Young or Old - you need a Will
Of course dying is not something young and healthy people want to think about and many of them believe they are “bullet proof” and have all the time in the world. As such estate planning may not be a priority for the under 30’s. We disagree. Estate planning is critical for anyone aged 18 and over and here are a few reasons why;
Without getting too dark; did you know that nearly 50% of road fatalities are between the ages of 17-39? (36% 17-25 and 22% 25-39) and the highest infection rate of Australians getting Covid-19 was 20-29? (fortunately no deaths). Unfortunately, life can be short.
On a more upbeat note, having a Will is not just planning for the worst but also planning for the future by protecting those that you love. For instance, what if you have kids? Who’ll pay for their schooling if you go? A home loan? Will you keep the house if the breadwinner dies? What about who gets your super? Are Mum and Dad still nominated as beneficiaries? Estate planning is much more than just dealing with your current assets.
If you don’t have a will and pass away, then it can also be a logistical nightmare for those left behind. Dying without a Will is called intestate and that means that your assets/superannuation/life insurance will be distributed using the pre-determined rules of intestacy. Generally, when someone dies intestate the estate assets will be inherited by their spouse, followed by their children, parents, siblings and so on. Sometimes though the rules can result in very unfair outcomes. For instance, if the family didn’t know about your spouse or defacto relationship this can sometimes cause distress and lead to long unwanted costly legal battles.
Young or old, think of your estate plan as an insurance policy. Although you may be young with little assets now, once it is in place, it is there for when you need it.
It’s important to speak to a professional who knows the questions to ask. Please call our team on 5440 4800 and we can help.
For an easy to understand Guide to Wills with details as to when and why you should make and review your will please click here.