 A will preparation can cost anywhere between a few hundred and a few thousand dollars, limiting ease of access to these vital services. CFS has partnered with Safewill to make it cheaper and quicker for CFS account holders to prepare a will.
The partnership gives CFS clients access to:
Why do you need a will? Wills are legal documents which, to their fullest extent, ensure that your assets are divided in your preferred manner when you die. You can learn more about wills here. We recommend organising a will to ensure that your wishes are upheld after you pass away. What can I designate in my will? You can specify where you’d like any of the following elements of your estate to go:
What if I don’t do a will? This is called intestacy. If you do not have a binding will at the time of your death, the law will determine who gets what (even if it's not what you would have wanted). How do wills interact with my superannuation and insurances? Binding beneficiary nominations are legally binding declarations which supersede your will in most cases. If you create a will, we recommend contacting your financial adviser to review your beneficiary nominations and ensure you have selected your Legal Personal Representative (executor of your estate). This will ensure that your superannuation and life insurance cover will be paid according to your will. Is this a good option for me? We recommend utilising the free Essential Will offer if you have simple requests, a small amount of assets, or don’t need to specialise particulars for bequests/gifts. We recommend doing the Customised Will if you have a more complicated situation. This could include possessing a large number of assets, many beneficiaries, and/or requiring specific requests for how money or assets are utilised. Please note that Safewill is best suited for uncomplicated estate planning purposes. In the case that you find Safewill is not specific enough, we would recommend seeking advice from a lawyer. How do I start my will with Safewill and what is the process like? You can access the free and discounted will services through your CFS Mobile App or on your FirstNet portal. If on the app, navigate to the “My CFS” tab. Scroll down to the bottom of the page and select “Start your will”. Follow the prompts to begin the process. If on the portal, select “Beneficiaries” and scroll down to select “Start your will”. Depending on the complexity of your situation the process with generally take between 15 minutes and half an hour. Once you have submitted your will it will be reviewed by Safewill’s affiliate law firm, which generally takes 10-15 business days. After it’s approved, you will be prompted to sign and have two people witness your will. Questions Feel free to reach out to the office on [email protected] or via 07 4766 9688. Comments are closed.
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