I Think I am Too Young To Make a Will
It is possible to create a Will from the age of 18 when you legally become an adult. At this point, you might believe that being 18 is way too young to create a Will, but you are wrong. Your Will can set out what you want to happen to your children, pets, property and assets when you die.
When you consider that over half of the people at the age of 19 are in full-time employment, then it will mean that many of them will be earning a disposable income, particularly if they live with their parents. This means they will be paying tax regularly and have other regular outgoings.
They might also make expensive purchases or even saving to get on the property ladder. Whatever happens, all of these assets can be left to loved ones should you pass away.
On average, most people move in with a partner at age 27 and therefore have someone to consider if the worst should happen to them. Many women have their first child at 29 with the average age of a father being 33. With children comes more responsibility and that means you need to think about what happens to them after you pass away. This can range from who decides who should look after their inheritance, to who should raise them in your absence. A Will is something that you need to put in place, particularly if you have children to ensure your wishes are clearly documented.
If you are an unmarried couple with children it is more important that you plan carefully because of the effect of the intestacy rules. Without a Will your partner will have no access to your assets and no right to receive anything from your estate. If your children are under 18 these assets would effectively be frozen until the children can inherit directly.
If you had a Will and then got married, it could be classed as invalid unless you made it known that it was to remain valid even after your marriage. An invalid Will is the same as having no Will at all and your estate passes under the intestacy rules.
Owning a property is a big commitment. Whether you own your property yourself or it is jointly owned, you should have a Will in place. Putting a Will in place will ensure that your property can be used as you wish after your death. You can allow someone to remain living there for example while ensuring it ultimately passes on to your chosen beneficiary.
Don’t put off making your Will just because you feel that you are too young to think about it. Having a Will is vital and can be updated as life moves on.