5 reasons to write your will in your 30s and create a plan for your future
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Your 30s can be a time that the realities of adult life really kick in. But you’re too young to worry about creating a will, right?
Not according to senior associate solicitor at Ashtons Legal, Louise Cardwell, who sat down with us to share why she thinks writing your will is a must and why your 30s could be the best time to do it.
1. You've got a steady job and are starting to gather some assets
You've been in your job a while, are earning a bit more and starting to contribute to your pension. Soon you'll possibly be buying your first home, a newer car and maybe even investing.
This means you now own things that you can pass on to someone else - a loved one, family member or friend - if something happens to you. First, though, you'll need a will.
"Without a will the list of people in your life that can expect to inherit something after you die is limited and you'll have no say over who gets what," said Louise.
2. You need to know your little ones will be safe
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If you haven't already started your family, you could be thinking about it. Once you have children, your biggest concern will be making sure they're cared for, now and in the future.
Your solicitor can help you appoint a guardian who will look after and raise your child in case something happens. With a will, you can make sure the funds are set aside for your children to live the life you have planned for them, no matter what.
"We'll make sure you've got plans in place so that your children will be safe, looked after and provided for," said Louise.
3.A will can help you make the world a better place
When asked, 84pc of millennials said they cared about making a positive difference in the world according to a study by the Bentley University's Center for Women and business.
"You may be surprised to learn that writing your will is a good way to help you achieve this. You can decide to leave your assets to charity and ensure your money and property goes to a good cause of your choice," Louise explained.
Without a will your assets will be divided up according to the Rules of Intestacy and only direct family members will inherit anything.
4. You want to take responsibility for your future finances
Thanks to earning less than their parents and the fact that many graduates find themselves over-qualified for the positions they're in, millennials spend a lot of time concerned about their future. You may often worry about how your choices now could affect you later in life.
Working with a solicitor to make a will can put your mind at ease. You can rest assured knowing you have a safety net in place and have laid solid foundations for your later years.
5. You need professional advice to take care of your money
You may be surprised to learn that young adults are more easily duped by fraudsters than older people. 40pc of millennials have reported losing money to fraud compared to only 18pc of people over 70.
A solicitor will help manage your finances and estate and explain it to you in a way that you can understand and spare you from making mistakes further down the line.
Ashtons Legal can advise you the most tax-efficient way to pass on your assets and help you get the most of your money.
What one appointment can do for you
A solicitor can give you the language and tools you need to make preparing for your future easy. Lifetime planning can sound daunting but with the right help is straight forward, simple and something everyone should think about doing.