If in doubt, ask a Will lawyer
As a young person, you might think you don’t have sufficient assets to worry about making a Will. Here are some things you might not have considered and should discuss with a Will lawyer:
Inheritance
You may suddenly and unexpectedly inherit money or property from your parents or other family members.
Assets
You may be running your own business and owning business assets, by investing in stock exchange listed shares you may have accumulated a significant share portfolio over the year. It is important to have a Will to state who should receive these assets.
Superannuation
Superannuation may be the largest sum of money you hold. You superannuation may contain a death benefit and may be paid to your eligible dependants (eg. spouse or child) or to your estate. If it is paid to your estate, then it is important to have a Will to state how you wish the superannuation to be distributed.
Life Insurance
If you die young, the people you leave behind could be entitled to a substantial amount of money due to a life insurance policy you may have. Unless you have a nominated beneficiary it will be distributed in accordance with your Will.
The rules of intestacy will apply if you die without a Will. These rules are contained in the Succession Act NSW 2006, which sets out who will receive your assets based on a bloodline hierarchy. If you do not wish your assets to be distributed in accordance with legislation, then you should consider making a Will.
Please contact one of our Will Lawyers on 9635 7966 if you have any questions relating to the preparation or update of a Will
