If the heading has grabbed your attention, it may be that you are young, single and healthy! Or, like me, you’ve recently watched “Suddenly Thirty” starring Jennifer Garner, and the catch phrase “Thirty, Flirty and Thriving” is stuck in in your mind repeatedly! For others, it may be that you do not have a current or valid Will.
Regardless of why you are reading this, irrespective of your age, marital status or health, if you are over the age of 18, singles need a Will. You should have a valid and up to date Will, relevant to your circumstances.
Whilst death is the one thing in your life that is completely inevitable, it undoubtedly is something you avoid thinking about until later in life. However, for the sake of our loved ones, whether you are in your 20’s or your 80’s. Estate Planning is one of the most important things you will ever do. If you are still not convinced, read on!
“I don’t have a Will because I have no assets…”
Just because you do not have real estate or a share portfolio, does not mean you will not have assets and/or financial resources which need to be dealt with when you pass away. It is important to understand that without a valid Will, you do not have a say.
In the absence of a Will, there are specific formulas and statutory trusts under the Succession Act that will govern how your assets are divided. As a young person not married or in a qualifying domestic relationship and with no children, your assets will go to your parents. Likewise, if you are in a domestic relationship, your assets may well go to your partner when you do not want that.
Superannuation
Most young adults have some form of employment, so it follows that they will have a superannuation account balance and more than likely death benefit insurance. The insurance component can be extensive. So, you need to know what to do to ensure your super goes where you want it to and to understand the tax consequences when gifting to non-tax exempt beneficiaries.
Unpaid Employment Benefits
Unpaid and accrued employment benefits will fall into the estate as an estate asset when you die. If you are employed on a full-time or part-time basis, annual and long service leave will have been accruing since you started in your job. Recently, one of our solicitors uncovered unpaid entitlements of $130,000.00 for long service leave and annual leave for a deceased estate which was not known to the deceased’s family. You need to ensure that the people you want to benefit do so.
Life Insurance
Where you have life insurance and no named beneficiary, you need a Will to make sure that the proceeds of the payout go to those you want to benefit If you take out life insurance,
Inheritance
You may be the beneficiary under the Will of a family member. If that is the case and you want those assets to be dealt with in accordance with your wishes, you need a valid Will
So even if you are thirty, flirty and thriving, you can hopefully now see that even singles need a Will. If you would like advice, our expert estate planning team would be pleased to meet with you to help guide you through making these important decisions. Please call our friendly staff on (02) 4050 0330 or book an appointment online for an obligation-free consultation.
