Myth #2: I don’t have anything so I don’t need a will
You might not have much at the moment, it’s true. It’s also hard to think about the future when you’re struggling to pay bills in the present day.
On the bright side, most people do start accumulating assets, and also start a family, over a period of a decade or so. And these are assets that are worth protecting.
Here are six reasons why it’s a good idea to get a will now rather than later.
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Look after children
Children are the main reason young couples make a will. Legally, there’s no other way of assigning guardianship. A will gives you peace of mind if both parents get into a car and the car never arrives.
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Prepare for future assets
You may start to accumulate wealth as you climb the career ladder or start a business. You may also inherit from your parents or find that the home you bought is worth considerably more than you paid for it.
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Recognise non-family members
It’s especially important for unmarried couples, who aren’t recognised under the law, to get a will. If you’re unmarried and living with someone, you won’t get anything if they die without a will – a situation known as “intestacy”. There may also distant relations, friends and others who you’d prefer to benefit from your estate instead of immediate members of your own family.
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Support a charity
Another common reason to make a will is to name charities as your beneficiaries. Even if you don’t have much to give away, your favourite charity would no doubt be glad of the support.
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Give your pet a home
If you have a pet, you’ll want to take care of it. You can specify who should look after it (with their permission, of course) and leave money for that person to look after it.
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Sort out your social media
In your will, you can appoint digital executors to wind up or memorialise your online assets – social media and subscription accounts. That way they can either be closed or, as with Facebook accounts, memorialised.
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Relieve a burden from your family
If you don’t have a will there’s a long-winded and expensive process for your family to follow, known as probate. With a will in place, your estate is sorted out much quicker and you’ll spare them this additional complexity at a difficult time.