As a young person, you might not consider drafting a will to be a priority. Yet, having a will is a critical step in safeguarding your assets, protecting your loved ones and ensuring peace of mind. Keep reading to find out why everyone over the age of 18 should consider drafting a will.
Protecting Your Assets
Even if you don’t own a house or have a substantial savings account, you likely have assets worth protecting. These might include your car, personal belongings, digital assets and sentimental items. Without a will, state laws will determine how these assets are distributed, which might not align with your wishes. Having a will allows you to determine who will inherit your possessions, ensuring they go to the people you care about most.
Digital Assets
In today’s digital age, many young people have valuable online assets. These can include social media accounts, digital photos, music libraries, or cryptocurrency holdings. Without clear instructions in a will, these digital assets can be lost or mismanaged. Specifying your wishes regarding your digital presence and assets can help ensure they are handled appropriately after your passing.
Guardianship of Minor Children
For young parents, a will is essential to determine the guardianship of their minor children. Without a will, the courts will decide who will take care of your children, which also may not align with your preferences. By naming a guardian of your minor children in your will, you can ensure that your children are raised by someone you trust and who shares your values and parenting style.
Avoiding Family Disputes
The absence of a will can lead to confusion and disputes among surviving family members. By clearly outlining your wishes, you can help prevent potential conflicts and ensure that your loved ones are not burdened with difficult decisions during an already emotional time. A will provides clarity and can help maintain family harmony.
Expedited Legal Process
When someone passes away without a will, the process of distributing their assets can become lengthy and complicated. This is known as dying intestate and it often requires court intervention. Having a will can streamline the legal process, making it easier and faster for your loved ones to settle your affairs. This can save them time, money and stress.
Taking Control of Your Future
Creating a will is a proactive step in taking control of your future and your legacy. It allows you to make important decisions about your assets, healthcare and even your funeral arrangements. This level of control can provide peace of mind, knowing that your wishes will be honoured and that you have taken steps to protect your loved ones.
While it may not be the most exciting task, drafting a will is a responsible and caring act that can have significant benefits for young people. It protects your assets, provides for your loved ones and ensures that your wishes are respected. Don’t wait until it’s too late—take the time to create a will and take control of your future today.
Contact us
Dowson Turco Lawyers is Australia’s only Out Loud and Proud® LGBTQ+ law firm, servicing all communities. If you would like to create a will, the Dowson Turco wills and estates team is ready to help. Feel free to contact us by phone at 02 8000 7300, or by email atenquiries@dowsonturco.com.au to book an initial conference. You can also connect with us on Facebook, Instagram and Twitter.
