You’re never too young to make a will

You might think you are too young to make a Will, or perhaps you just have not had time. Well, if you are over 18, you are not too young to make a Will, and everyone should make it a priority.  Many people put off making a Will as they believe they have nothing to leave but we all accumulate possessions during our lifetime (even if they are only of sentimental value).

Making a Will is often something people start to think about later in life. Research has revealed that 73% of 18-54 year olds do not have a Will. When a person dies without leaving a valid Will, they are described as having died intestate, which means that their estate will be distributed according to the ‘rules of intestacy’.

Recent trends show an increase growth in the number of couples choosing to ‘co-habit’ (without getting married). The rules of intestacy don’t allow for modern family relationships and make no provision for unmarried partners. This means that on intestacy, the surviving partner will not automatically inherit any of the property and possessions owned in the sole name of the deceased. If you own the property as tenants in common, your partner will not automatically inherit your share of the property, but it will be dealt by the rules of intestacy.

A partner can often make a valid inheritance claim instead, or the family can legally vary the distribution on intestacy to provide for the partner, but this can be a protracted and expensive process.

Blended families, children with disabilities or personal difficulties, and estrangements within families are all things that require consideration.

I’m single with no children, why does making a Will matter?

If you are single without any children, your estate is likely to go to your parents first, and if there are none surviving you, then to your siblings. You might be happy with that, but you might prefer a friend or a charity to receive your hard-earned assets, rather than your brothers or sisters (who perhaps in your view don’t really need it!).

How can an estate be protected?

Ensuring that your estate will not be subject to the rules of intestacy is simple: just make sure you’ve got a legally binding Will in place before you die.

Also, people change and lives change. Whether or not you’ve made a Will, think about reviewing your decision every five years and take stock of the changes in your lifestyle and relationships. Make a will if you haven’t already or change the will you have if your circumstances have changed.