Short answer: Everyone over 18 should ideally have a Will. If you have few assets and no dependants, it is less urgent. But once you have children, own property or hold meaningful savings or investments, a Will becomes essential. Without one, the law decides who inherits, not you.
When should a young person make a Will? You should make a Will sooner rather than later if any of the following apply. 1. You have children A Will lets you name a guardian for your children and appoint a trusted person to manage your assets until your children are old enough to inherit. Without one, these decisions are left to others, and to the courts if there is disagreement. For any parent, a Will is one of the most important steps you can take to protect your children. 2. You have significant assets If you own property, investments or even moderate savings, a Will makes the process simpler, quicker and less expensive for your family. It also reduces the risk of disputes. Inheritance conflicts can arise in families you would least expect, and a clear Will is often the best way to prevent them. 3. You own land If you own land in your sole name, or as a tenant in common, your executor will generally need a Grant of Probate from the Supreme Court of NSW before the property can be sold or transferred. If you die without a Will, a family member must apply for Letters of Administration instead, which can be more complex and time-consuming. (See our article: What is Probate?) 4. You have a partner, but are not married Your partner may be entitled to a share of your estate under intestacy rules, but not always in the way you would want. A Will lets you make your wishes clear.
What happens if you die without a Will in NSW? If you die without a valid Will, you die "intestate". Your estate is then distributed according to Chapter 4 of the Succession Act 2006 (NSW), which sets out a fixed order of priority. In general terms, it looks to:
Your spouse or de facto partner
Your children
Your parents
Your siblings (and their children)
Your grandparents
Your aunts and uncles (and their children)
If no eligible relatives can be found or claim the estate, it passes to the State. How the estate is divided depends on your family circumstances, and intestacy can produce unexpected outcomes. It is an area of law where nothing is ever entirely cut and dry.
The good news: it's simple to fix A properly prepared Will is usually a straightforward process. It gives you control over who inherits, who looks after your children and who manages your estate, and it gives your family certainty at a difficult time. Get in touch with us to discuss the first steps in making your Will.
This article is general information only and isn't legal advice. Everyone's circumstances are different so please seek professional legal advice tailored to your needs.
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