Many young people tend to think they don’t need a Will. Paying rent, coping with a healthy HECS/HELP debt or expanding the cooking repertoire beyond breakfast foods is just about as much adulting as they can handle. We’ve all been there.
Here are five common reasons why young people think they don’t need a Will – and why they’re wrong.
1. “I don’t have anything to give away.”
- First things first – Are you sure? Does anyone owe you money? Perhaps you have received money from your Grandfather’s estate to assist with higher education? Or you are the beneficiary of some other type of trust? Do you have a car? What about real estate – Are you a part-owner or have an interest in a family property? Are you likely to receive an inheritance at some point in your life? Have you purchased an ‘off-the-plan’ apartment that is not built yet? Maybe you run a business with your friends/partner? Still nothing? Well, you probably do have something. It’s called superannuation.
- When you die, you will be entitled to a death benefit or other sorts of entitlements via your super-fund. In order for this to be processed, the super fund can sometimes require a copy of Probate or Letters of Administration (which is an order from the Supreme Court allowing a person to administer your estate). Not having a Will can make this a painful process.
2. “Nobody wants what I got!”
- A mortgage, HECS/HELP debt, credit card debt, money to pay back mum and dad, a car loan Etc.
- You don’t want anyone to inherit that stuff, so why make a Will?
- Your estate will have to repay your debts if there is enough money in it. But someone will only have to personally repay your debts if they are a guarantor or co-borrower. Your HECS/HELP debt? That dies with you (save for any compulsory repayment before your death).
3. “I don’t have a partner/kids/pet, so I don’t need to look after anyone.”
- What about your family? Dying without a Will means that in order to administer your estate, whether there are assets there or not, requires going through a bit of a process that can easily be avoided by having a Will. Your loved ones shouldn’t have to hypothesize over what they think you would want, or deal with unnecessary paperwork.
4. “Even if I had a Will it wouldn’t make any difference.”
- Definitely not true. If you die without a Will, the laws of intestacy will apply. This could be quite different from who/where you want your estate to go.
5. “I can’t afford to pay for a Will.”
- The price of a Will drawn up by Chamberlains is more reasonable than you might assume. We offer a fixed fee structure, and we sit down with you to discuss your needs, explain the process and answer your questions. This can be invaluable advice for a young person and will assist how you approach home-ownership, family living arrangements and your financial situation into the future. It may also prompt you to encourage your parents to sort their Wills out, too. Give Chamberlains a call today to find out more.
*Written by a young person who has a Will.
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