Anxiety over COVID has resulted in a rush to review wills

COVID has added another complexity to estate planning. Over the past two years isolation coupled with fear around catching COVID; and for those more vulnerable the possibility of dying from the disease, has resulted in a rush to review and update their wills.

Anna Hacker, National Manager of Estate Planning with Australian Unity Trustees, said there had been a 20 percent spike in wills being drafted or amended since COVID. Many of these people are over 65 and feared that they only had a short time to make amendments to their wills. (Duncan Hughes, AFR)

The article outlines that for some in this position changes to their wills may have been done without professional guidance, resulting in mistakes that could mean their ‘real’ wishes are not legally binding.

Estate Planning is essential for every step-in life and as a Financial Planner or Accountant regular discussions with your clients regarding their current life-stage and its impact on their estate planning is critical.

Now as we have reached a position where most of us are more comfortable living with COVID, timing may be right for you to start having the conversations with your clients regarding if a review of their estate planning is now needed. This is especially important if any of your clients made some rash decisions around their will and investments in the past two years.

Yodal is the perfect tool to help guide your clients in thinking more strategically about their estate planning needs while keeping you involved with your clients every step of the way. It provides a secure, intuitive Estate Planning platform that drives plans forward ensuring all aspects of your client’s life-stage, wishes and legacy are addressed.

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