not uncommon. In fact, 50% of Australians "haven't got around to doing their Will" and a further 25% of Australians did their Will so long ago that they don't know where it is or what it says. This means that 75% of Australians don't have a proper Will.

75% of Australians don't have a proper Will.

Even more frightening is that 60% of parents with children under the age of 16 don't have substitute nominations as guardians for their children.

So where does this leave bereaved families? Nowhere good, that's for sure!

Estate Planning may not be 'exciting', BUT it is a must-do and with 2-5 yearly reviews.

Estate Planning is so much more than a Will. It is:

• superannuation,

• protecting your beneficiaries

• tax-effective strategies,

• identifying how your assets are owned and

• planning how best to pass these to the next generation.

Let's talk about superannuation. This is a big wealth holder for many Australians and yet money in super can't be passed in a Will without some other things happening too.

No doubt you have heard of testamentary trusts. These are trusts created after your death by your Will. Gifting assets in testamentary trusts protect assets for your beneficiaries against bankruptcy, paying extra tax, and even relationship breakups.

There are so many options and so many solutions.