Many people in their 20’s and 30’s think that they do not need to make a will yet. For some they simply do not think of themselves as ‘old enough’ to consider planning for their future, others think they have plenty of time, some believe they do not have significant assets yet or that they will ‘get round’ to making a will at a later date.
We know that making a will isn’t exactly the top of millennial’s to do lists but it is something that should be prioritised. Especially if you are starting a family or buying a property, but also if you want to save your family the heartache of dealing with your affairs with no guidance after you have gone
Here are 8 reasons that may inspire you to make a will sooner:
1.We never know when our time is up. Anyone over the age of 18 can make a will, so what are you waiting for? Your will doesn’t just reflect what you have now, but what you have upon your death. You can write your will in anticipation of children, wealth, relationships and property that you may have in the future.
2. Ensure your partner is provided for. If you are living with a partner and are not married they will not benefit from Intestacy Rules and therefore may not be looked after as you had hoped.
3. Doing it for the Kids. If you have children or anticipate having children in the near future a will allows you to appoint legal guardians should you pass away when they are still young.
4. Protecting Property. If you own a property or are considering buying a property with a partner, friend or relative a will is an important document to have in place, as depending on how the ownership is structured, you could find that your share doesn’t automatically go to the other party.
5. Ring Fence Inheritance. If you are yet to build up your own assets but know that you are likely to come into a sizeable inheritance from grandparents or parents then it is sensible to make a will sooner rather than later.
6. Social Media. Much of our lives are lived in a digital world, from social media platforms to photos, music libraries and blogs many people treasure their online memories and would value appointing someone to be able to access your accounts after you died.
7. Provide for your pets. Pets hold a special place in our hearts and if you are yet to have children, but you do own a furry, feathered or scaly friend it might be important to you to have someone you trust appointed to take on your much loved pet.
8. Set out your funeral plans. Although not a nice thought, many of us have an idea about what type of funeral we would like to have. Whether you would want to be buried or cremated, whether you are an organ donor, or even if there are specific songs or readings you would like at your service. These can all be outlined in your will and can help loved ones when planning the event. Knowing that they are acting out your specific wishes can bring comfort to family members.
A will is a fluid document that can be updated or amended at any time, usually quite cost effectively depending on the type of change you want to make. It is usually advised that you keep a copy of your will and review it every 3-5 years or upon any major changes in circumstances, such as marriage, divorce or the addition of children.
For more information or advice on making your first will please contact our Private Client Team on 01256 844888, email enquiries@lambbrooks.com or interact with our online chat service today.
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.