Are you are a woman in your 20s and 30s and think you don’t need a Will? You may be reading this yourself, and you think that you are too young to worry about estate planning and that it’s something you can worry about later in life.
However, I encourage you to keep reading. In this blog I walk you through some scenarios to consider, some common misconceptions and include some advice and help for you to be more informed about your options.
This blog will also explore the myths surrounding Will-making and why making a Will in Your 20s and 30s is crucial for women.
Myth 1: I don’t have anything to leave behind, so I don’t need a Will.
One of the most common misconceptions is that as a young woman, you don’t have anything to leave behind, so they don’t need a Will. However, this is not the case. Even if you believe you have no assets, if you have children or pets, you need to make provisions about what your wishes are for them. When you appointing “Legal Guardians” (the people you choose to look after your children), it means this decisions isn’t left to strangers like Social Services, or the Courts.
A Will is not just about assets and money, it’s also about expressing your wishes for your loved ones. One of the kindest things you can do is make that easier for them. Not knowing what someone would have wanted if they are no longer here can be really distressing, especially at a very emotional time.
Myth 2: Living with someone means your estate will automatically go to them.
Another myth is that if you live with someone, your estate would go to them automatically. This is not the case in the UK. Even if you’re in a committed relationship, your partner isn’t provided for if you die. Without a Will, your estate will be distributed according to the laws of intestacy, which may not reflect your wishes. With a Will, you can ensure your partner is taken care of and your assets are distributed according to your wishes.
Myth 3: Making a Will is too expensive.
One of the most common misconceptions is that making a Will is too expensive. However, this is not the case. At Morecambe Bay Wills, we make it affordable for everyone to make a Will. We understand that some of us may be living on a tight budget, so we offer payment plans to make it even more accessible. It’s important to remember that a Will is not just about assets and money; it’s also about expressing your wishes for your loved ones. You can also make sure your children are taken care of by the people you choose and not left to the discretion of the courts.
Myth 4: I don’t have any “money” so I don’t need a Will.
Another myth is that young women don’t have “money” or “savings” to leave behind, so you don’t need a Will. But, you may have other factors to consider such as insurance policies, a work pension, or death in service cover at work. Some of these aren’t covered by your Will, but others are – it’s important to know! And important to take action, so the right people get what you’d intended. If not, it is left to the discretion of administrators who would never know what you might have wanted.
Myth 5: Once you have a Will it will always be in place.
Another myth is that once you have a Will, it will always be in place. This isn’t strictly the case. A Will is a living document, and it’s important to review and update it regularly. If you have a change in circumstances such as getting married, separated or divorced, your previous Will needs reviewing!
When you marry any Will you have will be revoked. When you separate, you need to protect your assets prior to any legal proceedings. And if you divorce, parts of your Will are no longer valid. It’s important to keep your Will up to date to ensure that it still reflects your wishes and that your loved ones are taken care of.
Making your Will in your 20s and 30s can be much easier than you thought …
I hope the information above has been useful. Your Will is as unique as you are – certainly it is at Morecambe Bay Wills. Please don’t let fear or feeling daunted stop you from having the piece of mind you deserve. We understand that creating a Will can be scary, so we take the time to listen to your concerns and work with you to create a plan that meets your needs.
Trust us to guide you through the process with patience and understanding. Making a will in Your 20s and 30s can be much easier than you thought!
Don’t wait until it’s too late, start the conversation today and ensure that your loved ones are protected. Call us on 01524 571032 or request more Information here
Making a Will in your 20s and 30s – it’s the kindest thing you can do!