Do I Need to Make a Will in My 40s?
Your 40s are often a time of balancing multiple responsibilities. Careers are advancing, families are growing, and financial portfolios are becoming more complex. It’s also a decade where the importance of planning for the future becomes clear. If you don’t already have a will, or if your existing one hasn’t been updated in years, now is the time to take action. Here’s why making a will in your 40s is not just wise but essential.
1. You Have More Assets to Protect
By your 40s, you may have accumulated significant assets: a family home, investment properties, superannuation, life insurance, and personal savings. A will ensures these assets are distributed according to your wishes.
Why It Matters:
Without a will, intestacy laws determine who inherits your estate, which may not align with your preferences.
A will allows you to designate specific beneficiaries and prevent disputes over your estate.
What Can Go Wrong Without It:
Assets may not go to the people or causes you intended.
Disputes among family members could lead to legal battles and stress.
2. You Want to Provide for Your Children
Many people in their 40s are raising young children or teenagers. A will allows you to safeguard their future.
Why It Matters:
You can appoint a trusted guardian to care for your children if something happens to you.
You can create a testamentary trust to manage inheritance for minors until they reach an appropriate age.
What Can Go Wrong Without It:
The court will decide who becomes your children’s guardian, which may not align with your wishes.
Children could inherit a lump sum at 18, which may not be in their best interests.
3. Your Relationships May Have Changed
Life is dynamic, and relationships evolve. By your 40s, you may be married, divorced, in a de facto relationship, or part of a blended family. These changes should be reflected in your estate plan.
Why It Matters:
A will ensures your current partner and family are provided for.
You can address the complexities of blended families by outlining specific provisions for biological and stepchildren.
What Can Go Wrong Without It:
Outdated wills may unintentionally benefit an ex-partner or exclude someone important.
Blended families may face disputes over inheritance without clear instructions.
4. You Need to Plan for Superannuation and Life Insurance
Superannuation and life insurance are often significant components of your estate, but they don’t automatically form part of your will.
Why It Matters:
You can nominate beneficiaries for your superannuation and ensure binding death benefit nominations are up to date.
Life insurance can provide financial security for your family, covering expenses like education, mortgages, and daily living costs.
What Can Go Wrong Without It:
Funds may go to unintended recipients if nominations are outdated or invalid.
Tax implications for beneficiaries may reduce the overall value of your estate.
5. Your Digital Assets Are Growing
From online banking to social media and subscription services, your digital footprint is expanding. Including these in your will is essential.
Why It Matters:
A will provides instructions for managing or closing digital accounts.
You can ensure valuable digital assets, such as cryptocurrency or intellectual property, are passed on.
What Can Go Wrong Without It:
Digital assets may be lost or inaccessible to your loved ones.
Unresolved accounts can create privacy and security risks.
6. You Want to Minimise Stress for Your Loved Ones
Losing a loved one is challenging enough without the added burden of navigating unclear or incomplete estate plans.
Why It Matters:
A will simplifies the estate administration process, making it easier for your loved ones to carry out your wishes.
It reduces the likelihood of family disputes, ensuring a smoother transition.
What Can Go Wrong Without It:
Your family may face delays, additional expenses, and emotional strain as they try to manage your estate.
Disputes could arise, leading to lasting rifts among family members.
Final Thoughts
Your 40s are the perfect time to prioritise estate planning. Whether you’re making a will for the first time or updating an outdated one, doing so ensures your assets are protected, your loved ones are cared for, and your wishes are respected. Life is unpredictable, but a well-crafted will provides certainty and peace of mind.
At our firm, we specialise in creating tailored estate plans that evolve with you. Contact us today to ensure your will reflects your current life stage and secures the future you’ve worked hard to build.
Ready to create or update your will? Book a consultation with our experienced estate planning team today and take the next step in securing your future.