Why you need a will
Dying without a will means the government decides how your assets are divided. Your family must apply for probate, a legal process that can delay access to funds and cause conflict.
Probate can cost:
- $5,000–$15,000+ in legal and court fees
- Valuable time your loved ones could spend healing, not hustling through red tape
Having a will in place means:
- Your wishes are followed
- Loved ones are supported promptly
- Expensive legal costs are reduced or avoided
You might not realise it, but creating a will can cost nothing—there are free or low-cost options available. The key is making sure it’s legally valid and stored properly.
Life Insurance: Backup for Those You Love
Think of life insurance as your family’s financial lifeline. It’s designed to replace your income, cover debts, and fund your family’s future.
But a word of caution:
If your cover is through your super fund, it might only be an “offer of insurance”, not fully underwritten. That can cause problems if a claim is made and your medical history wasn’t disclosed or assessed properly at the start.
Check:
- Is your cover amount based on actual needs?
- Was your policy fully underwritten?
- Are the right beneficiaries nominated (inside and outside of super)?
Quick Guide: How much Life Insurance cover do I need?
Use this Life Insurance Calculation formula as a starting point:
Life Insurance Cover =
Debts (mortgage, credit cards, car loans)
plus Living costs × number of years
plus Future needs (education, medical, aged care)
plus current savings or investments
Example:
- Mortgage: $300,000
- Living expenses: $50,000 × 10 years = $500,000
- Future goals (e.g., uni): $50,000
- Existing savings: $100,000
Suggested life cover: $750,000
Catterall Wealth Solutions can help
Let’s start with a 15-minute obligation-free call. Whether its information on planning your
Will, Personal Insurances or Health Insurances, at Catterall Wealth Solutions using our simple and transparent process we can identify any gaps and explore affordable options tailored to you. We help families in Melbourne, Redcliffe, Scarborough and surrounds navigate these important decisions with confidence. No jargon, no pressure—just clear advice and support tailored to your needs.
Whether you’re buying your first home, raising kids, or planning retirement—this is about protecting the people you love most. Get in touch today.