Financial & Legal News

Why Young People Need a Will

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The law says that anybody can make a Will once they reach the age of 18 – this is because it is important for all adults (no matter their age) to make provisions for the future.  Many younger adults avoid making a Will because they don’t consider themselves old enough or wealthy enough and there seems to be widespread belief that Wills are just for the elderly, but this simply isn’t the case.

If you are young adult building your future, you need to plan ahead and that includes considering how making a Will can benefit you. Whilst it may seem unpleasant to contemplate death, the sad reality is that life can take unexpected turns and it is vital to take control of what would happen to your assets should the worst happen.

You may have started your first job and are accruing assets, you might have bought a car or a house and without a Will your Estate would be dealt with under the Intestacy Rules, which can lead to unintended people inheriting from you.

Having a Will also enables you to appoint the people you want to be your Executors. The burden falls on them to deal with the administration of your Estate in full when you die and there is often more to do than people realise. Ensuring that you chose somebody who is competent can save your family a lot of distress at an already difficult time.

If you have young children it’s even more important as your Will can state who should care for them after your death. If both parents were to die it would fall to the Courts to determine who should look after them, and that may not be who you envisage. If you make a Will you can choose the people who you know will provide your children with the love, care and support they will inevitably need.

The latest figures from the Office of National Statistics (ONS) have revealed the 15-44 age group has witnessed the greatest monthly surge in deaths, compared to every other age group – a 12% rise (from an average weekly total of 258 in June to 293 in July). This is a significant increase and highlights the importance of having a valid Will in place from an early age, not just following retirement.

As Private Client Solicitor said:  “If people have property, businesses, or children they need to be educated on the consequences of not planning for the worst. Nobody wants to be forced to consider their mortality, but making a Will is not inviting death, it’s simply one more step in planning for your future no matter what you age.”

If you need guidance on will writing and managing your affairs call us on 0161 785 3500

Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.

This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.

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