Retirees 'need to think about writing wills'

Those who have retired and are enjoying life without work should ensure they have wills written up to clarify their desires regarding the distribution of the contents of their savings accounts and other assets when they pass away.

Kerrin Falconer, a financial planner, said in a piece for News Limited newspapers that Aussies need to get a legal document drawn up, because without one the government decides where assets go.

She noted that taking the time to apportion the contents of savings accounts early on can ensure there are no "nasty squabbles" between family members after someone has died.

"You may think that it is easier for whoever is left after you pass away to deal with all the inheritance process. But that's not changing the guard, it's passing the buck," she warned.

Aussies who do not have a savings account may wish to open one in light of a study conducted by TNS and commissioned by RaboDirect, which showed that people could be losing as much as $6 billion a year in interest by not putting their cash in the appropriate place, reported the International Business Times.

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