Hemmings Legal

Many young families assume estate planning is something to think about later in life. The truth is, estate planning is just as important for young families as it is for retirees. Preparing a Will and other key documents ensures your children are protected, your partner is supported, and your assets are managed according to your wishes.

At Hemmings Legal, we often work with parents who are surprised at how much peace of mind they gain from getting their estate plan in place early.

Why Young Families Need Estate Planning

Life is busy with children, work, and everyday commitments. But taking the time to create an estate plan provides important benefits for your family:

• Protection for children – You can appoint legal guardians to care for your children if something happens to you and your partner.
• Financial security – A Will ensures your assets are passed on in a way that supports your family’s needs.
• Reduced stress – Clear directions minimise disputes or uncertainty during an already emotional time.
• Preparedness – Unexpected events can happen at any age. An estate plan ensures your family is looked after, no matter what.

Learn more in our article on why every adult needs a Will in Victoria.

Appointing Guardians for Children

For parents, one of the most important parts of a Will is appointing guardians for minor children. Without a Will, the courts may decide who will care for your children. By making your wishes clear, you protect your children’s wellbeing and ensure they are raised by someone you trust.

Financial Protection Through Trusts

A well-drafted Will can also create structures to protect your children’s inheritance. For example:

• Testamentary Trusts can provide ongoing financial support while shielding assets from creditors or relationship breakdowns.
• Inheritances can be managed until children reach a suitable age, rather than being handed over at 18.

This allows parents to safeguard their children’s future while also giving flexibility in how funds are used.

Read more about the benefits of Testamentary Trusts.

Planning Beyond the Will

Estate planning for young families involves more than just a Will. Other key documents include:

• Enduring Power of Attorney – Allows someone you trust to make financial and personal decisions if you cannot.
• Medical Treatment Decision Maker – Ensures your healthcare choices are made by someone who understands your wishes.

These documents protect your family while you are alive, just as a Will protects them after your death.

For more detail, see our article on Medical Treatment Decision Makers in Victoria.

Avoiding Family Disputes

A clear estate plan helps prevent arguments about guardianship, finances, or inheritance. For young families, this is particularly important as disputes can strain relationships and cause unnecessary stress for children.

By having your wishes set out in writing, you reduce the risk of conflict and create certainty for your loved ones.

Key Takeaway

Estate planning is not just for older people – it is one of the most important steps young families can take to protect their children and their future. By preparing a Will, appointing guardians, and creating supporting documents, you provide security, clarity, and peace of mind.

At Hemmings Legal, we make estate planning straightforward and supportive for young families. Contact us today to create or review your estate plan and ensure your loved ones are looked after.