People should think about the ramifications of not having a will - and unfortunately, they typically don't do this when they are young.
Estate planning young is important when dying intestate has ramifications for others.
If you are in your early 20s, it's fairly likely that you won't have a will but think about what will happen if you die prematurely. If you are living with someone but aren't married, they may not receive anything, even if it's your wish that they receive the bulk of your estate or at least some of it.
You and your partner could fit the legal criteria of a de facto couple, which would warrant your partner’s inclusion as a beneficiary. But proving such a claim while they are grieving your death is an unnecessary. That is just one reason estate planning young is important.
Should you deem your estate not worthy of a will, because of its small monetary value - consider the sentimental value and what certain objects of yours mean to your friends or partner.
Not only do you run the risk of your intended beneficiary missing out, you also run the risk of depleting the size of your estate. If you die intestate, you die without choosing an executor which means that any dispute regarding bequeathing assets could reduce the worth of the estate - that is a problem that could be overcome through estate planning young.
The issue with having an estate administrator appointed by the Supreme Court of New South Wales is that there is a chance they will make a decision which could be against your wishes.
Distributing assets in NSW is done through a formula which isn't specific to each case and as a result there is a real chance a beneficiary you would have deemed worthy may receive less than you would have liked. In a worst case scenario some of your loved ones could receive nothing.
Dying intestate provides difficulties and stresses to those closest to you when they are also going through an immense loss. Increasing the burden through extra paperwork is something that can be avoided by estate planning young.
To talk to an experienced wills and estates lawyer call Dominic Wilson on 8268 4000 who can assist you in
creating a legal and valid will.