Why you’re never too young to write a will

Categories: News

Fiona Mainwaring, Head of Wills and Probate at ORJ, explains why anyone with assets or dependents should have a will – regardless of age.

According to statistics, the average age to write a will in the UK is 58, compared to the significantly younger average age of buying a first home, which is 36.

Writing a will can be considered morbid and no-one wants to think about the possibility of a premature death – but, as the very sad case of musician Liam Payne has demonstrated in the most extreme circumstances possible, it is never too early to think about estate planning.

One Direction star Liam died at just 31-years-old with an estate believed to be worth around £28 million. Since he did not have a valid will, the estate will be distributed according to the rules of intestacy, meaning his young son Bear is likely to inherit the full amount. This fortune will be held in a trust until Bear turns at least 18.

This could be contested on certain grounds, such as dependency by those close to Liam, but intestacy rules are always the starting point when someone dies without a will.

Liam might well have been happy for his son to inherit his entire estate – or he might have preferred to provide some provision for other family members or friends. Unfortunately, since there were no wishes expressed in a will, we will never know.

And that is why it is important people do not put off writing a will. It is not something just for the elderly or the ultra-wealthy to strongly consider – it’s essential for everyone with assets, even if they are relatively modest.

A will is particularly important if you are in a relationship but not married, or in a civil partnership, since intestacy rules mean the partner may not be entitled to anything. Even if the couple lived together, depending on how the property was owned, the partner could lose the home.

If there are children involved, a will is important to establish who should take guardianship of them in the tragic event that both parents die at the same time. Without this express wish, the children could spend time in care before the court appoints a guardian.

Not having a will can add additional stress and confusion for loved ones who will already be dealing with bereavement. A will makes your wishes clear and, as well as your estate, can cover funeral plans and distribution of sentimental belongings.

Writing a will does not have to be daunting or unsettling. An experienced solicitor will make sure the process is handled sensitively and professionally to create a will that is valid and robust.

If you’ve got assets or dependents – regardless of your age – don’t pay it off any longer. Contact me today to get the ball rolling.