So, you’re in your mid-20s, either employed or just starting your own business, or maybe planning to. If you’re employed, your employer is probably contributing to a superannuation fund for you, likely an industry fund.
You might also have life insurance as part of your superannuation fund or otherwise, which would make payments to your estate in the event of your death.
You could be in the market for your first home, either buying it in your name or with a life partner. Maybe you already have a rental property. Perhaps you’re a parent with responsibilities for a young child or children, even if they spend most of their time with the other parent.
The fact is, you’ve started to build a real “estate” and taken on big responsibilities. If you were to die unexpectedly, it’s crucial to have a plan. Here’s where a Wills and Probate Lawyer comes in.
Steps to Take:
- Consolidate Your Superannuation:
- Gather all your superannuation from previous employers.
- Ensure you have a Binding Death Benefit Nomination. This directs the trustee of your fund to pay your death benefits to specific people, whether that’s the Legal Personal Representative of your estate (executor) or family members. A Wills and Probate Lawyer can guide you through this process and help you discuss it with your superannuation fund trustee.
- Have a will prepared by a Wills and Probate Lawyer.
- Nominate an executor to handle your affairs and possibly act as a trustee for ongoing assets and funds for someone you want to provide for, such as a child.
- Specify any personal wishes, like leaving your longboards and shortboards to your best surfing buddy. Without a will, these assets might be sold or distributed by your executor.
Why Start Now?
Making a will is an essential first step. It’s easy to update as your life progresses and you acquire more assets, whether that’s superannuation or other investments. A will lets you specify exactly how you want your estate to be distributed, ensuring your wishes are followed and preventing the state from deciding for you.
Enduring Power of Attorney:
In addition to a will, consider appointing an Enduring Power of Attorney. This legally nominates a trusted person to make decisions about your financial affairs if you’re unable to do so due to illness or injury. Your solicitor can help you set this up while you’re getting your will done.
Get Started Today!
Don’t wait until it’s too late. Ensure your wishes are respected and your loved ones are taken care of by getting a will prepared. Contact Jim Wilson, an experienced Wills and Probate Lawyer, for a no obligation chat today. He’ll guide you through every step and make the process straightforward and stress-free.