The Importance of Wills For Young People
Research shows that a huge 70% of the UK population does that have an up-to-date Will that reflects their current personal circumstances and final wishes.
What’s more, young people are often the biggest offenders when it comes to not creating a Will. This is because people are usually in denial of mortality, and believe that they don’t need to create a Will until they are much older.
Why Do Young People Need to Make a Will?
A Will gives young adults an important voice such they become incapacitated or passes earlier than expected.
If one becomes incapacitated, the power of attorney needs to identify someone who will assume the responsibility to make financial decisions. It is also important to do this early in your professional career.
Why is a Will Important?
Instructs the Correct People
The only way to make sure that your savings and possessions go to people and causes that you care about, is by stating this in your Will.
Protect Your Family
Not only this, but a Will protects your family from money struggles. This is because you can outline where the money in your bank goes, as well as money from insurance policies. Without this, valuable assets may otherwise become inaccessible. This could lead to the decision to go to probate and could mean your money is tied up for months.
Secures Your Email
It is likely that there is important information contained in your email account, and without a Will your family will not be able to gain access to this information without it going through a court.
Protect Your Partner
A Will is an important document at any stage in an adult’s life, especially once a person owns assets such as a house. There is a common misconception that if a person passes away, their partner will receive their estate, however this is not the case unless married. Assets are passed on to their parents or siblings, leaving a surviving partner in financial distress.
Wills are very important documents and they should be written at any age, to protect their family and assets. If you would like more information, or to have a Will tailored to your individual needs, contact our specialists today.