The importance of having a Will even when you are in your twenties
It has been reported that the younger generation are not managing their affairs or taking the subject of making a Will seriously.
According to Prosperitas Financial Solutions, “87% of under 35s do not have a Will in place”.
This probably comes as no surprise as many in their twenties, thirties or even forties think that drafting a Will is not necessary and that it can be put off until retirement.
Of course, living life to the full rather than thinking about your own demise when you are young is more important.
However, life is unexpected, filled with twists and turns and unfortunately sometimes tragedy.
I am commonly asked by clients who I see in their twenties and thirties, “Am I too young to be thinking about a Will?”. The answer in short is, no. Everyone should have a Will.
Many think that they don’t have an estate to be dealt with and no assets of significant value, but if they looked into it a little further, as I am often asked to do, they realise they have more than they think.
For example, someone with a property, even with a high mortgage against, still forms part of having an estate.
It is a huge misconception that Wills are only necessary for large estates and people with big bank balances and big salaries.
Another important factor to consider is where you may not own property or have anything in way of savings but you may have young children. Therefore, a Will is paramount to cover issues of guardianship/maintenance etc.
Most adults in their twenties and thirties have a variety of different assets to deal with from property and financial assets to various online assets.
Social media accounts like Twitter, Instagram and Facebook as well as many having a whole catalogue of downloaded music and movies and online subscriptions and apps.
To many their online presence is just as important as their material possessions, without them really giving it much thought or consideration.
With these type of assets being such a part of every day life we often don’t realise how difficult they will be to unravel and protect when we are no longer around to access them ourselves.
To give further guidance we have recently taken the initiative in regards to protecting social media memories and online assets.
We have created a simple and effective downloadable tool to put your digital affairs in order – My Digital Assets Keepsake.
This allows you keep a record not just of online assets and accounts with logins and passwords, but more personal wishes in relation to social media sites and personal memories.
Not having a Will is an added complication for family and friends at a difficult and emotional time.
A simple but well drafted Will can remove this uncertainty and the process and cost is not as difficult or as expensive as you may think.
A straightforward Will is as little as £100.00 plus VAT. Money well spent for peace of mind.
Contact Tilly Bailey & Irvine’s wills and probate solicitors in Teesside from offices in Stockton, Hartlepool, Wynyard or Barnard Castle on 01429 350062.