Wills for Young Adults: Reassessing the 'I Haven't Got Much' Misconception

Protect Your Future by Rethinking Wills

As a wills lawyer, I often hear young people say, “I haven’t got much” and that they think they don’t need to put in place a will.

A misconception is that you need to be extremely wealthy or be of an older generation to put in place a will, and this is not the case. It does not matter how large or small your assets are or how old you are; it is always important to put in place a will so that the people that you want to inherit your estate will do so. So long as you are over the age of 18, you can put a will in place.

There is no minimum financial amount that you need to have to put in place a will. No one knows what the future holds or when we are all going to pass away, so the sooner you put in place a will, the sooner you will have peace of mind knowing that your loved ones are provided for.

If you pass away without leaving a will, then this means that the rules of intestacy will follow, which are a strict set of rules that will determine who will inherit your estate. This could therefore mean that your partner, friends, and charities receive nothing under your will. It is therefore important to seek professional legal advice so that they can advise you on how to fulfil your wishes under a will.

What provisions can you make under a will?

• Division of your assets

Under a will, you can leave specific items to specific people, whether this be your friends, family, or charity. Assets which you should consider leaving provision for under your will are as follows:

• Bank accounts

• Pensions

• Life assurance

• Property

• Gift of your pet

• Car

• Jewellery

• Household items

Appointment of executors

These can be up to four people and are the people who will deal with the administration of your estate when you pass away. They take care of the arrangements for your funeral and deal with any paperwork needed in order to distribute your assets.

Funeral wishes

You can leave specific funeral wishes, whether this is a traditional service or an eco-burial.

Guardians for your children

If you have minor children, then it is important to consider who will look after your children when you pass away. You can appoint a guardian under your will who will take care of your children, so it is important to appoint someone that you trust to look after them.

The benefits of putting in place a will while you are young are that your loved ones can have peace of mind and that, in the event that you do pass away, your wishes can easily be followed. Often younger people pass away without putting in place a will, and no one knows what type of funeral they want or what they would have wanted to be done with their personal belongings, etc. Executing a will means that your wishes can be followed and that your estate can easily be distributed.

If you would like to put a will in place, then please contact one of our will specialists. You can either contact us by completing the online questionnaire here, or call 01206 217609, or email leah.woodlee@birkettlong.co.uk.