Why Young People Writing Wills in Covid-19 is a Good Thing
At the start of 2020, The Gazette published that the average age for Will writing had increased to 58 years old by February last year. But after the outbreak of the coronavirus pandemic, the average age of Will-makers is now just 47 years old.
It’s clear that this trend will continue as more and more wills are written by a generation of millennials using online Wills services.
And a recent study by Aura showed that millennials are considering their own lifetime planning needs, making more financial plans than the older generation, and are more likely to speak to their children about death too.
Because of this, we have a younger generation that have a better understanding and attitude about being prepared for the future and the benefits of a making a Will at a younger age. Making a Will now will not only protect your friends and family, but will also let you choose what happens to your Estate (everything you own) when you die.
Our Wills and Trusts Solicitors are pleased to see that more young people are making a Will. We are happy to help you to protect your assets and can help you make a Will from the comfort of your own home.
When Should You Write a Will?
As soon as possible! No matter how far away death may be, it’s always good practice to prepare for the future.
Still not convinced you need a Will? Here are 5 reasons why you should make a Will while you’re young:
Financially Protecting Your Family
No one expects their loved one to die, especially if you’re young. So if you do die unexpectedly, your family probably won’t have the money saved up for a funeral.
We know it’s not nice to think about but even if you don’t have much saved, leaving the money in your bank to your family means they can cover the costs of losing a loved one.
Too many people think that if they don’t have children, they don’t have anyone to inherit their Estate. Making a Will means protecting all of your family members, young and old.
Having Autonomy over Your Money
It’s not just your family you should thinking about, but friends and partners too.
It’s a common mistake to expect that your nearest and dearest will inherit your savings and belongings when you die. Sadly, the Rules of Intestacy mean that if you’re not married your partner might not be entitled to anything. This includes your share of the property (even if you live in it together).
The Rules of Intestacy outline who should inherit your Estate if there is no Will, but this removes the element of choice. If you don’t automatically want your relatives to inherit your Estate then you should making a Will as soon as you can.
Covers You for All Situations
It’s a sad truth that not everyone dies from old age. You never know what might happen, and the coronavirus pandemic has shone a light on this reality.
It’s also important to remember that you can’t make a Will if you lose Mental Capacity (the ability to make your own decisions). So making a Will while you’re young and healthy is the best thing you can do to make sure you’re covered for all scenarios.
Having a Will means no matter what happens to you, or when, you know your wishes will be carried out exactly as you want them to. It’s an added layer of protection and security for you and your loved ones.
You Might have More Assets than You Think
In the modern world, we have more digital assets than we know. This includes everything from email accounts to social media and online currency.
These assets are often overlooked when writing Wills but it could be key to helping your beneficiaries administer your entire Estate. And when you factor in how much time we spend online, you might find that you have more assets to protect than you think. See Why You Should Leave Digital Assets in Your Will.
We understand if you’re put off making a Will because it sounds like a lot of effort when you’re not expecting to die for many years to come.
But the truth is making a Will has never been easier, and you can make a Will online with us from just £99.
All of our Wills are checked by a Wills and Trusts Solicitor to guarantee their validity, and if you ever need to update your Will years down the line, we’re just a phone call away.
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Simpson Millar Solicitors are a national law firm with over 500 staff and offices in Bristol, Cardiff, Lancaster, Leeds, Liverpool, London and Manchester.