In the UK, the average age of first-time Will writers is 58 – over two decades older than the average first-time homebuyer at 33, the average new parent at 30 and 34 for mothers and fathers respectively, and the average newlyweds around 35.
What this shows is that many people aren’t seeing life’s key milestones as a driver to write a Will. Instead, age seems to be the primary driver.
However, this isn’t necessarily the best way forward.
Growing your estate
Understandably, age is a big motivator for writing a Will for the first time, for the simple fact that you are more likely to need one as you age.
However, the growth of your estate over time should also be a driver for writing a Will.
While this may well correspond with age as you accumulate assets, the data shows that you’re likely to be significantly younger when you begin to own significant assets, such as a house, than the age at which you might consider writing a Will based on mortality alone.
In simple terms, it should be ownership of major assets that drives you to make a Will, rather than age or poor health alone.
This gives you time to plan and ensure that your loved ones are cared for.
Marriage and separation
If you are in the minority of people below the average marrying age to have already made a Will, it will be invalidated once you are married.
It is vital, then, that you take the opportunity of your marriage to create a new Will that reflects your relationship and any shared and separate assets.
You also need to consider whether you want your spouse to be your sole beneficiary.
Under intestacy laws (if you die without a Will), your spouse will automatically inherit your entire estate.
While this mirrors the wishes of the majority of married people, the law still applies to separated, but not divorced, spouses.
You may also have certain assets that you wish to leave to your children or a close friend, making it important that you make a Will once you are married and continue to update it regularly.
Providing for children
Having children is perhaps the most important milestone for making a Will as a younger person.
This is because, without a Will, your spouse is likely to inherit your entire estate and it will be at their discretion whether your children receive any of your assets.
You may also wish to leave assets to your children in a trust, which will need to be detailed in your Will and set up with the support of a solicitor.
Your Will is also your opportunity to appoint Guardians for any children under the age of 18 if anything should happen to you and your spouse/their other parent – typically a relative or close friend.
Writing a Will as a younger person isn’t something many of us want to think about, but it is vital to do so once you begin to reach life’s milestones or acquire larger assets. Doing this will help to protect your estate, your spouse, your children and other loved ones.
If you want to write a Will or discuss planning your estate, please contact our Private Client team for tailored advice.
