You’ve heard it all before: create a will, make sure you have a will, why don’t you have a will? But so often life gets in the way and admin tasks, like deciding who gets what after you’re no longer here to care just, well, isn’t at the top of the priority list.
But it should be. Why? Not because you need to make sure your sister gets that heirloom vase, or your superannuation doesn’t get tied up in government red tape. It’s because in 2021, with our lives more online than ever before, there are now other important items to add to your will that you may not have considered before.
Thankfully, having a lawyer sort out your final wishes isn’t your only option; nowadays you can get a will for a little as $31.50, which really is a small price to pay to ensure a smooth changeover of assets when you’re gone. So what exactly are these new “items” you need to consider. Let’s break it down…
1. Social Media
It’s crazy to think many of us have been on Facebook and Instagram for a decade or more now. That’s a lot of your data and images that are essentially owned by the tech giants! So what happens when you go? Do you want your account closed or memorialised? Do you have a Facebook store or business page that will need to be managed? With this in mind you need to stipulate what you want to happen to your digital presence after the fact, as well as set up a ‘Legacy contact’ in Facebook. Think of this like your Power of Attorney for Facebook – the appointed person can log in and access your account just as you would have, which means they can delete your page or manage it after you’re gone.
2. Virtual money
Do you have a PayPal account? Investments in Acorns or similar? An eBay store? Or even a Bitcoin balance? If any of these accounts are in the black, then you need to stipulate what happens to them (and the money in them) after you’re gone, such as who will have access and whether they should be closed or deleted after your passing. Without this in writing, it will be a lengthy admin task for your family to try to gain access – and that’s not the sort of stress you want to leave behind for your grieving loved ones.
3. Pets
For many of us in 2021, our animals are our kids so we need to consider what we want for our furbabies after we’re no longer here to dish out the imported chicken pâte. Your pal is likely to be lost without you (yes, even the cats) so you want to ensure they can continue to live the life you have accustomed them to after you’re gone. This obviously includes who can be trusted enough to care for them, but you should also dedicate funds for their ongoing care. Without such clause, pets of deceased persons may end up in rescue centres, where they rely on the goodwill of strangers to provide them with a forever home.
Don’t have a will?
If the thought of your furbaby being without a home and your family unable to access your Facebook account makes you anxious, then it’s time to create or update your will! State Trustees offer a PDF kit for just $31.50, or you can complete you will online for $120. Over the age of 60 and live in Victoria? You can have an in-person consultation from $97.
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