Lydia McCaslin, partner and head of wills, probate and trusts at Mincoffs Solicitors, explores the benefits of getting a will in place sooner rather than later.
Many people think of a will as something you don’t need to consider until later in life, however you’re never too young to start planning for the future.
If a will isn’t something that has crossed your mind recently then you’re not alone, with an estimated 84% of people under 35 currently without a will in the UK.
While this may not be a surprising fact, the reality is that many people in and around this age group will have assets and dependents that they would want looked after in the case of their death.
After all, recent studies found that the average age to buy a house is 32, the average age to start a family is in your early 30s and 59% of new pet owners over the pandemic were aged 16 to 34.
However, it isn’t just property and dependents to worry about – perhaps you have a sentimental collection you would like to pass to someone who will take care of it or have a family heirloom already promised to a particular person.
Including this in your will ensures that your wishes are documented in a formal, legal agreement. Not only does this provide peace of mind, but it also means nothing is left to chance when it comes to dividing up your assets and making arrangements for dependents.
It might even reduce the chance of dispute among loved ones, who may otherwise not be able to decide on who had claim to something with sentimental value. It is also worth remembering that a will deals with the assets you own at the time of your death.
Meeting with a solicitor and putting a will in place therefore ensures that you have protections in place for the future, when your finances and assets may look very different. While many of us will live long and happy lives, none of us knows what the future holds.
With this in mind, it is important to note that without a will, your estate would be distributed according to Intestacy Rules on your death. Not only could this leave a surviving partner or spouse in a significantly different financial situation than you had planned, but it also means that distant or estranged relatives could stake a claim to inheritance.
The minimum age to make a legally valid will is 18 years old and it is also recommended that you update your will every five years, or at the time of a significant life change such as a marriage or birth of a child.
This ensures that your will reflects your wishes and looks after those near and dear to you, giving you one less thing to worry about.
For friendly, sensitive advice about writing or updating a will, contact Lydia McCaslin, on lmccaslin@mincoffs.co.uk or visit www.mincoffs.co.uk/services/willsprobate-trusts