Do Young Adults Need a Will? The Risks of Dying Without One
Most young adults don't spend much time thinking about wills.
If you're in your 20s or 30s, it's easy to assume that estate planning is something to worry about later in life—after you've purchased a home, accumulated wealth or started a family. Unfortunately, life doesn't always go according to plan.
Accidents, illness and unexpected events can occur at any age. If you pass away without a valid will, you lose the opportunity to decide who manages your affairs, who receives your assets and how your estate is administered. Instead, those decisions are made according to Victorian legislation.
Many people are surprised to learn that dying without a will can create significant stress, delays and additional costs for the very people they were trying to protect.
What Happens If You Die Without a Will?
If you die without a valid will, you are said to have died intestate.
In those circumstances, a family member or loved one must apply to the Supreme Court of Victoria to be appointed as the administrator of your estate. This process is often more complicated, time-consuming and expensive than administering an estate under a properly drafted will.
Once appointed, the administrator must distribute your estate according to legislation rather than your personal wishes.
This means:
You cannot choose who manages your estate.
You cannot decide who receives particular assets.
You cannot appoint guardians for children.
You cannot make provisions for pets.
You cannot implement strategies to protect vulnerable beneficiaries.
Your loved ones may face unnecessary delays and legal expenses.
In short, the people left behind are often required to deal with additional stress at an already difficult time.
You Probably Have More Assets Than You Think
Many young people assume they do not own enough assets to justify having a will.
However, even if you don't own real estate, your estate may include:
Superannuation;
Life insurance;
Savings accounts;
Shares and investments;
Cryptocurrency holdings;
Motor vehicles;
Personal belongings; and
Employment entitlements.
For many young adults, superannuation is often their most valuable asset. Without proper planning, these benefits may not pass in the manner you intended.
A Will Gives You Control
A will allows you to make important decisions about your future, including:
Who will act as your executor;
Who will receive your assets;
Who will care for your children;
Who will look after your pets; and
How your estate should be managed.
Rather than leaving these decisions to legislation, a will allows your wishes to be clearly documented and legally recognised.
Don't Wait Until It's Too Late
One of the most common things estate planning lawyers hear is, "I thought I had plenty of time."
The reality is that none of us know what tomorrow will bring.
Preparing a will is one of the simplest and most effective steps you can take to protect your loved ones and ensure your wishes are respected. Once you turn 18, having a will should be considered an essential part of your personal and financial planning.
Need a Will?
Many young adults put off making a will because they assume the process is expensive or complicated. If your circumstances are relatively straightforward, Kenney Legal's Foundation Wills provide an affordable way to put a valid will in place and document your wishes. While a tailored estate plan may be appropriate in some situations, having a will is almost always better than having no will at all.
Please note, this article is general in nature and does not take into account your personal situation or circumstances. For further information please contact Kenney Legal at info@kenneylegal.com.au or contact us via our social media networks.