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Millennials and Gen Z need a Will too

Many young people think they don’t need a Will – mainly because they think nothing will happen to them, or they have no assets. This couldn’t be further from the truth.

Here are some reasons why you should have a Will:

No evidence of intentions: there is no document to show how you would like your assets to be dealt with or distributed on your death. Don’t assume people know your intentions, or that your assets will automatically pass to your partner, particularly if you want to give specific assets to certain people. You wouldn’t want your assets to end up with the wrong people.

Relationship: are you in a relationship and living with someone for the last 2 years? If so, you may be considered a de facto partner. On your death, if you have no Will, then your assets may pass to your de facto partner, rather than your family or other preferred people.

Superannuation: Most young people work. When you work, you accrue superannuation, and some superannuation funds have a life insurance policy attached to your superannuation benefits. If you have no nominated beneficiary to receive your superannuation (and perhaps life insurance proceeds) on your death, then your superannuation (and life insurance) will most likely form part of your estate. In this instance, if you have no Will, then you cannot elect who will receive your superannuation death benefits on your death.

Accidental death at work: if you die at work, there may be a lump sum payable by the insurer if your employer accepts liability for your death. This may directly go to your dependents (i.e. people who are dependent on you for financial support), but it may also form part of your estate if you have a Will. A compensation claim could be a large lump sum payment, and you would want to ensure, if possible, you could direct this to be distributed to YOUR chosen people.

Without a Will, you risk having your estate being distributed to people you may no longer have a relationship with or simply not want them to receive a benefit from your estate. Take the time. Get a Will.

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