By Sue Wakefield
Traditionally, Wills have been considered documents for older generations, but increasingly, younger people are looking to trusted parties to help draft Wills. Sue Wakefield explains some of the reasons why.
We’re seeing that more young people are looking to write Wills here in the UK. The events of 2020 have served to motivate people to put their affairs in order now, rather than putting them off for a rainy day. As a result, we’ve seen uptake and interest in new clients looking to put their affairs in order and draft a Will.
While Wills facilitate the dividing of an estate, there are a number of other reasons they make sense, too. Guardianship for children is a particularly pressing point, as well as ensuring the right financial provisions are in place to look after children.
Likewise, perceptions and social norms are changing. People used to think that it made sense to build up significant assets before drafting a Will. Today, we see younger people also interested in writing a Will as a way to gift sentimental belongings to friends or people outside their immediate family if something were to happen to them. They can then update the Will going forward, adding and amending as required and as their personal and financial circumstances change.
Peace of mind
Modern lifestyles have also contributed to the desire to put a Will in place. A Will means a person can divide their estate however they want, within the rule of the law. They can also include or omit parties as they see fit. For example, couples may live together for a long time without being married, but still want to pass on their estate to their partner. Likewise, blended families are increasingly the norm – many couples want to ensure that their estate is split equally between stepchildren and their own children. However a person wants their estate to be divided when they pass away, a Will is the best and simplest way of ensuring their desires are met.
Importantly, Wills don’t have to be complicated documents that are difficult to prepare or understand. Wills need to be drawn up by experts to ensure that they reflect your wishes and are executed correctly so that they are valid. That said, they can be quick and easy to prepare. We encourage clients not to wait to draft a Will even if they know their situation might change in the future. It’s easy to change and amend a Will, so that shouldn’t be a reason not to draft one. ZEDRA also assists clients with amending or redrafting Wills that are out of date or require updating to reflect a person’s current circumstances. The process is quick, efficient and isn’t costly.
For more information, please contact Sue Wakefield.