Too young to make a will?
Many people think making a will is something that can be put off until later on in life.
Those who are single and in their 20s and 30s are often busy with work and their social lives and may feel they don’t yet own enough assets to leave.
However, preparing a will is not something you should delay, regardless of your age, as there are many good reasons for making a will sooner rather than later.
If you die without making a will, your estate will be dealt with under the Intestacy Rules. Under these rules, your closest living relative will be entitled to deal with your estate but by making a will, you can appoint those you consider best to carry out that role.
“Although your estate may not be huge in financial terms, you may own items of sentimental value, such as jewellery”
Who will inherit your estate will also be governed by the Intestacy Rules unless you make a will. If you are single, this will probably be your parents, however, if they are already financially secure, such inheritance could perhaps actually complicate their own financial position by creating an inheritance tax liability on their deaths. If you have a partner, he or she will not benefit from your estate under the Intestacy Rules unless you are married or in a civil partnership but if you make a will, then you can leave your estate to whoever you wish. If you own a property jointly and want your co-owner to inherit it on your death, unless you own it as a joint tenancy so it passes automatically onto them, you will need to make a will.
If you have children, you will want to appoint a guardian in your will.
Although your estate may not be huge in financial terms, you may own items of sentimental value, such as jewellery, which have been passed down within the family, which would mean a lot if left to a relative or friend.
A professionally drafted will can provide the reassurance that these issues are addressed.