Why Younger People Should Make Wills 30 April 2021
When we think of Wills, many of us assume these are only necessary for the older generation - but if you're young, there are still many important reasons for putting a Will in place.
Regardless of your age, having a Will means you can protect loved ones and family, and help ensure they avoid unnecessary upset, if you should suddenly die. The rules of intestacy, that dictate who shares the estate of someone who dies without a Will, are complex and not always fair, which is difficult for loved ones who are already struggling to cope with the loss - especially when you consider a lack of a Will can lead to an increased risk of disagreement amongst family members.
Having a Will in place even when you're young is important.
Making A Will When You're Younger
Is Now The Right Time To Make A Will?
If you're aged 18 or over, you can make a Will. Depending on your circumstances. Making a Will at a young age provides you and your loved ones with the peace of mind that they will be looked after in the future, should you pass away.
If you answer "yes" to any of the following, we would recommend that you make a Will:
- Do you have young children?
A Will enables you to choose a guardian, a named person who you want to look after your children if you die, until they are 18.
- Do you have a partner?
If you're in a relationship but not married, regardless of how long you've been together, your partner would have no legal right to inherit from your estate if you die - only a Will would ensure your partner in included.
- Are you married or in a civil partnership?
If you're married or in a civil partnership, a Will enables you to state your wishes for your spouse into the future and ensure you provide for each other after one of you passes away. It's important to remember that a marriage or civil partnership will revoke any existing Will you have in place and you will need to update an existing Will if you have one.
- Do you own property?
If you own your home, it's advisable to make a Will. As many mortgage companies encourage you to get life insurance to help pay off the mortgage if one of the owners dies before it's paid back, it makes sense to have a Will in place. Also, if you live with anyone else, a Will enables you to state what happens to your share of the house if you pass away.
- Do you own a business?
Business owners and those in partnerships need to consider what happens to the business if one of the owners dies. Making a Will alongside the other business agreements will ensure your business continues as you wish it to when you're no longer around.
- Have you inherited money?
If you receive an inheritance from a parent or grandparent that changes your financial situation, a Will is part of your plan around inheritance tax and estate planning to help protect loved ones later on.
Making A Will When You're Older
There are good reasons for making a Will at any age.
If you find yourself reaching retirement age either without a Will in place or with a Will that might need updating, here are just some of the reasons why it's important to have a current one:
- Retirement planning
If you're considering retiring, it's likely your personal situation has changed. Make sure your Will reflects this by making any changes or additions following any lifetime gifting to family members.
- Grandchildren care
You may want to leave something specific to your grandchildren and you can specify this within your Will.
- Planning your care
The cost of care is high and by planning early and putting measures in place within your Will, you can protect loved ones in the future. By altering the way a couple own their home, and then making special provision in their Wills, they can protect at least half the value of the home for their children, to avoid it being used up in nursing home fees.
Helping You With Your Will
However young you may be, we are here to help you make a Will - to ensure your wishes are carried out and loved ones protected should something happen to you.
Our professional Wills and Probate solicitors will help you at every step of the process to ensure your Will accurately reflects your wishes and protects all that is important to you.
To speak to one of our specialist solicitors about making a Will, please contact us at our Chorlton office on 0161 860 7123 or email email@example.com or at our Failsworth office on 0161 681 4005 or email firstname.lastname@example.org