It may seem unthinkable preparing for the end of your life at a young age. However, there are many valid reasons as to why it is a good idea to get yourself a Will and Life Insurance in place sooner, rather than later.
As more people tend to either wait longer before getting married or entering into a civil partnership or decide to cohabit without tying the knot, a Will is the best way to ensure that your partner and sometimes your children are provided for in the event of you passing away. Unmarried partners do not automatically inherit and it can be a distressing and costly task trying to claim money from your late partner’s estate. This is particularly true if you do not cohabit or have been living together a long time. An example may be where you pass away, but have not told your family about your partner. Your estate may go to your parents and they may be reluctant to give a share to a partner they have not been introduced to.
Looking after Deposits Gifted by Parents
If for example you have been gifted deposits to buy a property by one or both of your parents, you may feel it is necessary to have a Will that caters for some or all of this money if you pass away. This is particularly the case if you are unmarried or have only recently married or formed a civil partnership. If you jointly hold the property, you would need to hold the property as Tenants in Common to be able to leave your share of the house in your Will. If you are Joint Tenants, the property cannot be left in a Will and the whole of the property passes to the surviving owner. Please do not hesitate to talk to us if you are unsure of how you hold your property.
Life Insurance, Death in Service, Critical Illness and other Insurances
When you are young, it can be hard to imagine that we will have anything to leave our loved ones. You may not own a home, you may have debts, such as from studying or struggle to keep out of the overdraft each month. You may also find it hard to envisage becoming seriously ill or injured in the near or distant future.
Taking out insurances can help those you leave behind have a great deal off their mind if something should happen. When you are young, and if you are particularly healthy, life insurance covering a very substantial sum can be a very small payment per month. You may also find that some pension schemes have death in service benefits. It is always a good idea to speak to your employer about options available. Critical illness cover can also be very cheap when you are younger. They can cover a long list of serious illnesses and disabilities, and could provide you a substantial sum on diagnosis. This could help for example if you had to undergo long-term treatment and needed time off work for this, including time to recover.
Some schemes will pay directly to the estate rather than to a nominated beneficiary. If this is the case, it is vital to have a Will in place to ensure that money goes to the people you intend.
Inevitably, we would recommend that you receive professional advice in making Wills. They are not always straightforward.