I Am Not Old Enough To Have A Will – Fact Or Fiction?

by | Aug 11, 2021 | Wills & Estates

Only old people need to have a Will.

I am too young to write a Will.

Both statements are fiction.

There is a common misconception that millennials or Gen-Z’s don’t necessarily need a Will because they are still acquiring assets and don’t have that retirement nest-egg their parents have.  However just because you may not have many assets in your name, a large investment account ready for your retirement or a substantial amount in your superannuation, does not mean that you don’t have something (or someone) to protect should you pass away.

A Will is an important document for anyone who is over the age of 18 years, regardless of what you own.  Most adults, even if they don’t have a home of their own or children, will a bank account, maybe a car or something else that they value.  Without a Will, you have no say or input on who gets these assets.

There are several things that a younger person may need to consider when making a Will.

Assets

Your estate does not just include the cash in your bank account or the house that you own.  You may have a car, superannuation, furniture or even your collection of 1990’s basketball cards.  Before making a Will, you need to consider who you would like to inherit these assets.  If you die intestate (without a Will), the distribution of your assets if out of your control and is left to legislation to determine.

By taking care of your assets now, you are ensuring that your wishes are met and that your loved ones will not have to deal with any additional stress.

Do you have pets?

When we are alive and well we will go to extraordinary lengths to look after our pets.  However, without considering a Will, you may not have planned for what happens to your pets should you pass away unexpectedly.

If you have a pet, by including your wishes in your Will, you can ensure that they are well cared for.  For more information, see our article Can I include my pet in my Will?’

Do you have children?

If you do have children, you will need to consider who you want to care for them should you pass away.  While the appointment of a guardian is ultimately left to the court, by providing your wishes as to who is to care for your children in your Will you are able to make clear your wishes which will be carefully considered by the court when making a decision.

For more information on what to think about when appointing a guardian, please see our article ‘Choosing the right guardian for your children’.

What about your digital assets?

You may not necessarily think about your online assets when making a Will however, it is something that needs to be considered.  Most people will have some online assets, whether it be email, social media accounts, digital music or stored photos.  By including these assets in your Will, you can provide instructions on how people can access them or what you want to happen to them after your death. You should also consider whether your account login details are to be shared with anyone.

Cryptocurrency is stored digitally on a secure ‘blockchain’; which can only be accessed using a unique private key.  If you have cryptocurrency, it is essential that this information be kept in a safe place.  It may not necessarily be a part of your Will, however whoever you appoint to look after your estate (your executor) will need access to this information.  For more information on including cryptocurrency in your Will, see our article Can I include cryptocurrency in my Will?

How can Nevett Ford help?

A Will is not just for the rich or the elderly.  Your assets, however significant or insignificant you believe them to be, need to be protected should you pass away and if a Will is not made correctly, these assets may not be distributed as you had wished.

Our Wills and Estates Lawyers in Melbourne can assist you with the preparation of your Will in accordance with your instructions to ensure that your wishes are clearly set out so that you have peace of mind.

For more information please contact us on 03 9614 7111 or email at melbourne@nevettford.com.au.