Many young adults assume they don't need a Will, often thinking they have not yet acquired significant assets such as property or savings.
When we think of preparing a Will, we tend to associate it with retirement or old age, but the reality is a Will is for anyone who wants control over their affairs and wants to ensure the people they care about are looked after once they are gone.
Estate planning isn't about the value of your estate it's about providing directions for how your entire estate should be managed, including assets:
- Superannuation;
- Life insurance;
- Savings accounts;
- Digital assets such as social media, websites etc;
- Personal assets such as your vehicle; and
- Burial wishes and organ donation.
An aspect often overlooked is that a Will can include simple but important directions such as whether you wish to be buried or cremated. Having these details recorded can spare your loved ones from the emotional burden of having to make those decisions for you and from wondering whether they've made the choice you would have wanted.
Even if your estate isn't what people consider "significant", your loved ones will still need to manage what you leave behind. This person, your "Executor", is responsible for collecting your assets and administering your estate according to the instructions in your Will, including distributing your assets to your chosen beneficiaries.
Whilst administering an estate is never easy, having a Will makes the process clearer and more manageable. In Victoria, if you die without a Will (known as dying intestate), your estate will be distributed according to the laws of intestacy, set out in Part IA of the Administration and Probate Act 1958 (Vic)(the Act).
The laws of Intestacy removes the ability to choose who benefits from your estate. If you have no next of kin entitled to under the Act, your estate runs the risk of going to the state government (the Crown).
Simply put, intestacy laws mean your estate will pass to whoever the law determines as your next of kin typically your spouse or children, or if none exist, to your parents, or if both have predeceased, to your siblings. Intestacy does not consider:
- Close friends or non-blood relatives you may wish to provide for;
- Breakdowns or estranged relationships;
- Who is best suited to manage your affairs.
This often leads to confusion, stress and disputes amongst those left behind.
Creating a Will will give you the choice during your lifetime as well as clarity for your loved ones after you are gone.
Please reach out to our estate planning team to discuss your Will and estate planning needs today.
Written by Beatrice Taylor-Peebles.
Originally published Jul 21, 2025
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
