Young people should be making wills - top lawyer

Although nearly 90 per cent of people aged under 34 in the UK have not made a Will, you are never too young to plan your legacies, according to Thursfields Solicitors.

The advice comes from Michelle Hetheridge (pictured), a director in the Wills & Estates department at the leading Midlands law firm.

She said: “As a generation, millennials are often criticised for being reluctant to grow up and organise their financial affairs, but they still need a Will.

“It 's a given now that anyone who owns an asset like a home, or who has a spouse or dependents should have a Will, but so should it be for any other adult, including single millennials.

“Millennials who think their net worth is too low to justify a Will are wrong: every adult should have a Will, even if it only to pass on specific gifts they would want family and friends to have or pass on assets that would assist in paying off debts or funeral expenses. ”

Ms Hetheridge explained that a Will is simply a document that lists the deceased 's chosen beneficiaries and their last wishes, plus the guardianship of any minor children.

But if a person dies leaving no Will, she pointed out that the rules of intestacy apply and will govern what happens with the deceased 's assets.

She said: “These rules are often not what the deceased would have decided they wanted to happen themselves. Yet only 12 per cent of people under 34 have made a Will.

“Even older generations don 't have Wills � 60 per cent of people in the UK don 't have a Will when they die.

“There 's no perfect age to make a Will, but the sooner the better, and the important thing is to review it regularly, at least every three to five years or in the event of marriage, divorce, property sale or purchase, birth or death. ”

Ms Hetheridge warned against people writing their own DIY Wills, as she said that could risk making matters worse with errors or omitting key provisions.

She added: “Creating a Will with a solicitor is simple, straightforward and inexpensive. Your solicitor will ensure your wishes are properly provided for and surviving family are looked after. They will also maximise any inheritance tax benefits.

“Along with a Will, all adults should also have a Power of Attorney so that decisions can be made on their behalf if they are mentally or medically incapable, or if they 're deceased.

“Whilst fortunately such occurrences are less common among younger generations, it does happen. ”

A useful document outlining the rules of intestacy can be accessed here.

Anyone wanting advice on making a Will can contact Ms Hetheridge on 0121 227 3850 or email [email protected].