It’s a common misconception that wills are only for those nearing the end of their lives or dealing with serious health issues. In reality, regardless of your age or health status, having a will is a critical step in responsible estate planning and ensuring your wishes are respected, no matter what surprises may be around the corner.
Protecting loved ones
One of the primary reasons to create a will is to protect your loved ones. If you have dependants, such as children, pets, or ageing parents, a will allows you to specify their care and financial support in the event of your passing. Without a will, decisions about their future may be left to the courts or state laws, potentially causing emotional and financial stress for your loved ones.
Asset distribution
No matter how young or healthy you are, you likely have assets to your name, whether it’s a car, savings accounts, investments, superannuation or personal belongings. A will allows you to dictate how your assets should be distributed upon your passing. This ensures that your assets go to the people or organisations you care about, rather than being distributed based on default state laws.
Avoiding family conflicts
Even in close-knit families, disputes can arise when it comes to asset distribution. By creating a clear will, you can reduce the likelihood of family conflicts. Your explicit instructions can help prevent misunderstandings and disagreements that can often strain family relationships.
Nominating guardians
If you have young children, a will is essential for nominating a guardian to care for them if you and your spouse or partner are no longer able to do so. This decision is deeply personal and should be made by you, not determined by the courts. A will ensures your children are placed in the care of someone you love and trust.
Digital assets
In today’s digital age, many of us have valuable digital assets, such as online accounts, social media profiles, and cryptocurrencies. Your will can include instructions on how to handle these assets, ensuring they are managed or transferred according to your wishes.
Life is unpredictable, and unfortunate accidents or illnesses can happen to anyone at any age. Having a will in place is a responsible way to prepare for the unexpected, ensuring your affairs are in order even if you’re young and healthy today. Regardless of your age or health, a will empowers you to make informed decisions about your assets, dependants, and final wishes. It provides peace of mind, knowing that you’ve taken steps to protect your loved ones and ensure your legacy is handled according to your desires.
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Written by APS Wills & Estates Principal Lawyer Phillip Lambourne
Phil is a lawyer with over 35 years of experience in private practice and over 25 years of experience in the trusts and estate planning area. As Principal Lawyer with APS Wills & Estates, Phil provides advice and prepares documentation in the areas of Wills, Powers of Attorney, Probate and Estate Administration for clients across Australia. He also provides clients with conveyancing and property law, commercial law and state tax advice services.
When Phil isn’t working, he enjoys spending time with family, reading new books, and watching new shows with some good scotch whisky, red wine and cheese. Phil also enjoys playing trombone in the Melbourne Lawyers Big Band!