At What Age Should You Consider Writing A Will?
Published: 21/05/2024
It might sound bizarre, but the correct time to complete your estate planning and write a Will is actually as soon as you turn 18 years old. If not then, at least by the time you graduate from university. By the time you settle down, marry and start your family, writing a Will is long overdue. If you already have young children, writing a Will is just as essential as buying nappies!
Many young people may think, I don’t have much money at the moment therefore I don’t need a Will. This is wrong.
We all have assets, whether physical or digital. Your assets might not be worth much in monetary terms, but they will have some sentimental value to you, your family and friends.
What happens if you don’t write a Will?
A Will controls how your ‘estate’ (money, property or possessions) is dealt with and who benefits from it when you die. If you died without a valid Will, you would need to rely on the intestacy rules (written in law) and your wishes run the risk of not being carried out.
Consider the following scenario for example; your mum, who is a single parent, has always worked to provide for you as your father left when you were a baby. Your grandad, your mum’s dad, recently passed away and left you a large lump sum of money which you have put aside to go towards the deposit of your first home. You pass away in a car accident. On your intestacy, as you have not made a Will, your parents are entitled to inherit equally. Consider the impact of that on your mum. This could all have been avoided by drawing up a simple Will.
Why should you write a Will?
Writing a Will should be considered by everyone at all ages, for a number of reasons, including the following for example:
If you have children
If you have children who are under 18 years of age, you could use your Will to appoint a legal guardian. If you and the other parent both die, the guardian could take over responsibility for your children. Guardianship can also be used to help parents who don’t have legal status, such as in same-sex parents or surrogacy cases.
If you have pets
Your Will can specify which of your family or friends will look after your cat, dog or other pets you have, if you pass away. You can also leave a sum of money to that person, to help cover some of your pet’s expenses, or even direct the sale of some assets you have, for this purpose.
If you have digital assets
Digital assets such as your social media accounts, email accounts, gaming accounts, music and cryptocurrency should be considered when making a Will. They’re not physical possessions, but will still hold some monetary value, as well as sentimental value to you, your family and/or friends. Without instructions from you, it is unlikely that your family will know what to do with your Facebook, Twitter, LinkedIn accounts for example. Perhaps you want all your accounts shutting down, instead of memorialised, for instance.
If you want to gift some possessions or money
If you were to die without having a Will in place, the law will dictate who your assets go to. This will most likely be your parents or siblings, if you haven’t had any kids yet or don’t have a spouse. If you have other specific wishes (whether big or small, such as gifting money or an item to a best friend), you must clearly state what will go to who in your Will.
If you care what happens to you, if you are in a coma or vegetative state, it is important to state your wishes in your Will, and also appoint a Lasting Power of Attorney. This is especially if you have a partner, to whom you are not married too.
It’s best to start planning writing your Will as soon as possible, to cover yourself, your family and friends should the worst happen. Are you too young to write a will? Not if you’re 18! Everyone should consider writing one.
How we can help
If you want to get a Will in place, you’ve come to the right place. Our wills and probate legal team can help you throughout the process, whether it’s answering any questions or queries you have before getting underway.
Our head of wills and probate department, Melissa Hughes, has over 12 years’ experience in the legal industry and is happy to help you today! For further information, you can contact Melissa Hughes and her team on 0345 373 3737 or email Melissa.Hughes@gw.legal.
Who are GWlegal?
GWlegal are a wills & probate solicitors based in Liverpool, specialising in wills, lasting powers of attorney, estate planning, probate and estate administration.
If you have a legal matter you wish to discuss don’t hesitate to get in touch. You can call us on 0345 373 3737 or email us at hello@gw.legal with your question.
Who are GWlegal? We’re a national firm with local values.