Mincoffs Solicitors’ wills, probate and trusts partner Lydia McCaslin advises why it is never too early to get your affairs in order.
When old age feels like a distant concept and you are often being encouraged to enjoy your youth, writing a will can easily fall to the wayside.
It is commonly regarded as an administrative task to deal with later in life – when you own a home, have children or when retirement is creeping closer.
However, with 41% of young adults in the UK aged 18-24 now having a will, data suggests more and more young adults are choosing to plan ahead.
When can I make a will?
In the UK, you can legally write your will as soon as you turn 18 years old, but when you feel ready to write a will can very much depend on your personal circumstances. Key factors that often encourage someone to write a will include:
What happens if I don’t have a will?
If you die without making a valid will, your estate will be distributed in accordance with the rules of intestacy. These rules determine who is entitled to inherit your estate, and whilst this may seem like a straightforward alternative to writing a will, the outcome is not always what people expect.
For instance, the rules of intestacy make no provisions for unmarried partners or close friends, nor do they take into account complex or strained family relationships. This means that those you would have wanted to benefit may receive nothing, whilst others may inherit against your wishes.
By writing a will, you retain control over what happens to your assets after your death and can ensure your estate is distributed in line with your wishes. You can leave gifts to close friends, donations to charities and even set out who should take care of your pets.
Do I need to be wealthy?
Absolutely not! Whether you have property, a business, or simply a bank account, a will can be a great way to protect your assets regardless of the size or extent.
It is important to remember that your estate is fluctuating and flexible so your financial position may be entirely different in the future. Even if a will may not seem like a necessity now due to your financial situation or personal circumstances, it is important to remember that it deals with assets someone owns at the time of their death – creating one now would protect future assets.
Why should I plan ahead?
How do I write a will?
Start by reviewing your assets and liabilities. Creating a clear list of what you own and any debts you have will help you understand the scope of your estate and make it easier to decide who should inherit specific items.
Next, appoint an executor. This individual will be responsible for managing your estate, distributing assets and paying any tax due on your estate. Your executor could be a trusted family member, friend or solicitor.
You may also want to include your funeral wishes. This could be as simple as stating whether you prefer burial or cremation, or could be as detailed as specifying music choices and the location of the service.
Finally, draft your will. Whilst some people choose to write their own, many find it helpful to seek professional guidance from a solicitor to ensure there are no issues, and everything is comprehensive.
If you would like to discuss making a will or planning for your future, our private client team are here to help. With a wealth of experience and specialist expertise, our solicitors are on hand to provide clear, practical advice tailored to your needs.
To book an appointment with one of our wills, probate and trusts team, please email [email protected] or call our offices on 0191 281 6151.
