You’re probably thinking that ‘Will-writing’ and ‘millennials’ don’t belong in the same sentence. But, just because you may not have many assets to your name, and you’re not going grey around the edges, doesn’t mean that you don’t have something or someone to protect.
A Will is important for every Australian adult, regardless of your age or how much you own. In fact, as soon as you turn 18, you should be thinking about putting a plan in place and writing your Will. Taking care of the what-ifs now will spare your loved ones a great deal of stress, uncertainty, cost and even conflict down the road.
To really understand this, you need to understand the purpose of your Will. In this article, we discuss the benefits of having a Will and why every Millennial should have one.
Your estate is worth more than you think. If you have superannuation, a car, or even just a bank account, you should consider how your loved ones would access these if you passed away.
Without a Will (known as "dying intestate"), the division of your estate is left entirely up to the State to determine. This can be immensely problematic, as someone with a 'legal claim' to your estate may not have been the person that you would have chosen to inherit.
On top of the stress, hassle, and potential conflict that may arise from administering your estate, this process can also be really expensive for your loved ones, even when you do not have a complex estate.
While we often go to absurd lengths to protect our pets and ensure they're happy while we're around, not many of us have planned for what will happen to our pets if we were to pass away unexpectedly. If you have a fur baby, writing your Will is the only way to ensure they end up in a loving home, and that their carer has the resources to properly look after them.
If you have kids, the question of your child’s guardian will be left entirely up to the court if not specified in your Will. When left up to the courts, anyone can make an application to become the guardian for your child - irrespective of whether you would have chosen them as guardian yourself.
While initially unpleasant, assigning a guardian for children may be the most liberating and empowering act you take as a parent, knowing that no matter what happens to you, your child is in the best hands possible.
Let’s face it, some of our most important assets are the ones stored online - from email and social media accounts, to digital music and photos. Writing a Will lets you decide which family or friends you would like to have access to these and what you’d like to happen with them when you’re not around.
A Will is by far the simplest and most cost-effective way to remove any logistical headaches for those left behind, and to protect the people that mean the most to you. So rather than asking the question “am I too young to be writing a Will?”, ask yourself “what and who do I have in my life that is worth protecting?”. At the end of the day, age is just a number!
Safewill takes the stress and hassle out of writing your Will. You can write your bespoke Will online in less than 20 minutes, and for just $160. Every purchase includes a review by an Australian Solicitor and a year of free unlimited updates. Get started for free here.
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