There are many things that we young adults consider important at our age, and also many things that we consider are problems to deal with later in life. As an 18 year old beginning a career in law, I was certain that making a Will would not be of any concern to me until I had grey hair and was enjoying my retirement.
Fast-forward three years and I was sat at my desk after hours, contemplating my own situation. To the disappointment of my 18 year old self, I was yet to accrue Harvey Specter levels of wealth, though the onset of grey hair had creeped up on me rather more swiftly than expected. I did not have anyone that was particularly financially dependent upon me. I did however have a partner to whom I was not married, one full sister and two half-sisters, who are in different stages of life and will need differing financial support going forward. The intestacy rules that apply to those who have not made a Will did not cater well for my wishes, as they would split my entire estate between my parents.
I therefore drafted my first Will, had two colleagues witness it the following day and drafted a letter of reasons to set out the reasoning behind the decisions I had made in respect of my Will, should it be challenged in the event of my death.
Fast-forward another three years and I’m sat at the very same desk, again considering my situation. I am still not driving a £100,000 car in a £10,000 suit, but matters have definitely changed. My relationships with my sisters have changed and their personal situations are also very different. I have acquired items that I believe carry significant sentimental value and I am confident that the people I wish to leave them to will cherish them long after I am gone. The intestacy rules still do not cater for my wishes and I will therefore be making a new Will in the near future.
Over the next ten years, it is entirely possible that I will buy a house, get married, have children and have pets. On each of these occasions, I am certain that I will need to review my Will and make changes.
I realise that whilst writing this, I am doing so in the privileged position to be able to draft my own Will without incurring the costs of paying another professional to do so. However, making a Will does not have to be and often is a relatively inexpensive process. I have many friends and family members that are of a similar age to me and have either purchased their first home, have a young child or children, have unmarried partners who are financially dependent upon them or have some other circumstance that would mean it is imperative that they make a Will. I would be willing to wager that most of them do not have a Will in place and also that the amount of money they regret spending in the last three months would have easily covered the cost of putting this much needed document in place.
If you are uncertain whether or not a Will is necessary for you and your circumstances, please call us on 0175 321 6399.