What Age Should I Write A Will?
Am I too young to write a Will?
It may sound strange to many, but the correct time to complete your estate planning is actually as soon as you turn 18. If not then, at least by the time you graduate university. By the time you marry and start a family, your Will is long overdue. If you have young children, a Will is just as essential as buying nappies!
Many young people think, I am broke and therefore I don’t need a Will. That is not true.
We all have assets, physical and digital. Your assets may not be worth much in monetary terms, but they probably have sentimental value to both you and your friends and family.
Creating a Will will protect your loved ones from red tape and undue stress if something were to happen to you. If you die without a Will, your family may have to take your 'estate' through a long court process known as . Likewise, your assets may be distributed to immediate relatives when you want your friends or girlfriend/boyfriend to have some of them. Also, if your parents have divorced, of if for e.g. one parent has been absent for all of your life, would you want them to inherit from your estate by default on your intestacy?
Consider the following; your mum, a single parent has always worked to provide for you as your father left when you were a baby. Your granddad, your mum’s dad , recently passed away and left you a large lump sum which you have put to one side for the deposit for 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 be avoided by a drawing up a simple Will.
Why Do I Need A Will?
Other reaons a young person might need a will include:
- If you have received an inheritance, even if it is being held in trust for you. Without a Will, releasing that money to your surviving family members will be slow and complicated
- If you have a pet. Your Will can specify which friend or family member will look after your cat, dog or other pet, if you pass away. You can leave a sum of money to that person, to cover some of your pet’s expenses, or even direct the sale of assets for this purpose.
- You have social media accounts. Without instructions from you, it is unlikely your family will know what to do with your Facebook, Twitter, LinkedIn accounts and so forth. Perhaps you want your Facebook shut down, instead of memorialised, for instance. Read more about this here
- You want to give money or possessions to charities or friends. If you die without a Will, the law will dictate who your assets go to. This will most likely be your parents and siblings if you haven’t had any kids yet or don’t have a spouse . If you have other specific wishes (even something small to others but significant to you such as your books going to your 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’s important to state your wishes in your will and to also appoint a Lasting Power of Attorney, especially if you have a life partner to whom you are not married.
If you want your wishes to be upheld, it is better to start planning sooner rather than later. Are you too young to write a will? Not if you’re 18! Everyone should have one
Who are GWlegal?
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 firstname.lastname@example.org with your question. Who are GWlegal? We’re a national firm with local values.
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Content correct at time of publication.