Life Stage

Why millennials need a will

You're young, but you're not invincible. Here's why a will matters even in your 20s and 30s.

⚡ The Short Answer
If you have superannuation, a car, savings, or digital assets, you have an estate. Without a will, the law decides who gets it — and that might not be who you'd choose.

You have more than you think

Most millennials assume they don’t have enough assets to worry about. But take a quick inventory:

  • Superannuation — Even a few years of work means you’ve got super. For many millennials, it’s their largest asset.
  • Digital assets — Crypto, PayPal balances, online businesses, valuable social media accounts
  • Vehicles — Cars, motorbikes, even e-bikes
  • Savings and investments — Share trading apps, savings accounts, term deposits
  • Personal belongings — Electronics, furniture, collectibles, jewellery

Without a will, all of this gets distributed according to intestacy laws — not your wishes.

Super doesn’t automatically go where you think

Here’s something that surprises most people: your superannuation doesn’t automatically form part of your estate.

🇦🇺 In Australia: Super funds have their own rules. Without a valid binding death benefit nomination, the fund's trustee decides who gets your super — and it might not be the person you'd choose.

If you want your partner, parents, or siblings to receive your super, you need to:

  1. Make a binding death benefit nomination with your super fund
  2. Update it regularly (most expire after 3 years)
  3. Ensure your will aligns with your super wishes

The de facto trap

Many millennials are in long-term relationships without being married. While Australian law recognises de facto relationships, proving one after death can be complicated and expensive.

A will removes any doubt about your wishes and protects your partner from having to fight for what you’d want them to have.

Digital assets need a plan

What happens to your:

  • Cryptocurrency wallets
  • Online business accounts
  • Subscription services
  • Cloud storage full of photos and documents
  • Domain names and websites

Without instructions, these can be lost forever or inaccessible to your loved ones.

It’s not about dying — it’s about control

Making a will doesn’t mean you’re planning to die soon. It means you’re taking control of what happens to the things you’ve worked for.

💡 Quick win: An online will takes about 20 minutes and costs less than a night out. That's a small investment for peace of mind.

What to do next

  1. Use our Will Preparation Checklist to gather what you need
  2. Check your super fund’s binding nomination status
  3. List your digital assets and login details somewhere secure
  4. Make your will — don’t wait for the “right time”

Related: What happens if I die without a will? · Choosing the Right Type of Will