One of the biggest myths is that only the elderly or chronically ill need a legal Will. While young and healthy people don’t want to think about dying, accidents or unforeseen circumstances are an unfortunate part of life!
According to a nation-wide study, most Australians are thinking about or have a Will, but young people underestimate their importance and often fail to plan ahead. The four-year study from the University of Queensland found that young people believe they have plenty of time and Wills are only for those with significant assets or expensive possessions.
In reality, there are many other extremely important functions of a Will that young and healthy people should consider when planning for their future.
If you have children, a Will gives formal direction for who will care for them should anything happen to you. Have you considered naming a guardian for your children?
If you have a partner that you live with but are not married to, and you don’t have a Will, they will get nothing. The only way to make sure that your possessions go to them is to prepare a legal Will.
If you have superannuation or life insurance, nominating a beneficiary with your superannuation provider may not be enough to secure your specific wishes. You may need a specific Binding Death Benefit Nomination to ensure your nominated beneficiary receives the benefits you intended.
Maybe you own a business. A Will, along with any succession planning, having a legal Will ensures a smooth transition of ownership or sale.
A Will can give someone the power to make health and financial decisions on your behalf. If you’re travelling overseas, undergoing a serious medical procedure, are incapacitated or out of contact for a significant period of time, writing a Will and appointing a Power of Attorney will give your nominated person that authority.
There are often disputes within families. Give yourself peace of mind by making a Will. This will help spare your family and loved ones from additional stress and emotional tension, should any disputes arise.
It’s not always about wealth. A Will can help protect and make provisions for other things such as pets, children, passwords and accounts, your debts and even your phone – so don’t leave anything to chance!
Preparing a Will is something that everyone over the age of 18 can and should do. You can write a Will and update it at any time. Appropriate planning and considered preparation of a legal Will and Power of Attorney will greatly reduce the strain on loved ones at an understandably difficult and emotional time.
At Le Brun & Associates, our support continues even after you have completed and signed your Will or Power of Attorney. We’re always happy to further advise and make any required amendments to your Will or Power of Attorney, if your circumstances change for any reason.
With no upfront fees, we also offer the first 30 minutes of your initial consultation completely free, so we can assess your needs, and ensure you are fully informed of your options.
We invite you to consult with our experienced estate planning lawyers. Download our Wills & Power of Attorney Brochure here or contact us for more information and your free consultation.