The one thing more important than any bucket list
By Andrew Simpson
Regardless of age, each of us has a multitude of things we’d like to achieve before we die. That’s why creating a bucket list is such a powerful way to start documenting what we’d most like to accomplish. But before we get too excited about all the wonderful possibilities that can be achieved over a lifetime, it’s important to make sure we plan for our inevitable departure. This means preparing a valid Will.
Why a Will is so important
As I covered in The Australian Guide to Wills & Estate Planning, creating a valid Will gives you choice and control over how your Estate is distributed and, importantly, it simplifies the administration of your Estate for your loved ones who would otherwise be left to sort it all out. You might want a certain family member to inherit specific items once you pass on, or perhaps you’d like to allocate an inheritance to children from previous relationships. You can also distribute items of sentimental or emotional importance in your Will by documenting those wishes which will then be executed in accordance with your desires.
Think of your Will as a gift you leave your family and loved ones, making the management of your Estate clear and easy for them to follow.
The main reasons to create a Will include:
- to appoint someone – an executor – who has the authority to step into your shoes and tend to your affairs when you die
- to communicate your wishes regarding the distribution of your assets after your death, and
- to try to avoid disputes that may arise if you do not create a Will.
Many of the disputes we deal with at Maurice Blackburn Lawyers result from people not having a Will, or having one that is out of date, meaning it does not reflect the deceased’s circumstances at the end of their life.
Preparing your Will now will help you feel organised moving forward so you can achieve what you want in life.
Now you can enjoy planning your bucket list
Once your Estate is in order and your assets are protected, get out there and start taking advantage of the rest of your life – because before we know it, life catches up with us.
Only a quarter of people aged over 50 say they’ve achieved their life goals, but bucket lists are helping them tick off their biggest ambitions. Writing down your list of ideas helps you realise what you want to achieve. Apart from having a set list of goals to strive for, it will also help you reflect on what you’ve already accomplished.
Making sure you’ve got everything in order will enable you to make the most of every day with peace of mind that your wishes have been clearly laid out should anything unexpected happen. That way you can focus on enjoying your latter years and ticking off items on your ‘to do’ list.
Here are some ideas to get you started:
Get out and about
Retirement is often a time when enjoying life takes precedence over asset accumulation. It is a time to pursue an old hobby or try a new one and there is plenty to get involved in. You might go on a hot-air balloon ride and find it a fun and peaceful experience. You might devote more time to the arts by auditioning for the local community theatre. If you’re an animal lover, you could apply to become a foster parent to a shelter pet in need. The options are limitless.
Travel
If travel is your thing, you might contemplate a cross-country RV trip, a cruise or a holiday in Europe. As with many things in life, the planning is half the fun!
Start a business
Have you always had dreams of starting your own business and being your own boss? If so, why not add that to your retirement bucket list? It’s never too late to reinvent yourself.
Volunteer
Volunteering is good for the soul and a great way to give back to your community in retirement. Whether you’re passionate about animals, children with special needs or homelessness, there are countless volunteering opportunities available throughout the country and around the world. Get involved by exploring charitable and not-for-profit organisations in your community.
Enjoy time with grandchildren
Spending time with grandchildren and watching them grow is a special gift for both of you. They will cherish memories you create for the rest of their lives. Organise schedules and school vacations so you can visit them or they can take a trip to see you. Maybe even plan a special holiday for a large group of family members or just take the grandkids.
Learn something new
Have you always wanted to learn something new but never had the time? The retirement bucket list ideas are endless when it comes to learning. This fresh chapter is a great opportunity to finally learn a different language, take a cooking class, play an instrument or become an expert on wine. Check out a local college for class ideas and let the learning begin.
Tips to make your retirement bucket list a reality:
- Determine your lifestyle – setting expectations for your overall lifestyle can help you create a budget and save for the things that matter most to you in retirement.
- Financial planning – creating a budget and having a plan to cover living expenses and health care costs will be important to determine what discretionary funds you have for your bucket list.
- Plan your Estate – if you’re looking to the future, consider getting a lawyer to assist you with your Estate planning. Maurice Blackburn has many options available at fixed prices. Everything from a valid lawyer-drafted Will to an Estate planning bundle that includes Powers of Attorney and the various medical documents required if you become incapacitated for whatever reason.
How do I make a Will?
Our online Wills service, MyLife Wills™ is a great place to start. You can provide the information for your Will online in the comfort of your own home or on your lunch break. It only takes about 30 minutes, reducing face-to-face time with a lawyer, therefore reducing the cost. The main difference with our online service is that an expert Wills and Estates lawyer will draft your Will so you can be confident that it is not only thorough, but also legally valid.
To protect yourself, your assets and your loved ones when you eventually do kick the bucket, it’s time to take your Will out of the too-hard pile and put it in the must-do pile. Maurice Blackburn has made it easy for you to start online today.
Andrew Simpson is the National Head of Wills & Estate Planning at Maurice Blackburn Lawyers.
Andrew has 20 years’ experience as a lawyer and for the past 18 of these years he has practiced in Wills disputes and Estate planning, so he understands the many facets of Estate law.
He is so passionate about this area of law that he wrote a plain English book about it to help people understand the importance of Estate planning.
A best-seller, The Australian Guide to Wills & Estate Planning, has just been republished and is available in all good bookstores.
For all oversixty.com.au readers, we are pleased to offer a FREE download of Andrew’s book, valued at $29.95
This is a sponsored post written in partnership with Maurice Blackburn Lawyers.