Ewelina Kippen

+44 (0)1733 887830 emkippen@greenwoodsgrm.co.uk

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Ellen Eley

+44 (0)1223 785288 eleley@greenwoodsgrm.co.uk

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WPM: Am I too young to have a Will?

Wealth Preservation / 02 August 2021

Making a Will is often something people associate with later life. However, you are never too young to plan for your future.  Anyone aged 18 or over can, and should consider whether it would be beneficial to, make a Will.

Whether you are a newlywed or young couple, a new parent or a business or homeowner, making a Will should be at the forefront of your mind. Unfortunately, accidents and unexpected illnesses do happen and making a Will can provide you with peace of mind that your wishes will be handled accordingly.

A common misconception of people in their twenties and thirties is that they do not think they have any assets to leave under the terms of their Will. However, what they may not realise is that a Will can still be invaluable as it can include gifts of personal possessions, set out funeral wishes, and a list of who should benefit from any financial assets. It may be that on death, insurance policies pay out a sum of money to the estate and if they do not have a Will in place the rules of intestacy will determine who will inherit their estate. This may mean that some of their closest family and friends (including their partner if they are unmarried) might be overlooked.  You can review the intestacy rules here.

The online world of social media has become more prevalent in young people’s day-to-day lives, and people may wish to protect their digital assets, such as photos, email accounts, social media accounts and gaming or music accounts.  Writing a Will would allow them to appoint a specific person to deal with these assets or make other specific provisions for them.

We assist our clients with planning for their future and work with multiple generations within families.  When passing assets to the next generation during lifetime, the recipients should also consider making a Will.

 

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This update is for general purposes and guidance only and does not constitute legal or professional advice. You should seek legal advice before relying on its content. This update relates to the prevailing circumstances at the date of its original publication and may not have been updated to reflect subsequent developments. If you have general queries about our updates, please email: mailinglists@greenwoodsgrm.co.uk

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