“Why would I need a will when I still have many more years to go?” Unfortunately, tomorrow is not promised to anyone. This has been the harsh wake-up callby the COVID-19 outbreak, which has reminded people of their mortality and subsequently the difficulties their loved ones would face if they die without a will.
There is no legal issue as to whether you are too young to make a will. Section 4 of the Wills Act 1959 allows any person after the legal age of 18 to write a valid will. It is a statutory recognition that after you begin adulthood by turning 18, you are never too young to make a will.
Creating a will when you are young would be wise as you would have ensured that your family is not put through the arduous process of administering your estate in a manner that you may not have intended. However, as you grow and develop your career so will your assets. Your will can be refreshed and updated regularly to ensure that it reflects your wishes.
Apart from the usual assets such as property and cars, your will may also include air miles or other loyalty points, sentimental items and gadgets such as laptops and phones, as well as digital assets such as social media accounts and cloud files. In the 21st century, digital legacies matter too. Apart from the usual assets such as property and cars, your will may also include air miles or other loyalty points, sentimental items and gadgets such as laptops and phones, as well as digital assets such as social media accounts and cloud files. In the 21st century, digital legacies matter too. Your social media presence over the years which contains private and sentimental data deserves better than to be forgotten.
Without a will, your inheritance will be distributed according to the Distribution Act 1958. The order of priority is spouse, children and parents. Then siblings, grandparents, uncles and aunts. You should note that if you are unmarried, your partner will not have any legal right to your assets. But with a will, a simple yet powerful document, everything will have to be distributed according to your intentions.
If you are married with a young family especially children of tender years then having a will is an absolute necessity! Very young children inheriting 2/3 of a parent’s estate under the Distribution Act would very likely cause tight cash flow to the surviving parent who then is only left with 1/3 of the disposal assets to care for the family. Expat parents are especially vulnerable with no extended family on hand to help.
You are never too young to make a will. Procrastination is the thief of time, and will-writing is something you cannot afford to procrastinate.
We at HERITANCE WILLS are able to assist you
in your essential legacy planning.