‘It is never too early’ to make a Will

  • Posted

Posted 25/03/2010

Young adults should not assume they do not need to make a Will, according to one financial expert.

Making a Will can help to ensure a person’s assets are distributed in accordance with their wishes after they die, as well as having some financial benefits such as helping to avoid paying more inheritance tax than is necessary.

Despite this, a study by Tesco Bank found that only 21 per cent of people aged between 21 and 35 have a valid Will.

Tesco Bank’s head of savings and investments, Jeremy Sutton, said he understands why many young people do not think they need to take steps to prepare for their own death.

However, he added: “In reality it’s never too early to consider all your financial options including savings and life insurance as well as making a Will.”

The research also found that despite not many of the young adults questioned having a valid Will, the vast majority of them have a clear idea of who they want to leave their assets to.

More than half said they wanted to leave everything to their partner, even though this would not necessarily happen if they are unmarried and no Will has been made.

Simon Crooks, who heads the Wealth Management team at Ashtons Legal, adds: “Among the reasons why younger people don’t take this important step are the cost, and the hassle factor of having to take time out of their working lives to go and see a solicitor.

“At Ashtons Legal we have recognised this and recently launched an online Willsservice. It gives people the opportunity to draft their own Will at any time of day or night via our website using sophisticated interactive software and then to have their documents reviewed by a Ashtons Legal lawyer.

“It is the best of both worlds – solicitor input with online cost and convenience. The only caveat is that it is designed for people who have relatively straightforward circumstances; those with business interests, complex family circumstances, or sufficient assets to need Inheritance Tax advice should seek individual advice as in the long run this advice will almost certainly save a lot more than it will cost.”


    How can we help you?

    Please fill in the form and we’ll get back to you as soon as possible or to speak to one of our experts call
    0330 404 0749

    I accept that my data will be held for the purpose of my enquiry in accordance with Ashtons
    Privacy Policy

    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

    How can we help?

    If you have an enquiry or you would like to find out more about our services, why not contact us?