If you are a single person without dependents, it can seem tempting to leave the issue of wills and estate planning for a few more years. While you may not have accumulated many possessions at this stage of your life, the death benefit on your superannuation is often a significant amount of money even for low-income earners.
It's a great idea to jot down where you would want your possessions to go if you do pass away—married or single.
How close are you to your family?
If you are not as close to your family as your friends, it's worth considering how you would like to split your money. Your estate will usually be split evenly between your closest relatives (such as siblings and parents). If you have an estranged relationship with a family member you might not really know, such as a long absent parent, you may choose to specifically exclude them from you will in favour of closer family or friends.
If you are in a long-term relationship in which you have property or assets as a couple, if you only the own the property as 'tenant in common' your property does not automatically flow to your partner on your death. You can specify in your will if you do want them to gain the property, or the first option to buy out your share of the property from the beneficiary of your will.
If you own the property as joint tenants, then your share of the property does automatically flow to the other tenant.
Which social causes matter to you?
If you are a passionate supporter of the arts or social causes, writing your will is a great time to decide how you might support them in a final manner. Many non-for-profit organisations rely on bequests to continue their missions, and making a contribution to a non-for-profit. Making a large donation in your will can be a great way of creating a lasting memorial of your passions.
Are their personal items that you want to go certain people?
If you have some personal items, such as a family heirlooms or sentimental jewellery that you are eager stay with a certain family member your will is a great place to record your wishes. Make a list of all of these special items and be very clear about who should receive what.
For a single person with relatively simple financial affairs, setting up a will is a simple and relatively quick affair. Speak to an expert such as Delaney & Delaney Solicitors to get your will set up.
Share25 March 2015
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