When it comes to creating a Will, most people think this is only relevant to older people. However, this is a perception that is actually wrong!
There are several reasons why you should make a Will when you are younger. Particularly if you own a property, have a young family, or have any form of life insurance.
The legal age requirement to make a Will is 18.
Reasons to create a Will when you are younger
- Many young people live together now without being married. Whilst this is perfectly normal if anything was to happen to either you or your partner, for example, if one of you sadly passed away. You or your partner would not inherit anything from the deceased person.
- If you are a young couple with children, and sadly you were both killed, a Will would allow you to appoint guardians to take care of them.
- You may have specific wishes as to how your estate, including your home and any assets, are distributed when you die. Unless you have a Will, regardless of your age, there is no guarantee these wishes will be put into effect.
- If you acquire assets in the future, such as inheritance or compensation from an accident, you Will will state how these are dealt with.
- If you are younger and sadly pass away without a Will ‘rules of intestacy’ will apply. For most younger people this will be their parents. However, if you have younger siblings or other family members that you would rather inherit your estate, a Will is the only way to make certain that this happens.
- Many people now have social media, and with these accounts, there is a lot of personal data and information stored on these accounts. By having a Will and an Executor, you can assign someone to log into your accounts and export sentimental images and data.
For more information on making a Will as a younger person, please get in touch with our Wills and Probate team. Either email us at email@example.com or call us on 01782 662424.