In South Australia, the minimum age to execute a Will is 18 years of age, yet majority of 18 year olds have not given a single thought to having a Will. There is a stigma that a Will is only for elderly people, but what happens when a person in their 20’s, 30’s or 40’s has an accident resulting in death, or becomes ill and passes away unexpectedly? Not having a Will can result in further emotional stress of the family in deciding how assets are distributed, and sometimes financial hardship for the family can result, adding to the pain of suddenly losing a loved one.
Deciding to create a Will is a personal decision, and often one that most 18 year olds do not think about. Reasons for not thinking about a Will will often be led by the train of thought that ‘I don’t have any assets to leave behind, and so a Will is not necessary’. However, any savings or heirlooms, or a car, are all important aspects of your life that can be included in a Will.
Without a Will, and if the deceased is unmarried and has no children, the assets will typically go to their parents. However, a Will means that the assets to be distributed can be specified to go to another person or group of people, such as a charity. If you don’t create a Will, the privilege of being able to distribute your assets yourself is lost. The benefits of paying to have a Will executed by a solicitor greatly outweigh the legal and tax costs if (a) no Will exists, or (b) the Will has been created using DIY Kit and is ruled invalid due to a mistake.
We know that deciding upon making a Will is a very adult and personal decision, and an often uncomfortable situation – no one likes having to firstly consider their assets (or lack thereof), nor consider the circumstances surrounding their own eventual death. For 18 year olds, the prospect of having to analyse what little assets they may have is a stressful process, and a Will may be not be deemed necessary until further down the track. However, creating a Will now will save a lot of financial pain and stress in the future, and you can have peace of mind knowing exactly where your assets will be distributed.
You are never too young to create a Will, and our experienced Adelaide lawyers specialise in executing Wills. Give us a call today on 08 7132 5636 to discuss your options.