When most people turn eighteen, they get bottles of wine or a car for their birthday. Me, I got an attorney. My parents and uncles and aunts pooled their dollars together and got me a lawyer. Why, you may ask? Well, to help me write a will. I know what you’re thinking, I’m too young to be thinking about wills. Around Melbourne however, you can never be too prepared. It may be a small city but still a major one, full of all the hazards and risks big city life affords its residents.
Another thing is that most teenagers simply don’t have any assets or wealth to be considered after death. They may have a couple of grand saved up which will quickly be spent on travels, but no substantial wealth that requires planning and preparation. They also don’t have any people to inherit the wealth like children who would become beneficiaries. In my case, however, I’ve already had a couple of kids to my ex (they were a bit of a surprise!) and I won a tonne of money when I bought a lottery ticket a couple of years ago. In fact, that income has set me up for life.
So that’s why as an 18 year old I’m looking into will and estate planning strategies close to Melbourne. Seems absurd to most people, but in my case, perfectly reasonable and relevant. I’m going to arrange a couple of trusts for the kids, to set them up with the a good education like I didn’t get. I want them to avoid making the mistakes that I made at all costs. But you know how it is with kids, you can give them warnings and tell them what you’ve been through, but nothing’s going to influence them like their own experience.