Do I need a will?

skea56

Hi there

I'm a 27 yo female living at home, and after the death of a local young girl recently, it made me think about what would happen to my things if the unthinkable happened.

I have been working fulltime, but am being made redundant on Friday. I have applied to a few different jobs but have not heard back yet.

I do have healthy-ish savings, and will hopefully continue to put some away each month, even if I'm unemployed for any length of time.

I have my own car and will do so own it outright in March this year. I live at home with my parents and have no mortgage.

I have no other real assets as such, but quite a few pieces of jewellry etc that have sentimental value.

I was also thinking about the funeral itself and the songs etc I would like played.

Is it silly to be thinking of these things at my age? I'm afraid that a solicitor would take one look at what (little!!) I have and burst out laughing!!

Would appreciate any advice users could give.

S56

scooby088

You could have a living will, but no solicitor will laugh at you after all they are taking your money, but they will advise you on what and where to leave anything you have, and anyway if you make a will now you can always change it at a later date when your circumstances change..

Errata

A Living Will, also known as an Advance Directive or Advance Decision, is used by people to indicate what medical treatment they do, or do not, want. See here -http://www.direct.gov.uk/en/Governmentcitizensandrights/Death/Preparation/DG_10029429

It is not a last will and testament, which is what the OP is about.

Mojisola

You can write a letter of wishes and describe how you would like your funeral to be organised. That information isn't usually part of the will itself.

It doesn't matter that you don't have very much to leave at the moment - having a will in place makes things easier for those left behind. It wouldn't cost a great deal to put a simple will in place and it could last for years. If you got married, you would have to write a new one as marriage invalidates any prior wills.

At the moment if you died, your parents would be your beneficiaries. You also might want to consider what would happen if you and your parents died together - think car accident. Would you then like your assets to be left to friends or a charity rather than following the intestacy rules - https://www.youngandpearce.co.uk/intestrules.htm

scooby088

Errata wrote: »

A Living Will, also known as an Advance Directive or Advance Decision, is used by people to indicate what medical treatment they do, or do not, want. See here -http://www.direct.gov.uk/en/Governmentcitizensandrights/Death/Preparation/DG_10029429

It is not a last will and testament, which is what the OP is about.

I know that! But it covers every eventuality..

celyn90

skea56 wrote: »

Hi there

Is it silly to be thinking of these things at my age? I'm afraid that a solicitor would take one look at what (little!!) I have and burst out laughing!!

Nope, you're not silly at all - in fact I think you are very very sensible in thinking about these things now. Having even a simple will can stop all manner of problems; even if you have little to leave. I agree with Mojisola - it can help those left behind no end. It also allows you choice in the matter.

OH's first will simply stated who was to recieve his personal belongings as there was nothing else. Mine also states specifically who should receive certain small items as they'd fall outside of the normal rules if I didn't make a will.

We will make new wills after we marry that state clearly what is to happen too - even though there is little in the way of assets. I've seen the mess that can happen when people die intestate even when there is virtually nothing to deal with and couldn't put my family through that sort of stress. cel x

Errata

scooby088 wrote: »

I know that! But it covers every eventuality..

A Living Will won't won't cover who inherits a house, car, dog, etc. It only covers medical care. Not every eventuality.

Jinx

It makes sense to have a will as circumstances can change quite quickly....You may not have much now but you could win the lottery this weekend!

scooby088

Errata wrote: »

A Living Will won't won't cover who inherits a house, car, dog, etc. It only covers medical care. Not every eventuality.

what i meant was having a last will and living will, will cover all eventualities, think i needed to be more clear

meritaten

you can purchase a will form in WHSmiths and I think the post office.
you can write down who you want to recieve certain things and your wishes for burial/cremation. nominate an executor (best to get their agreement first) then you need two witnesses to your signature. you can ask neighbours - they dont need to see what is in the will btw! they just need to see you sign it and then sign it themselves as witnesses.

onlyroz

You only really need a will if you have assets (usually a house). Without one, everything will go to your parents, so if you're happy with that then I wouldn't worry about it unless you buy a house. Just make sure that your family know your wishes regarding funeral arrangements and organ donation.