Why make a will when you are young?

Many young people believe that they do not need to make a will. The assume that this is simply for older people nearer to the end of their life. Unfortunately, accidents or illness can happen at any age and so being prepared is the best possible solution.

There are many reasons why young people should create a will. Here are a few:

• To ensure your wishes are carried out. When you die without a will, your assets will be distributed according to the laws of intestacy, which may not be what you want. A will allows you to specify who will inherit your assets and how they will be distributed.
• To appoint a guardian for your minor children. If you have minor children, a will allows you to appoint a guardian who will care for them if you die. This is important because the court may not appoint the person you would want to be guardian.
• To name an executor of your estate. An executor is the person who will be responsible for carrying out the terms of your will. This includes things like paying your debts, distributing your assets, and filing your estate taxes. It is important to name someone you trust and who is capable of handling this responsibility.
• To avoid probate. Probate is the legal process of transferring your assets to your heirs. It can be a long and expensive process, especially if your estate is complex. A will can help to avoid probate by streamlining the process and making it easier for your executor to distribute your assets.
• To protect your personal belongings from creditors. If you have debts, a will can help to protect your personal belongings from your creditors. This is because your creditors will only be able to go after the personal belongings that are left in your estate after your debts have been paid.

Even if you don’t have a lot of assets, it is still a good idea to create a will. It is the only way to ensure that your wishes are carried out and that your loved ones are taken care of.

Here are some additional tips for young people who are considering creating a will:

• Be honest with yourself about your wishes. Don’t be afraid to name the people you want to inherit your assets, even if they are not your biological family.
• Get professional help. An expert can help you to create a will that is legally valid and that meets your specific needs.
• Review your will regularly. Your circumstances may change over time, so it is important to review your will every few years to make sure it still reflects your wishes.

Creating a will is an important step in planning for your future. It doesn’t have to be complicated or expensive, and it can give you peace of mind knowing that your wishes will be carried out.

If you’re based near Middlesbrough or Teesside or in the areas of Stainsby, Normanby, Stainton and Billingham or anywhere in the surrounding area, we can assist with power of attorney or trust guidance you may require please contact 01642 493101 or email info@ceprotection.com. Please click here to learn more about Wills.