In estate planning, it also signals the rush towards the Christmas break, when clients aim to finalize their plans before heading away or tick off the to-do list for the year.
In recent years, online and cheap Will providers have flooded social media and even TV with ads, using FOMO and cut-price offers to capture clients. But there’s a difference between these templated, algorithm-driven online Wills and a holistic estate plan that truly serves client needs.
Here are some key points to consider:
💡 Template vs Plan:
Online Wills often use generic templates, sometimes reviewed by a lawyer with a quick “glance over.” By contrast, a holistic estate plan takes into account a client’s entire family, asset structure, and personal wishes. It means creating a plan with genuine legal advice before drafting the final documents.
💼 Transparency & No Hidden Fees:
Online Will providers often aim to lock in probate or referral work, with executor fees as high as 3% of the estate value. For a property owner in a Capital Australian city, that can add up to $45,000 – a high cost for loved ones left behind. On the other hand, fees for service providers such as Inherit offer transparency in the total estate planning and probate costs and create flexibility for beneficiaries.
🏛️ Tax Planning:
Holistic planning through Inherit Australia covers essential considerations like tax, CGT, and stamp duty. We use strategies like testamentary trusts and investment bonds to make inheritance as tax-efficient as possible for beneficiaries. (talking Ian Raspin is a good starting point)
So, when a client says, “I’ve done an online Will,” ask them: Would you prefer to invest a bit more now to avoid a hefty bill and tax burden for your loved ones later?
This is a conversation worth having. Because of peace of mind for clients and their families? Priceless.
Inherit Australia provides advisers with a structured estate planning facilitation process to ensure that client interests and wishes are maintained as part of their estate plan.
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