Am I too young to make a will?06/09/2022
Preparing a will may not be at the top of the priority list for many young people, but there are benefits to getting one in place sooner rather than later.
It is a common misconception that a will is something that only older people need to worry about, with 84% of people under 35 currently without one.
This is despite the fact that the average age to buy a house is 32, the average age to start a family is in the early 30s and 59% of new pet owners over the pandemic were aged 16 to 34.
So, while 35 may still seem young for some, a significant number of those aged 18 to 35 will have homes, savings, children and even pets that they are responsible for.
Having a formal, legal agreement in place means nothing is left to chance when it comes to dividing assets and making arrangements for dependents on death.
Even if a will may not seem like a necessity now, it is worth remembering that it deals with the assets someone owns at the time of their death – so creating one now would put protections in place for the future when financial positions may be different.
Without a will, an estate will be distributed among relatives according to Intestacy Rules – which could leave a surviving spouse or partner in a significantly different financial position.
It could also mean that distant or estranged relatives could stake a claim to inheritance, even if they weren’t intended to be recipients by the deceased.
The minimum age to make a legally valid will is 18 years old and it is recommended that they are updated every five years to keep it up to date with any new life events or changes in the law.