Approximately 58% of those over 55 have a Will whereas only 20% to 25% of people under 35 have a Will*.
I get it.
Many in the latter group believe it’s unnecessary because they are young, healthy and may not yet own significant assets like property, or they’ve just not got around to writing one.
However, with growing financial responsibilities, such as starting a family or buying a home, there is an increasing need for estate planning.
The subject of Wills comes up in every conversation I have with my clients, because it’s incredibly important.
I trust you have a Will, but do your family members who are 25 – 40 years old have a Will?
If they don’t here’s how you can encourage them to think about making a Will (and take action!).
Why You Should Make a Will by Age 35
For a young professional, creating a Will might seem unnecessary, but as their life circumstances change, it becomes increasingly important.
Here are some key life events that make having a Will essential:
- Unmarried Partner – If you want your partner to inherit from your estate, a Will is the only way to ensure they’re taken care of.
- Marriage – In England and Wales, marriage invalidates any previous Will. In Scotland, your spouse might not be included unless specified.
- Avoiding Intestacy **– Without a Will, your assets may not automatically go to your spouse, creating complications.
- Becoming a Parent – A Will allows you to appoint a guardian for your children.
- Buying Property – Major assets like a home should be included in your Will to avoid complications.
- Divorce – Divorce doesn’t automatically invalidate a Will, so it’s crucial to update it.
- Including Stepchildren or Dependents – You can ensure they’re provided for.
- Passing Heirlooms – A Will ensures personal items go to the right people.
I recommend that you review your Will every five years or after major life changes to keep it up to date and reflect your current situation.
Making a Will at any age gives you and your loved ones peace of mind.
If you need to create or update your Will, please do get in contact and I will introduce you to one of my trusted contacts.