The thought of writing a Will is something many young people either recoil from or put off until later in life. While this is understandable - not many of us like to think about our own death - it is never too early to think about creating a Will, especially as none of us know what will happen in the future. As long as you are over 18, making a Will should be a consideration in your long-term financial strategy.
Why do we delay making a Will?
Many people mistakenly believe that making a Will is something they only need to do when they're older. It may be true that making these arrangements becomes all the more pressing as we age, but doing so earlier can ensure you are in an organised position going forward, safeguarding you and your family should life take any unexpected turns (as it is prone to do).
Some young people may not wish to think too much about death because they find it a particularly morbid topic. Some may claim they simply haven't got round to sorting it, while some may not fully understand the process, and others do not think they have built up enough assets to warrant the need for a Will. Every one of these excuses, however, can and should be overcome, especially if you hope to grow - and protect - your estate.
As a young person, it is possible you are not averse to trying high-risk activities, such as skiing, climbing and bungee jumping, and may even actively seek a high adrenaline lifestyle. This makes it all the more important to have the added safety net of a Will for your family should anything go wrong. Should you have any social media accounts, such as Facebook, Twitter and Instagram, a Will can also serve to protect your digital assets.
Making provisions for the future
If you are young person and have plans to significantly build your assets over the years to come, it is necessary to make provisions for the future. It is important to safeguard what you have, and this extends to what happens to your estate once you pass away.
Should you die without a Will, your estate will be dealt with under the intestacy rules, which can result in unintended people inheriting from you. Likewise, it could lead to those to whom you intend to pass assets either not receiving them, or being given much less than you would have liked.
By making a Will, you give yourself the opportunity to appoint the people whom you wish to be the executors of your will. This is a very important role because it involves dealing with your estate in full when you die. If you have not appointed an executor, it is much more likely that your estate is divided up in ways that you would not have been happy with.
Making provisions for others
Making a Will becomes all the more important if you have people who depend on you, such as children or a partner. Young people who have started a family will want to make sure that their loved ones will be properly looked after when they die, and a Will plays a crucial part in this.
If you have children, making a Will allows you to appoint a guardian to look after them and trustees to look after their money. If you pass away without a Will, this will be decided by the rules of intestacy.
Should you live with a partner but are not married, your partner will not be entitled to anything in the event of your passing; the only way to allocate part of your estate to them is by expressing these wishes as part of your Will. If you are divorced or separated and have children, a Will can help to ensure your assets are allocated fairly to your children and the majority not simply passed on to your former partner.
Alongside family members, you may also want to ensure provisions are put in place to benefit any pets you have. It may be horrible, but it is also necessary to think about what will happen to your pets should anything unforeseen happen to you.
Time to write your Will?
With Will writing, it is often a case of the sooner, the better. Planning ahead and preparing for the future will stand you in good stead, especially if you have designs of significantly growing your assets in the years ahead. Making a Will can ensure you're looking after your loved ones and, crucially, not leaving anything to chance.