Estate planning: it’s not just for later in life – why young adults should start preparing for the future now

Estate planning is often seen as something for older adults, but it’s just as important for young people. Life is unpredictable, and having a plan in place ensures your wishes are honored and your loved ones are supported.

According to the Australian Bureau of Statistics, one Australian dies every three minutes, yet only half have a legally binding Will. Fewer still have a Power of Attorney, leaving many unprepared for unexpected accidents or illnesses.

The Growing Risks for Young Adults
Younger Australians are increasingly facing conditions like early-onset dementia, with diagnoses occurring in people as young as 35. The number of Australians with younger-onset dementia is expected to rise from 29,000 to 41,000 in the next 30 years, driven by declining health trends such as obesity and diabetes.

For those with complex medical needs, the lack of age-appropriate care options means many young adults end up in residential aged care homes, despite initiatives to change this.

Proactive Steps to Secure Your Future
Estate planning goes beyond preparing for death—it’s about protecting your future. Key steps include:

Making a Will: Avoid DIY options and consult a lawyer to ensure your Will is clear, legally valid, and tailored to your needs.
Appointing a Power of Attorney: This ensures someone you trust can manage your finances and healthcare if you lose capacity.
Managing Superannuation: Super is not part of your estate; use a binding death benefit nomination to ensure it passes to your chosen beneficiaries.
Advance Health Directives: Document your medical treatment preferences to guide loved ones in case of serious illness or injury.

Start the Conversation Early
Families should discuss estate planning early, especially if there’s a history of dementia or other conditions affecting capacity. Even young adults with limited assets—like superannuation or life insurance—should have a plan to ensure their wishes are followed.

What does a real estate agent need to disclose when selling a property?

While buyers typically conduct due diligence before purchasing a property, sellers and agents also have a legal duty to disclose important facts that could impact a buyer’s decision. Failure to meet these obligations can lead to contract termination, financial losses, and legal consequences.

Disclosure Obligations in NSW and QLD:

New South Wales
Under NSW law, real estate agents must not make false or misleading statements and must disclose material facts, including:

Past flooding, bushfire damage, or safety risks.
Listing on asbestos or contaminated land registers.
Recent history of serious crimes, including murder.
Use of the property for drug manufacturing within the past two years.
Fire safety or rectification orders related to combustible cladding.

Queensland
Unlike NSW, Queensland has fewer mandated disclosures. Agents must inform buyers of:

Pool safety and smoke alarm compliance.
Outstanding disputes, such as fence or tree issues.
Encumbrances or if the property is listed as contaminated land.
While QLD lacks strict disclosure laws, agents must still avoid misleading buyers under the Australian Consumer Law and the Property Occupations Act 2014.

Legal Consequences of Non-Disclosure
Failure to disclose a material fact can lead to contract cancellation and financial penalties. A well-known case in Sydney involved the sale of a home where a triple murder occurred. When buyers learned of the crime, the sale was rescinded, and agents were fined for misleading conduct. This case led to stricter disclosure requirements in NSW.

Queensland’s Changing Laws
QLD is introducing stronger seller disclosure requirements through the Property Bill 2023, aligning its laws more closely with NSW. Agents and sellers should stay updated to ensure compliance with the new regulations.