When young people think about effective estate planning, they tend to imagine older Australians working with an experienced lawyer on a will. Yet, wills are not just for the elderly, they can also protect the interests and assets of people of any age.
Younger Australians need to ensure they have a will in place for a number of reasons. One of the most important is it can ensure you do not die intestate.
Young Australians do not see the value of a will
A national study from the University of Queensland has found that young people in Australia are not fully aware how important a will is and thus fail to plan properly for the future.
Associate Professor Cheryl Tilse from The University of Queensland's Faculty of Health and Behavioural Sciences said that while Australia has a high percentage of people with a legal will, many younger Australians still do not.
"It is concerning that many young adults think there is plenty of time in the future and do not consider wider implications," Dr Tilse said.
One of the main problems is that people see wills as having a very narrow value and are only used to protect assets.
A document of many functions
Creating a will during the estate planning process has a number of different outcomes, mainly because it is a multifaceted document.
A will has a number of important functions, for instance, it nominates guardians for any dependents you may have, while it can also outline funeral arrangements.
One of the biggest issues that comes from not having a will is what's called dying intestate. When this happens, your possessions will be distributed by the courts according to a standardised formula.
While in most cases your family will receive a portion of your estate, you may not be able to leave possessions to specific people or organisations, such as close friends or a charity.
In response, it is essential that Australians of all ages seek experienced wills and trusts lawyers. With their help, an individual can name beneficiaries and outline plans for guardianship in the event of their passing.
Why gamble with your family's future? Make sure you begin the state planning process as soon as possible.
If you would like to learn more about the estate planning process, talk to a representative of Craddock Murray Neumann Lawyers today.