Why do I need a will in my 30s?

If you have a mortgage, a partner, a child, a business, or superannuation – all of which are typical in your 30s – you need a will. Without one, your estate is distributed by intestacy rules that rarely match what people actually want.

Why your 30s is the right time

Your 30s typically bring the first significant assets: a home, superannuation, possibly a small business, and often a partner or children. That's the point when the consequences of dying without a will start to matter.

What happens without a will (intestacy)

In South Australia, the intestacy rules mean:

• Spouse receives the first $100,000 and personal effects, plus a share of the balance
• Children receive the remainder split equally
• De facto partners generally qualify if the relationship has been continuous for more than 3 years, or there are children
• If no spouse or children, the estate passes to parents, then siblings, then more distant relatives

Common 30s estate planning issues

Mortgages and joint property

If you own property jointly with a partner, the property passes to the partner automatically on your death – regardless of the will. But mortgage debt doesn't disappear. Life insurance to clear the mortgage is a common companion decision.

Superannuation

Your super is governed by the super fund trustee and your binding death benefit nominations – not the will. Without a nomination, the trustee decides, which can be unpredictable.

Minor children and guardianship

If both parents die without a will, the court decides who raises the children. A guardianship appointment in the will gives your choice the best chance of being honoured.

Small business interests

Shares in a family company or units in a trust need careful succession planning. Without a will, these may pass to someone who can't continue the business – or doesn't want to.

The cost isn't the barrier

A simple will in SA typically costs $550 to $850. A couple-priced package is usually $900 to $1,400 for both wills. Compared to the cost of an intestate administration and the uncertainty it creates, this is inexpensive.

Summary

If you have a mortgage, a partner, a child, a business, or superannuation, your 30s is the right time to put a will in place. The document is straightforward, the fixed fee is modest, and the peace of mind is significant.

Talk to Sam about your situation

If this article raised questions for your own circumstances, Sam Michele offers free 20-minute initial consultations. Learn more about our wills service, or book a consultation.

Related reading

• Do I need a will if I have a mortgage?
• What happens if you die without a will in SA?
• Wills – our approach