Why do I need a Will, I’m young, I don’t own anything!

As a young lawyer, I hear this all the time – it is a common misconception which many young people have!

What happens when you die without a valid Will?

This is called dying intestate. When someone dies intestate, their estate is divided in accordance with the rules of intestacy outlined in the relevant State or Territory legislation, not in accordance with the deceased’s wishes. Generally, the person first entitled to an estate is the spouse of the deceased, however, without a valid Will, this may require making an application to the Supreme Court to prove the relationship was in existence at the time of the deceased’s passing. This application also needs to be supported by multiple affidavits written by friends and family confirming the existence of the de facto relationship.

This could easily be simplified by having a Will and naming your partner as the beneficiary, saving your family time, emotion and money.

What is an “Estate plan”?

When solicitors talk about having an estate plan, this means more than just a Will. An experienced Wills & Estates solicitor can help you in developing your Estate plan and in drafting your Will.

An Estate plan will include assets which cannot be covered by your Will, most significantly, your superannuation. Once someone dies, superannuation can often become the deceased’s greatest asset, as built-in life insurance can sometimes cause the superannuation amount to double (this will depend on the policy of your Super Fund and it is best you check this out now!).

Superannuation is what we refer to as a ‘non-estate asset’. As a result, you will need to nominate a person(s) as your superannuation beneficiary and ensure that this nomination is kept up to date. Each super fund varies, but, superannuation nominations usually need to be reviewed and updated every three years.

Superannuation beneficiaries fall into a specific class of persons, that is, not anyone can be a beneficiary to your superannuation, and it is important to keep this in mind for your overall Estate plan. A super beneficiary will need to be either a spouse (current or former), child(ren) or any other person whom is financially dependent upon the deceased.

What if I don’t have any assets?

You probably have more assets than you realise and it is important for young people to have an estate plan so that they know how all of their assets are going to be dealt with when they die.

An estate can comprise anything from money in the bank, investments, motor vehicles and personal possessions to non-tangible assets such as digital assets and social media.

An increasing issue for anyone managing someone’s Estate is the use of social media and the concept of ‘digital assets’ – this is complicated further when someone earns a passive income through social media, such as when money is earned through videos being watched and content consumed.

It is just as important to include provision for how your social media will be managed when you die – for example, will it be memorialised or simply removed. All of this can be dealt with in a simple Will.

A Will does not need to be complex or lengthy. The process does not need to be expensive or time consuming. Our experienced Wills & Estates solicitors can provide sensible, cost effective and detailed advice.

Tiyce & Lawyers, we’re here when you need us.