Why Young People Need a Will Generation Z and Millennials: Here’s why you should start thinking about your estate now Creating an estate plan is something everyone should consider, but why is it especially important for young people? While everything may seem manageable as long as you are healthy and capable, what happens if you […]
Why Young People Need a Will
Generation Z and Millennials: Here’s why you should start thinking about your estate now
Creating an estate plan is something everyone should consider, but why is it especially important for young people?
While everything may seem manageable as long as you are healthy and capable, what happens if you lose those abilities?
What becomes of all the things you have worked hard to build or started building? This is where estate planning comes into play.
Estate planning ensures:
- your wishes are documented;
- your assets are safeguarded, and
- your loved ones have clear instructions to carry out your wishes.
It is a very sad and stressful time for your loved ones. Having an estate plan relieves some burden if you are unable to make decisions for yourself or if you die.
Here are five reasons why estate planning is important for young people:
Many of us when we are young love to travel, at times to dangerous or remote locations. The reason we take out travel insurance is because we know there is always a risk of injury or illness. Your estate documentation works much the same way. It covers unexpected circumstances and provides guidance for your loved ones when you are unable to communicate your wishes.
Like travel, jobs that involve physical labour (including sports), heavy machinery, or hazardous conditions come with an inherent risk of accident or injury. Who will manage your business or make a claim for compensation on your behalf? It is not always automatically a spouse or child who can assume these roles so having appropriate documents in place is essential.
It is a common misconception that estate documents are only necessary if you have assets. Many overlook the fact that, in certain circumstances, your superannuation could be paid to your estate. If you also have insurance attached to your policy, this could result in a larger amount being payable. Additionally, life circumstances can change unexpectedly—what if you inherit something from a parent, a spouse, or even a distant relative? Your situation may evolve over time, and there may come a point when having estate documents becomes essential.
While it may seem like a minor detail, having a will designates who your executor is, and they are responsible for handling your funeral wishes. Do you want to be buried or cremated? In some cases, you may wish to include your funeral preferences in the will to ensure that your executor is aware of your wishes.
Without a will, disagreements among family and friends may lead to the matter being taken to Court. Courts can struggle to address the conflicting claims in a way that truly reflects what you may have wanted, as they must consider the wishes and beliefs of the family or interested parties, often without a solution that satisfies everyone. Deciding what to do with a body can be deeply distressing and financially burdensome for those involved.
Having a loved one incapacitated or pass away can be an emotionally charged time for families. Without clear instructions in the form of a Will or Enduring Power of Attorney, disputes can arise over responsibilities, access to information and distribution of assets. Family members and interested parties may find themselves at odds over what you would have wanted, and this can lead to unnecessary stress and costs.
5. Peace of Mind
Life can be unpredictable, and while no one wants to think about their own mortality, it is better to plan ahead than leave things to chance. Knowing that you have made these important decisions and that your wishes are recorded can bring a sense of comfort—not just to you, but to your family and friends as well.
It’s never too early—or too late—to start thinking about your future.
Taking the time to plan today can make all the difference for tomorrow. The first step is simple: get in touch with us to see how we can help you put the right documents and protections in place. We’re here to help guide you every step of the way.
Read more about Wills and Estate Planning here.
This article was written by Jacqueline Johns, a key person in our Estate Planning Advice Team.
Associate
e: jjohns@adelta.com.au
p: (08) 8415 5027
Associate
LL.B., BA., GDLP
Known affectionately as “Jacqui” to clients and colleagues, Jacqui works the field of estate planning, wills and deceased estate administration.
From a grazier and cropping upbringing, Jacqui is resourceful and adaptable to changing circumstances. She continues to instil the farmer’s work ethic in her practice, striving to share her authentic insights into the wills and estates process while maintaining a practical focus on factors such as time and cost. Jacqui offers clients a comprehensive but simplified understanding of their options with a warm and friendly approach.
From a multicultural background herself and spending her student years learning with and mentoring international students, Jacqui offers a great deal of patience and understanding when it comes to clients from different backgrounds, ages and varied levels of English fluency.
It is at the heart of her practice that her relationship with clients is built on confidentiality and empathy.
Jacqui can offer her services in the following matters:
Estate Planning:
Estate Administration:
While Jacqui is no longer climbing grain silos and running around shearing sheds, outside of work you will either find her back home in the Murraylands painting landscapes and spending quality time with her family, or in the city indulging on flaky, golden domes of fabulous pastries.
Memberships:
Contact Jacqueline Johns
