THE complex structure of modern families is just one of the many important reasons people need to form a succession plan.
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Lawyer Amanda Sideris says she increasingly finds herself speaking to community groups and organisations to encourage people to make a will, keep it up-to-date and seek advice on succession planning for farm or business.
“It may not always be a subject people think about, but estate planning and establishing power of attorney and enduring guardian are a way of securing the future for loved ones,” she said.
Ms Sideris says there are many pitfalls for people who simply buy a will kit.
“A will kit can’t ask you questions that may have a real relevance to a particular situation,” she said.
“For example, these days, often stepchildren are part of the family, and situations are more complex.
“By getting the appropriate advice from a solicitor you can ensure it is done properly.”
Ms Sideris encourages people to start thinking about their future.
“It’s very evident people need more information, as we are asked so many questions at the talks we give in the community,” she said.
Ms Sideris says making a will and keeping it up-to-date is not just for older Australians while, when it comes to succession planning, all the documentation needs to be in place to give people peace of mind and avoid conflict.
“It may seem harsh but we advise people to look at the worse case scenario in their life and that helps them realise how important this is and that they are doing their family a disservice if a will can be contested,” she said.
“You need to update your will every three to five years.”
janice.harris@fairfaxmedia.com.au