There is a common misconception that Wills are only for older people, or maybe an individual doesn't have enough assets to worry about needing a Will, however if you have personal assets such as savings or a home it is important to have a valid Will in place, no matter what your age. Our Wills, Trusts and Probate Solicitors recently took part in a Law Society Q&A session to provide guidance for young people making their Will.
Q. At what point in their life can someone make a will? And at what point should they make a will?
Provided you have testamentary capacity, you are able to make a Will if you are 18 or over. There are situations where you can make a Will under the age of 18, such as if you are a soldier in the military. You should consider making a Will, regardless of your age, if you wish to leave your personal possessions, house, money or investments to a particular person or people.
Q. What are your thoughts on the idea that wills are only for older people?
Wills are not just for older people, younger people may receive inheritance, own a property alone, or with a friend or partner, or be married with or without children, however these are all circumstances in which it is important to consider who your assets will pass to in the event of your death, and if the intestacy rules reflect your wishes.
Q. What advice would you give to someone who thinks they don't own enough to make a will?
It is a common misconception that you have to have a certain amount in the bank or own a property/investments to be able to make a Will. Even a bank account with a 'small' amount in will be paid in accordance with the intestacy rules and with modern blended families this may not benefit the person(s) you intend. A Will doesn't just name beneficiaries, but it also appoints executors (those with the authority to actually deal with your estate on your death). Appointing executors means there should be no ambiguity over who can administer (deal with) your estate. A Will can also deal with your funeral wishes, again making your wishes clear in an already difficult time.
Q. The prospect of making a will can seem overwhelming, how do you help clients with that?
At Clapham & Collinge our solicitors are experienced and knowledgeable with the process of making a Will so this means that are able to tailor advice to you and your circumstances. We take the time to discuss your situation and take your instructions, before preparing a draft Will and explaining, in everyday language, what the Will means. We will only arrange for you to execute (sign) the Will if you're happy with it.
Q. Once clients have made a will, how can they make sure it remains valid?
We recommend to our clients that they review their Will every five years, or after life changing events such as; a change in job, marriage, divorce, having a child, the death of a loved one. You may not necessarily need to amend the Will, but it is important to check that the Will still works for you even if your circumstances have changed. It is important to remember that marriage/civil partnership revokes a Will!
We pride ourselves on providing Wills that give you complete peace of mind and legal assurance that your wishes will be carried out once you are gone so you know your family will be taken care of.
Contact us today to discuss your individual requirements in further detail, we'd be delighted to help, call our main switchboard on 01603 693500 for appointment available at our Norwich, North Walsham, and Sheringham office, or email us using 'Make an enquiry' form.
*This article is provided for general information purposes only and does not constitute legal advice or other professional advice.