5 reasons why young people should make a Will

1. Correct people receive an inheritance

If you do not make a Will, your estate will be dealt with by the rules of intestacy. This means that you do not get to choose who receives the assets from your estate.  By making a will you can choose specifically who will receive what from your estate. This means that you can make sure your family members will be looked after if you pass away and give you peace of mind.

2. You can appoint an executor

A Will allows you to name executors. These are the people who are responsible for making sure that your instructions and wishes in your Will happen and your assets and property are passed on to the intended person/charity. You can name as many executors as you like in your Will, however the maximum number of people that can act at any time is four.

3. Legal guardians for your children

Do you have children? If so, you should make sure you have a Will in place which nominates legal guardians for your children if both your child’s parents have passed away. Your guardian will have parental responsibility for your child while they are under 18 years old.

4. Property

If you own a property with someone, it is very important that you make a Will. Do you know how you own the property, is it ‘tenants in common’, or do you own it as ‘joint tenants’?

If you own the property as ‘tenants in common’, your share of the property will not automatically pass to the co-owner on your death. If the intestacy rules apply (if you have not made a Will), then your closest relatives will get your share.  If you want your co-owner to inherit the property you should make sure you make a Will, or own as ‘joint tenants’.

5. Tax efficiency

A Will can help with estate planning which can reduce inheritance tax liabilities. If the Will is planned properly, it can ensure that your estate is managed in the most tax efficient way. When a will hasn’t been planned you could end up paying lots more tax, rather than this inheritance being passed to your chosen beneficiaries.