How Rotary can make estate planning less stressful

Article by PDG Dennis Shore - Endowment / Major Gifts Adviser

We all know that we will not live forever but naturally none of us really want to contemplate that reality.

Nevertheless we do have to think about what comes next and make plans for what is to be done with our estate when that time arrives. We’ve all heard shocking anecdotes about the problems of dealing with a situation where there has been no Will. Most of think that would be a relatively rare situation. Not so!

According to many studies, the fact is that around half of all people in Australia die without a Will. New Zealanders are clearly much more responsible and “only” 38% of adult New Zealanders die without a Will.

There is more than enough for the family to do after the death of a loved one without the complication of dealing with the legal issues that result from dying intestate.

If there is no Will you have no have no control over your intentions about how your assets are divided when you die. In that situation your estate will be distributed by the courts according to the relevant laws in your state or territory or country. At best such an outcome could result in a less than ideal outcome.

Most people obviously want their estate to go to their children or other near relatives. An increasing number of people also would like part of their estate to support a charitable cause. Naturally we ask all Rotarians to consider a bequest to The Rotary Foundation.

The late Royce Abbey, past President of Rotary International, put it perfectly as “our way of saying thanks for the enrichment that Rotary has added to our lives. It’s our final way of to leave this world a better place than we found it”.

Hopefully most Rotarians do have a Will but it won’t surprise that many Wills do not provide the best outcome because they have not been updated to take into account changes in circumstance since they were made. The cost of preparing a Will can be eye-watering but if you want your estate to be distributed as you intend it to be, then it is a necessary investment.

Rotary always encourages Rotarians to seek legal advice but also provides guidance about the information you should have included in your Will if you wish to leave a bequest to The Rotary Foundation: My Foundation — Rotary Foundation Australia. This advice also applies for New Zealand.

For people who have an uncomplicated estate a Will need not cost a lot. For Australian Rotarians you can access a respected on-line service for half of the regular cost (of $160 single or $240 for a couple) for a legal bespoke Will. You can find this link at The Rotary Foundation | Write your Australian will online, today | Safewill

If you decide to leave a bequest to The Rotary Foundation we would also ask you to advise The Rotary Foundation of your intention so that the funds can be allocated according to your wishes; the World Fund, SHARE (your district), Rotary Peace Centres or to a specific Area of Focus. For larger amounts your bequest can be personalised through a Named Customised Gift.

Please contact Dennis Shore (djshore@bigpond.net.au) or Mark Anderson (Mark.Anderson@rotary.org) if you would like to discuss these options.