There has been an increase in younger people making Wills during the pandemic. The average age of Will makers at the start of 2020 was 58, and the Gazette has now reported that the average age of people making Wills is now 47.
A recent study showed that millennials are also considering their own lifetime planning needs, making more financial plans than the older generation, and there is now a younger generation that have a better understanding and attitude about being prepared for the future and the benefits of a making a Will at a younger age.
Before the pandemic, less than half of UK adults had made a Will. This has since risen during COVID-19, with a rise in enquiries concerning making a Will of 75% since the start of the pandemic. The Financial Times reported in March that some law firms saw enquiries double in the first few weeks of lockdown.
This is no surprise as the worry of losing a loved one has been at the front of many minds during the pandemic. Many people may have also thought about making sure they care for their loved ones should something happen to them. Thus leading more people to think about making a Will.
The Importance of Younger People Making Wills
A Will is a document that allows you to leave money, possessions, or assets to certain people after your death. These people are known as beneficiaries. You can also leave gifts to charities in your Will, and you can include funeral wishes in your Will. Therefore, making a Will is important to ensure your wishes are followed.
There are three types of Will you can make. These are:
- Single
- Mirror
- Trust
Making A Will to Protect Children
If you have children under the age of 18, then making a Will allows you to name who you would like to look after them when you die. This person will also be responsible for their finances and education. For children over the age of 18, making a Will can ensure that they get the maximum benefit of their inheritance. Additionally, you can choose when they receive their inheritance and how much they get.
In a case where you have stepchildren, or children from a previous relationship, then naming them in your Will can also ensure that they are correctly provided for. The children must be named correctly in your Will, because, if you die without a Will, then they may not receive anything.
If Someone Dies Without Making A Will
In England or Wales, if someone dies without making a valid Will, then the law decides who gets what. If you have no living relatives, then all your property, money and possessions go to the Crown. Also, if you have children under 18, then other people can make decisions about who will take care of them and manage their finances, education and living arrangements until they turn 18.
Younger People Making Wills: How We Can Help
Here at The Inheritance Experts we work with solicitors who have years of experience dealing with all manner of inheritance claims. Contact us by filling in our contact form or by calling us on 01614138763 to speak to one of our friendly knowledgeable advisors.