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.
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:
Having children
Buying a home
Starting a business
Marriage, cohabitation or divorce
A new job or promotion
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.
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.
Why should I plan ahead?
1. Life is unpredictable and can change in an instant. Having a will can provide peace of mind should something unexpected happen.
2. Reduce stress for your family. In the event of your passing, a will guides your loved ones during an already difficult time by clearly outlining your wishes and ensuring your estate is distributed the way you intended.
3. You may already have assets. Even if you are young, you might own a car, have savings, investments, digital assets or personal belongings that matter to you. Writing a will allows you to decide who receives them.
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, Mincoffs’ 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 the wills, probate and trusts team, please email probate@mincoffs.co.uk or call the office on 0191 281 6151.
www.mincoffs.co.uk