Facebook, travelling, university and…a Will?!
I don’t need a Will – I'm too young, I don't own any property, I have already nominated someone to receive my pension, I'm not worth enough, I don’t have any children and I really can't afford it…
There are so many reasons not to make a Will. Unfortunately, there are more reasons to make a Will and some scary consequences if you don’t! This is particularly true if you are co-habiting, have an interest in a business or don’t want certain members of your family to inherit any of your assets. I was shocked to read that nine out of ten people under the age of 35 do not have a Will. This is scary considering that these people are probably all just starting to build life relationships, own property, embark on business adventures or start their own families.
I wonder if these people would be more inclined to make a Will if they knew that on their death their partner (whom they have lived with for several years) would be entitled to nothing. Or whether they would reconsider making a Will if they knew this was the only way they could ensure their travelling memorabilia went to the friends that they made for life on those travels. Or whether just knowing that the business they worked so hard to create could continue to operate and function after they had passed. These are all reasons why everyone, even those just starting out on life's journey – should have a Will and why for these people dying intestate (without a Will) would not be ideal.
A properly drafted Will can ensure your assets pass to who you want (and also ensure that anyone you do not want to benefit from your estate doesn't), it can provide for a guardian to look after your young children and even specify what should happen to your pets and your Facebook account!
I would love to see more young people making Wills earlier to ensure their wishes are carried out. As young professionals we put so much time, care and attention into our building our careers, our families and achieving our ambitions – shouldn't we be doing the same with our own personal affairs and wouldn't making a Will be a great start?