Why young Australians also need a Will
Studies have shown that most Australians under the age of 50 do not have a current or valid Will. Many people believe that a Will is something only necessary in your advanced years. For most this line of thought is incorrect. Having a valid Will can be as important for young Australians as for their parents.
One of the main reasons why everyone requires a Will is our “Intestacy” laws. Essentially, if you don’t have a valid Will, under the Administration Act 1903 (WA) you’ll have no say in how or to whom your estate is distributed.
Many young people think that they don’t have much to give away in their Will so there’s no point, but this is often not true. For example, many super funds automatically include “death cover” (life insurance) of between $100,000 and $400,000 dollars. If a person doesn’t have a valid Will, they will have no control over who this money goes to as the super fund trustee will decide who receives the money. Also, you may receive an inheritance, or even win Lotto, and a Will can detail how to deal with this money should you unexpectedly pass.
There are many other reasons a young person should have a Will. It’s more and more common for young people to own pets, especially young people who live out of home. A valid Will can guarantee that your beloved pet is looked after if you unexpectedly pass.
Almost 80% of the population in Australia uses social media with the highest demographic being those between the ages of 25-34 years old. a Will can dictate what steps your family or friends should take regarding any photos or data stored on your social media accounts or how to manage your online presence after your passing.
Your occupation may highlight the importance of having a valid Will and Powers of Attorney and Guardianship. All members of the Australian Defence Forces have statutory life insurance and total permanent disability cover, and a Will can help them ensure their loved ones are looked after should they sadly pass.
The unfortunate truth of it is you are never too young to die. According to the Australian Institute of Health and Welfare 3,449 Australians aged 15-34 died in 2019. Death is often unexpected and thus everyone over the age of 18 should have a valid Will.
Butlers have a well-versed and extensively experienced Wills, Estates and Succession Planning Team and can assist you with any enquiries you may have in this area.