You Might Be Young but You Still Need a Will
While you are young, with a young family, making a Will might be at the back of your mind. However a Will is not a legal document exclusively for those who are at the later stages of life, they are essential for everyone to ensure that their affairs are taken care of when they pass away. Unfortunately, life has a habit of throwing us some nasty surprises and so having a Will, regardless of your age, will ensure that you and your loved ones are prepared.
Last year, a famous DJ known as Aviici, had amassed a fortune of £20 million but when he sadly passed away at the age of 28, his entire fortune was passed to his parents as part of the Swedish intestacy laws. The intestacy laws in Sweden are similar to the laws in the UK and in instances where someone passes away with no Will, the estate will follow those specific rules.
Why do you need a Will?
A Will is a crucial document that is legally binding and can be put in place at any stage of an adult’s life. It is even more important to do this if you own a property, business or even a number of significant assets, not to mention if you have a young family.
Many people believe that once they pass away their entire estate will be inherited by their partners or cohabitees but this is not true if they are unmarried. Should a house be held as joint tenants or if the couple has a joint bank account then this will automatically be passed over by survivorship. However, all of the other assets that were held and owned by the deceased person will pass under intestacy laws. If the individual that passed away did not have any children when they died, then all of their assets that were in their name get passed over to their parents or siblings or even to wider family members. This could then leave their partner with the stress and worry of having to deal with financial responsibilities without inheriting from the estate.
When a Will is created it is possible to appoint a guardian who can take responsibility for minor children should they be under the age of 18 when the parent passes away. This means that it is very important for those with young families to put the correct arrangements in place. If you decide not to write a Will and document your wishes then this could cause conflict within the paternal and maternal families. If a guardian is appointed then everyone is clear about who should care for the children and what your wishes and intentions were.
Should you own a business, then you can appoint a separate executor to have the power to run your business during the administration period. This is especially important as it can protect the financial interest of beneficiaries and the employees of the business. This is crucial if there are separate shareholders and directors.
So, you might be young and you might think that the inevitable is many years away but in truth, nobody knows when that time will come. By putting a Will in place as early as possible it can make life a lot easier for everyone involved.