While everyone should have a Will, it’s often thought of as an ‘older person’s’ responsibility. Here are 6 reasons why you should have a Will as a young person.
Decide Who Will Inherit Your Estate
Your Estate is everything you own at the time of your death, and a Will sets out how you want your estate to be managed once you’re gone. A Will is the only sure way to ensure that your wishes come true. You may think you don’t have any assets, and that’s why you may be asking yourself, “Do I need a will?” Your Estate includes all your savings, your car, your property and your personal belongings. Without a Will, your estate would pass according to the rules of confidentiality, and this could mean your assets going to someone you wouldn’t normally choose.
Appoint An Executor
In a Will, you appoint an Executor. An Executor is responsible for managing your Estate and executing the wishes in your will. They may also need to apply for probate. An Executor isn’t always easy, so you’ll want to carefully consider who you want to appoint as your Executor.
Having a Will, and the ability to appoint an Executor of your choice, gives you the freedom to choose the people you think will best manage your estate and, perhaps more importantly, the trustworthiness of those people. Tell the person you’ve chosen to be an Executor so they understand the role and duties of being an Executor.
Provide For Your Partner
Protect Your Kids
You may be able to appoint guardians in your Will. Your minor children, if you have any, are likely to be minors by the time they reach the age of majority. Guardians are responsible for taking care of your minor children up to the age of majority, and guardianship clauses typically come into effect after both parents have died. If there is no provision in your Will Guisborough for guardians to be appointed, this can lead to difficulties and disagreements among family members. In today’s world, with the rise in young people living with a divorced or separated parent, it can be very complicated! An appointment of guardians will clearly indicate who you want to take care of your children in the event of both parents’ death.