For young adults, it’s common to focus on things like starting a chosen career path, building wealth, and starting a family. Death can seem like something that happens to other people and is far from their minds. However, the truth is that anyone can die at any time. Having an estate plan protects you and your loved ones in case something happens to you. It’s like wearing a helmet when you riding a motorcycle.
Generation Z is the largest generation EVER. They make up almost 30% of the world’s population and 20% of Australia’s population. Many of them are now over 18 years old.
Most of them have probably never even considered having their estate planned.
It is important for everyone, no matter their age, to have a Will. If you pass away without a Will, the law will decide how your estate is distributed, which may not be in line with your wishes. Furthermore, if you have young children, it is vital to have a Will so you can appoint a legal guardian for them. Without a will, the court will decide who will care for your children, which may not be your first choice.
This initiative is likely due to a number of factors, such as the increased accessibility to information and investment opportunities through the internet and the current economic climate, which has made many young people more financially cautious. Whatever the reasons, it’s clear that Gen Z is taking a more proactive approach to their finances, and investing is one way to do that.
The Basics of Estate Planning
Estate planning is creating a plan for what will happen to your assets when you die. This can include things like deciding who will receive your assets and what will happen to them. Estate planning can give you peace of mind knowing that your assets will be distributed according to your wishes.
It is vital for everyone, as it gives you peace of mind knowing that your affairs are in order and that your loved ones will be taken care of according to your wishes. Making a will is one of the most important aspects of estate planning, as it ensures that your assets will be distributed as you wish. Other important aspects of estate planning include:
- Nominating beneficiaries for your superannuation.
- Appointing a Power of Attorney.
- Document your wishes regarding medical treatment and who will manage your affairs if you become incapacitated.
Creating an estate plan ensures that your final wishes are carried out and your loved ones are taken care of. Having a plan in place can help you avoid potential arguments and disagreements within your family. If you become incapacitated, a document like an Enduring Power of Attorney can ensure you get the kind of medical care and treatment you desire.
Dying without a Will
If you die without a will, your estate will be administered according to the laws of your state. This can extend and complicate the process of administering your estate quite drastically. It also means that your wishes will not be considered, and those you intended to be beneficiaries of certain personal belongings may not inherit them at all. This makes the process much more difficult for your loved ones, who are already grieving.
Conclusion
There are many good reasons for the younger generation to write a will now. By doing so, they can protect their assets and their loved ones in the event of their untimely death. Additionally, a will can help to ensure that their wishes are carried out after they are gone.
While it may seem like a daunting task, creating a will does not have to be complicated or expensive. There are many resources available to help individuals create a legally-binding document that meets their unique needs.
If you are looking for an institution that specialises in estate planning on the Gold Coast, look no further than our expertise here at New Wave Financial Planning. We are a financial advisory firm embracing the best technologies to tailor the advice process to each and every client. Call us today and let us discuss your needs to create a will.
