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Why the younger generation need a will

View profile for Leah Woodnott
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Why the younger generation need a will

Anyone over the age of 18 can make a will, as long as they have sufficient mental capacity to do so.

So why is there a stigma attached to making a will so young?

People do not like thinking about death and especially about their own passing, but it is important that you do so to ensure that you have peace of mind that your loved ones are well provided for on your death.

If you are not married then the rules of intestacy will prevail, meaning that your parents will inherit your entire estate. This may not cater to your wishes if you have siblings or children that you would prefer to inherit your estate. 

No matter how big or small your estate is, if the rules of intestacy do not follow your wishes, then it is time you update your will!

I find that there is often a significant life event that prompts someone to make a will, for example:-

  1. You marry
  2. You have children
  3. You have grandchildren
  4. Your financial circumstances change
  5. You divorce
  6. Inheritance Tax planning

When making a will, you should make a list of your assets so that you know what your estate consists of and you should consider the following examples:-

  1. Do you have savings accounts?
  2. Do you own a property?
  3. Do you receive a workplace pension?
  4. Do you have a car or other personal belongings of a significant value?
  5. Do you have any investments?

Once you have made a list of your assets, the next step is to think about who you would like to inherit your estate. This could be your children, siblings, parents, friends or charities.

Once you have executed your will it is important to regularly review it to ensure that it still follows your wishes

In my recent blog about why you need a will in your twenties, I detailed that in 2020 I drafted and signed my first will. Since then my circumstances have changed, so I have already reviewed my will to ensure that it still follows my wishes.

If you would like assistance in preparing or reviewing a will then please contact our will specialists on 01206 217609 or leah.woodnott@birkettlong.co.uk.

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