Myth #1: I’m too young to get a will
Getting a will isn’t really about age. It’s about the savings, property and other assets you have now, and what you’re likely to acquire in future.
You’ll be forgiven for not worrying about a will if you’re very young. If you’re 18 years old and just left home, or you’re 21 and have recently graduated with student debts, it’s true that you probably won’t need one.
Wills only come into play when you have something to pass on.
But you probably won’t have nothing for very long. You’ll get your first job and start earning. And down the line you’re likely to acquire assets like a car or your first house.
If you have a will, you’ll be able to decide who you want to receive those assets when you die. Hopefully that won’t be for a very long time, but it’s best to put your wishes down on paper.
If you don’t, the law decides who gets your assets. It will be your wife, children or parents, depending on your circumstances and the “rules of intestacy”.
Your own decision
That may suit you just fine. But many people want to recognise someone else in by leaving them a gift: a beloved aunt, a helpful friend or a favourite charity.
And while you may not have much in the way of money and other assets today, that won’t always be the case.
You could be the beneficiary of a surprise inheritance, an unexpected shares dividend or even a lottery win. The chance of winning the lottery is remote but nonetheless someone does win it!
Ultimately, you’re likely to inherit assets from your parents – hopefully later rather than sooner.
As you can see, there are many reasons why it’s worth getting a will, no matter how young you are. Just think of it as good forward planning.