Too young to have a will? Think again
“I’m too young to need a Will”
Many people in their twenties, thirties or even forties think that drafting a Will is not necessary and that it doesn’t need to be addressed until they are much older. Thinking about your demise when you are young is of course not desirable, however life can be unexpected and unfortunately sometimes tragedies happen.
“But I don’t own much”
Many think that they don’t have much of an estate to be dealt with or no assets of significant value, but often people have more than they think. For example, someone owning a property, even with a large mortgage, still forms part of having an estate. It is a misconception that Wills are only necessary for the wealthy as even a small balance in a current account needs dealing with after your death.
If you have a Will in place, whatever the value of your estate, it is considerably easier for your family to deal with your affairs after your passing, which will be a testing enough time for them anyway.
If you have young children a Will is paramount to ensure a legal guardian is appointed.
“What about my online assets?”
Social media accounts like Twitter, Instagram and Facebook, downloaded music, films, online subscriptions and apps, as well as saved documents and photographs are just as important as material possessions to many. These assets can be difficult to unravel and protect when you are no longer around to access them yourself. With a Will in place, your Executors can have authority to deal with these online assets.
“It will all go to my spouse/partner anyway, won’t it?”
The rules of intestacy will not necessarily match your wishes, particularly if you are not married. The uncertainty of not having a Will is an added complication for family and friends at a difficult and emotional time. A simple but well drafted Will can remove this ambiguity and the process and cost is not as difficult or as expensive as you may think.
For more information or help with this issue or a similar issue please contact Hannah Durston here.