Younger Australians need the Will to plan for their future
Most Australians under 50 do not have a Will and will not have a say on how their assets will be allocated, according to a national study by the University of Queensland .
The study found that two–thirds of Australians (65 per cent) aged under 30 with other people financially-dependent on them do not have a Will. Their estates may be uncomplicated, but this still leaves them vulnerable to negative outcomes, such as assets not ending up with those intended, and complications over the rightful guardian of any children they have.
State Trustees CEO Craig Dent said among Australians aged 20 to 50, approximately half does not have a Will nor any plans for their estate and do not have say on who will look after their minor children, because they either believe they do not have the time or money, or have simply ignored it.
“We often meet people whose deceased relatives did not have Wills, meaning that the law must determine who will receive their estate and possessions, or look after their children until they turn 18 years old,” Mr Dent said.
“This stressful and often tragic experience can be easily avoided, which is why it is important that we encourage younger Australians to safeguard theirs and their children’s future with a Will.”
From 1 July 2015, State Trustees will offer all Australians access to an Online Will Kit, which is best suited for people reaching major life milestones such as marriage, having a child, buying a house or extended travel overseas.
“We know young people often think that they won’t need a Will until they’re older, or that creating a Will is an expensive and time-consuming process. However, an Online Will Kit is a convenient and affordable solution to those with simple and straightforward circumstances – for example, if you intend to leave everything you own to your immediate family and to appoint a guardian for your minor children.” Mr Dent said.
“All Australians need to understand the benefits of having a Will, such as nominating your executor, beneficiaries, appointing guardians for your children and specifying gifts.”