Estate planning for young people

For many younger people, having a Will in place is probably not on top of their priority list. 

But as the recent COVID-19 pandemic has shown, life doesn’t always go to plan, and for Millennials and Gen Z, the time to start planning for later in life should be now.

One option for young people is what’s known as A Living Will – also known as an Advance Care Director or Advance Healthcare Directive.

It’s a legal document that outlines how you would like your medical care to be managed, if you’re unable to make those decisions for yourself.

A Last Will covers what happens to your assets and possessions after you have died, whereas a Living Will focusses on medical treatment and health care decisions while you are still alive.

Your Living Will goes into effect if or when you lose the capacity to make decisions for yourself. It must be:

• • Created by someone 18 years old or older

• • Signed by someone with clear judgment and a sound mind

• • Signed in the presence of witnesses

A Living Will must contain all your relevant information including name, address, birthdate and your occupation. It should also name your Power of Attorney – this is the person you appoint as your representative to make those health and medical decisions for you.

The document should also include your medical and end-of-life preferences. It’s confronting, but it’s so important to have this information readily available. 

End-of-life care can include decisions about: 

• • CPR: Whether or not you want to be resuscitated 

• • Palliative and hospice are: Do you want to receive pain medication, die at home, or avoid medical intervention and testing

• • Organ donations: Whether you wish to have your organs donated for emergency transplants

It’s a common misconception that young people have no real wealth and therefore don’t need to worry about estate planning. But it’s important for young people to realise your assets include any superannuation you might have, your car, and your personal possessions.

Having a plan in place means there’s less chance of family disputes, and in the case of a Living Will, provides your family and loved ones with clear instructions. Think of your Living Will and Power of Attorney as insurance policies.

If you have questions about Wills, Power of Attorney, or any other issues related to estate planning, get in touch with GLG Legal today. Our experts are ready to help you. Contact our office on: (07) 3206 8700 or email: info@bimalaw.com.au to make an appointment.