As a young professional, it's essential to prioritise the creation of a will, even though it may not be a top priority in your busy life. Creating a will guarantees that your assets are allocated as per your desires and brings clarity to your loved ones in difficult circumstances. This article will discuss the importance of having a will as a young professional and explore the types of wills available.

Why Have a Will? Asset Distribution

Having a will allows you to specify how your assets, including property, investments, savings, and personal belongings, will be distributed after your passing. In the absence of a valid will, intestacy laws may be used in allocating your assets, which may not reflect your wishes. By creating a will, you have control over who receives your assets, ensuring that your loved ones are provided for according to your intentions.

Guardianship for Dependent Children

If you have dependent children, a will allows you to nominate a guardian to care for them in the event of your passing. Choosing a guardian ensures that your children will be taken care of by someone you trust and who shares your values and parenting style. Without a designated guardian, the court may need to make decisions about their care, which may not align with your preferences.

Minimise Family Disputes

A will can help minimise conflicts and disputes among family members regarding the distribution of your assets. By clearly outlining your wishes, you provide clarity and reduce the likelihood of disagreements or legal battles among your loved ones. This can alleviate unnecessary stress and strain on your family during an already-difficult time.

Types of Wills in Australia

Simple Will

A simple will is a fundamental legal document that details the desired allocation of your assets after you are gone. It is suitable for individuals with uncomplicated estates and straightforward wishes. In a simple will, you can name an executor to manage the distribution of your assets and appoint a guardian for your minor children if applicable.

Testamentary Trust Will

A testamentary trust will establishes a trust within your will. This type of will is beneficial if you have complex financial situations, significant assets or concerns about asset protection or tax planning. A testamentary trust can provide ongoing management of assets and offer protection for beneficiaries, especially minors or individuals with specific needs.

Living Will and Power of Attorney

In addition to a standard will, it is also advisable to consider a living will and power of attorney. A living will, also known as an advance healthcare directive, outlines your preferences for medical treatment if you become unable to make decisions for yourself. A power of attorney grants someone you trust the authority to make financial and legal decisions on your behalf if you are unable to do so.

Consulting with a Legal Professional

To create a legally valid will in Australia that accurately reflects your wishes, it is advisable to consult with a legal professional, such as a solicitor specialising in wills and estates. They can guide you through the process, ensure your will complies with Australian laws, and address any specific considerations based on your circumstances.

Peace of Mind

As a young professional in Australia, having a will is essential for ensuring that your assets are distributed according to your wishes and providing clarity for your loved ones. Consider the different types of wills available, such as a simple will or testamentary trust will, and also explore options like a living will and power of attorney. Consulting with a legal professional specialising in wills and estates will ensure your will is valid and tailored to your specific needs. By planning ahead and having a will in place, you can provide for your loved ones and gain peace of mind knowing that your assets will be distributed according to your wishes and your family will be taken care of during a challenging time.

For more information about wills, contact a local lawyer.