Too Young to Make a Will? Think Again!
- AuthorRebecca Seldon
Rebecca Seldon, an Associate Solicitor in Lifetime Planning, who is based at JCP Solicitors’ Cowbridge office, shares her advice on the importance of making a Will at a fairly young age.
Young adults often delay writing a Will in the belief that they are not old enough or are not wealthy enough to need one. I know from my own experience of being in my late twenties, that embarking on a career and starting a family have been my main priorities. Putting plans in place for the potential end of my life has certainly not been at the forefront of my mind. It is not nice to think about our lives coming to an end, but the harsh reality is that life is not predictable and it can take tragic, unexpected turns in the blink of an eye. Making a Will allows you to take control of your life in a way that supports your loved ones should the worst happen.
If you do not make a Will, the Rules of Intestacy will stipulate who gets what upon your death and the outcome may not be what you want. This can be devastating, particularly if you are in a relationship but are not married or in a civil partnership. In this eventuality, legally, your partner would not be entitled to anything upon your death if you were to die without a Will but could potentially claim against your estate.
So, planning ahead is vital and it alleviates stress for your nearest and dearest. In your Will you can:
- Set out who will deal with your estate when you are gone
- Include guardianship provisions to detail who you would want to look after your children after you die. The care of children is, of course, a very emotive matter and it can lead to great friction if you do not address the issue
- Set the age at which any children can inherit
- Mitigate any potential Tax liability for your estate
- Set out your funeral wishes, though these guidelines will not be legally binding
Personally, I have found that taking control of what will happen to my estate on my death empowering. I feel that in a small way, I have taken an extra step to make things easier for my family if I am not here.
Here at JCP, we recommend that you consider reviewing your Will every three years, or when your circumstances change. As you reach different milestones in life, such as when you purchase a property, have children, or get married, your wishes may change and these should be reflected in your Will.
The harsh reality is that no matter our age, none of us know what is around the corner and knowing that a Will is in place can give you peace of mind that your wishes will be carried out when you are not here. We need to shatter the common misconception that Wills are for older people in our society so that we plan for our families now.
For tailored legal advice on Wills or other aspects of Lifetime Planning, call Rebecca on 01446 776137, or email: Rebecca.firstname.lastname@example.org.
For further advice, please contact our specialist Lifetime Planning Solicitors in:
- Swansea: 01792 773773
- Cardiff: 02920 225472
- Carmarthen: 01267 234022
- Caerphilly: 02920 860628
- Cowbridge: 01446 771742
- Haverfordwest: 01437 764723
- Fishguard: 01348 873671
- Pontypridd: 01443 408455