It’s a common presumption that preparing Wills, creating LPAs and other ways of getting your affairs in order are steps to take only in later life, having worked for a number of years, built up several assets, and have created a family. We would like to cover why this isn’t the case, and that there isn’t a wrong time to prepare a Will.
Should you not have a Will at the time of your passing, your Estate will be divided according to the Intestacy Rules. This may result in those closest to you will not benefit as you may wish they do.
Your Estate’s exact value is difficult to know, especially at the time of your death, which by its nature is often unpredictable. You may believe your Estate’s value to be low, however at the time of your death it may change, meaning you have more to leave to Beneficiaries than you may realise. This would be the case, for example, if your death was caused by an accident that was not your fault, resulting in compensation that would contribute to the value of your Estate. The COVID-19 pandemic enlightened many of us to the fact that the future is entirely unpredictable, and so reviewing your Estate and making the steps necessary to prepare for the unforeseen is crucial to protect your Estate for your Beneficiaries in accordance with your wishes.
Once your Will has been prepared, you are still able to amend it, or create a new Will that can accommodate any changes in your life and make any changes necessary as a result. That doesn’t mean you can’t voice your future plans that you hope to achieve when preparing your current Will, so make sure to speak to your Solicitor about them. They can be mindful of this when drafting, and give you advice on how to involve them in your Will.
By having a Will, you will always have peace of mind that your affairs are in order, you retain control of your Estate’s outcome, and that it has been secured for the protection of your loved ones, no matter what may happen in your life.
Your Will also covers a number of other matters, not just your finances. This will include provisions to assist your Executors in carrying out your funeral wishes, appointing guardians for your children under the age of 18 and even appointing somebody to take care of your pet.
Below are some examples, including those mentioned above, that show why you are never too young to prepare a Will.
Children
If you have children under the age of 18, you should consider who you would trust to look after them, should something happen to you. To solve this, your Solicitor can include provisions that state who you wish to become your children’s Guardian while drafting your Will. With this, you can rest assured that your children won’t be left in a difficult position, unaware of who will take care of them. This is helpful in serving as assurance for your children, however including such a provision in your Will also creates an effective legal appointment.
Pets
You are also able to appoint someone to take care of your pet(s) following your death, which is often overlooked. Pets are parts of our family that we raise and care for, and so you are likely to want to ensure they are also taken care of effectively. Such a provision can be included in your Will, which may include somebody as an appointment and how you wish for them to be looked after.
Fiancé, Boyfriend, Girlfriend or Partner
Should you not have a Will in place, the Intestacy Rules will apply, meaning your fiancé, boyfriend, girlfriend or partner is unlikely to receive anything in the Estate. If you want to protect them by inheriting part of your Estate, this must be set out in your Will.
Other Investments or Items of Value
Valuable investments or items are often overlooked when you imagine your Estate’s value. This includes the likes of death in service benefits, insurance policies, pensions and items of sentimental value, whether that be jewellery, art, photos, awards, or any number of things that you feel are important. These are known as ‘specific legacies’ and such items can be left to a person or persons of your choice. For example, you may wish to leave all your jewellery to your daughter, or your record collection to your brother. Where somebody has been nominated to benefit from your pension benefits or insurance policy directly, this should be addressed in your Will.
Funeral Wishes
Because the matter of funeral wishes tend not to be discussed at young ages, having a provision in your Will that clearly sets out your wishes can provide your Executors with the understanding needed to fulfil your wishes, including what you would like to happen to your body, as well as where and how you would like to be buried. This can include a number of things, whether that be a religious burial, or perhaps donating your body for science research.
Avoiding Disputes among your Family about your Estate
The period following your death can prove to be in extremely difficult time for loved ones. It is always possible for disputes to arise, but you can minimise such a dispute with a Will in place. If your Will is drafted accurately, it will set out your intentions and wishes clearly. If you can anticipate any disputes, for example if you were to leave somebody out who may expect to be included, this is something you should discuss with your Solicitor so they can take this into consideration. Then, when they are drafting your Will, they can make sure your decisions are laid out to ensure your wishes are respected, mitigating the risk of harsh disputes.
Circe Law offers free initial consultations, where we can discuss your Wills and Lasting Power of Attorney(s). If this appeals to you, contact us at 01628 334250.
