WHY MORE YOUNG AUSTRALIANS ARE MAKING WILLS

Traditionally, many people believed that Wills were only necessary later in life. However, more young Australians are now prioritising estate planning and preparing Wills earlier than ever before.

With increasing property ownership, growing digital assets, changing family structures, and greater financial responsibilities, younger Australians are becoming more aware of the importance of protecting their future and ensuring their wishes are legally documented.

Why Young Australians Need a Will

Many young adults now own significant assets, including property, vehicles, businesses, savings, superannuation, and even cryptocurrency. Others may have personal possessions or investments they wish to leave to particular family members or loved ones.

Without a valid Will, these assets may not be distributed in accordance with a person’s wishes. Instead, the estate will be administered under the intestacy laws in NSW.

A legally valid Will allows you to decide who will receive your assets, who will manage your estate, and who will be responsible for carrying out your wishes if you pass away.

Modern Relationships and Blended Families

Changing family structures are another major reason more Australians are seeking estate planning advice. De facto relationships, blended families, stepchildren, and young children can create legal complications where a person passes away without a valid Will in place.

Preparing a Will can help provide certainty, reduce confusion for loved ones, and minimise the risk of disputes between family members during an already difficult time.

The Rise of Digital Assets

Estate planning now extends well beyond traditional assets. Many Australians have digital assets such as cryptocurrency, online businesses, social media accounts, digital photo libraries, online subscriptions, and payment platforms.

Without proper planning, it can often be difficult for executors or family members to access or manage these assets after death. Including digital assets within an estate plan is becoming increasingly important in modern estate planning.

What Happens If You Die Without a Will in NSW?

If a person dies without a valid Will in NSW, their estate is distributed according to intestacy laws. This means the law determines who receives the estate, rather than the individual’s personal wishes.

In many cases, this can create additional stress, delays, legal costs, and uncertainty for family members. It may also result in outcomes that the deceased person would not have intended.

Seeking Estate Planning Advice

Estate planning is no longer something reserved for the elderly. More young Australians are recognising the importance of having a valid Will, Power of Attorney, and estate plan in place to protect themselves and their families.

Contact Lawgix today to arrange your free 15-minute consultation and discuss how we can assist you with protecting your estate and future wishes.