The importance of creating a Will in your 20s and 30s
The short answer is if you are over 18, then it is not too early to think about making a Will. The National Will Report shows that only 25% of people between 18-24 and 28% of people between 25-34 have made a Will. The idea of creating a Will is often mislabelled as something ‘to do when you are older’. Here are a few reasons why it is wise to put in place a Will, especially in your 20s and 30s:
To provide for a partner you are not married to…
One common misconception is that a long-term partner will be provided for should anything happen to you. However, the intestacy rules (the rules that come into play if you die without a Will) do not automatically provide for a partner. With the average age of marriage/entering into a civil partnership increasing, it is vital that you specify your wishes in a Will, if you want your partner to benefit in the way that you wish.
Nominate a guardian for your children…
You can name who you would like to care for your children should you (and any partner) die before your children reach the age of 18. A Will is a simple way to appoint guardians for your children to ensure that they are looked after by the people you trust to do so.
Keep in mind that you do not have to specifically name your children, meaning your Will can be drafted flexibly to provide for any future children that you may have.
Leave money to younger members of your family…
If you do not leave a Will, the intestacy rules state that your assets will pass to your closest relatives, which in your 20s to 30s are often your parents. As well as the fact that this may not be what you want, it also may not be the best for Inheritance Tax planning.
If you own a property, especially if this is with somebody…
If you own a property with a partner or friend it is often presumed that, should one of you pass away, the other would own the whole property. If you own the property as Tenants in Common, this is not the case which can result in very serious implications for the surviving owner. Your share of the property will pass to whoever inherits your assets under the Intestacy Rules.
Provide certainty and comfort for yourself and your family/friends…
Creating a Will can provide you with peace of mind, equally, having a Will will often provide your family with certainty and comfort in the knowledge that they are fulfilling your wishes.
A Will is an important document to have in place at any age, but some benefits are particularly significant to those in their 20s and 30s.
Your Will can and should be updated throughout your lifetime to reflect your life situation and current wishes so there is no reason to wait to create your Will.
If you decide that you would like to talk about or put in place a Will then please get in touch.
To speak to a specialist Will Lawyer today, please call 01256 844888, email enquiries@lambbrooks.com or speak to our online chat assistant who is live on our website 24 hours a day.
The-National-Wills-Report-2023.pdf (nationalwillregister.co.uk)