Scroll for more

young people wills estate planning lawyers solicitors queensland brisbane

Should young people have Wills?

One of the biggest estate planning myths is that only older people need Wills. While young people (over the age of 18) may not want to think about ‘what if?’ or even consider making a Will, estate planning is important for them too. Most young people may underestimate their net worth – or even their potential net worth.

Getting started sooner rather than later in planning your estate can have significant benefits, regardless of how much, or how little you have.

Why should I start planning for the future now?

  1. You have superannuation

Many people do not realise that when you open up a superannuation account with an industry fund, you are generally paying for a life insurance component called a death benefit. Nominating a beneficiary with your superannuation fund may not be enough to secure your wishes when it comes to distributing your superannuation benefit and any associated death benefit.

If you have superannuation, you may require a specific Binding Death Benefit Nomination to ensure your nominated beneficiary receives the benefits you intended.

  1. You are planning on buying a home

Before you purchase a home, it is important that you understand how you will own the home.  In this regard, it is important to safeguard your wishes with a Will. For example, do you intend for your share in the property to automatically pass to the surviving co-owner? Or do you intend your share to be dealt with under your Will? There are different implications, depending on how your property is owned.

  1. You are married or in de facto relationship

You should not assume that you do not need a Will because everything will automatically go to your spouse or partner. If you die without leaving a Will you are said to die intestate.

In this intestate scenario, there is no Will to specify who you want as your executor and who you want as your beneficiaries. This means that your estate will be administered and distributed according to legislation. Accordingly, your assets may end up in the hands of someone you never expected them to.

  1. You are recently married, or a new parent:

For parents, a critical aspect of estate planning is ensuring that you have appointed a guardian for your children in the event that you pass away.

For married or de facto couples, it is important to know where you stand in terms of distribution of assets in the event of a death or even incapacity. Instead of leaving it to chance, having a Will and an Enduring Power of Attorney can ensure your intentions are carried out.

  1. You want to avoid potential disputes after you pass

A Will can help prevent potential disputes arising amongst your family members when you pass. Especially if you are in the process of getting a divorce or separating from a de facto partner, you may want to consider formalising who will receive your assets.

A Will can offer you peace of mind, knowing your estate will be dealt with in the best interests of your nominated beneficiaries.

  1. You want to make specific gifts to your loved ones 

You may not have very many possessions whilst you are young, however you may possess certain items that are of sentimental value. Use a Will to specify exactly where you want your money and possessions to go – even those items of sentimental value.

Young or old, think of your estate plan as an insurance policy. Although you may be young with little assets, once it is in place, it is there for when you need it. We recommend your Will and estate plan be amended every three to five years or when any major life events occur.

If you wish to discuss creating a new Will for yourself, please do not hesitate to contact us.

Share to your network

The information provided in this article is for general information and educative purposes in summary form on legal topics which is current at the time it is published. The content does not constitute legal advice or recommendations and should not be relied upon as such. Whilst every care has been taken in the preparation of this article, Wills, Estates and Probate Lawyers (WEP Lawyers) cannot accept responsibility for any errors, including those caused by negligence, in the material. We make no representations, statements or warranties about the accuracy or completeness of the information and you should not rely on it. You are advised to make your own independent inquiries regarding the accuracy of any information provided on this website. WEP Lawyers does not guarantee, and accepts no legal responsibility whatsoever arising from or in connection to the accuracy, reliability, currency, correctness or completeness of any material contained in this article. Links to third party websites or articles does not constitute any endorsement or approval of those sites or the owners of those sites. Nothing in this article should be construed as granting any licence or right for you to use that content. You should consult the third party’s terms and conditions of use in relation to any third-party content. WEP Lawyers disclaims all responsibility and all liability (including liability for negligence) for all expenses, losses, damages and costs you might incur as a result of the information being inaccurate or incomplete in any way. Appropriate legal advice should always be obtained in actual situations.

Subscribe to our Newsletter

Subscribe to our newsletter to get updates on everything Wills, Estates and Probate.

Written by—

Duncan MacDougall

Call 07 3035 4077 to speak with our team now