When we are young, we rarely spend our time thinking about the possibility of death and as a result, most young people do not see the need to have a Will to direct what happens to their assets after they die.
This poses the question, am I ever too young to have a Will in place?
In order to make a Will, you must be at least 18 years of age, with the required mental capacity. However, people who are under the age of 18 can make a Will if they are or have been married, or with the permission of the Supreme Court.
While most people have Wills drawn up later in life, there are several reasons why you should have a Will drawn up sooner rather than later.
Whilst it may not seem so, young people tend to build up many valuable assets after leaving school, university and entering the workforce. Many of us have a car, bank accounts, personal effects and even a house (with a mortgage!). These are valuable assets that tend to accrue quite quickly.
When you die without a Will, you are said to have died ”intestate”. If you die without a Will, the distribution of your assets will be determined by the Administration and Probate Act 1919, which might mean your assets are distributed in a way you would not prefer.
Having a very basic Will ensures that your assets are distributed in accordance with your wishes and will also save your loved ones any unnecessary stress or expense if you were to suddenly pass.
Also, if there are specific people that you would like to leave your assets to, a Will can achieve this. However, if you do not have a Will, people or organisations, such as close friends or a charity, would miss out.
If you are worried about having your wishes set in stone so early in your life, putting your last wishes into writing at an early age doesn’t make them unchangeable. Wills can be updated at any point during your life (but only as long as you have mental capacity).
If you have any questions as to what you can include in a will and how to go about distributing your estate in the event of your passing, Georgiadis Lawyers can help.
We offer competitive prices in drafting up Wills which vary as a result of the complexity of the Will.
Please contact Georgiadis Lawyers today on 8210 5400 if you are interested in drafting up a Will to protect yourself in the event of a sudden passing.