Do I need a will?

Svenena

I'm also a single 27 year old female, as I don't currently have any assets, I'm not worried by not having a will at the moment.

I am however saving for a deposit for a house (aiming for £40k in the next five years), so will soon have some relatively substantial savings. My dad died last year (without leaving a will), so I've been thinking about this kind of thing a lot recently - probably like you with the news of the local girl who died. You should look up the rules of intestacy, which show how things get left without a will. As I now only have one parent, as it stands everything would go to my mum. But as she is not great with money, I'd like to split things between her and my brother (who I'm very close to, and could use the money more), so I think I will look into making a will when I have a little more saved.

Obviously if I buy a house or have children, those would be big kicks in the butt to make out a will asap.

I'm not sure about the whole living will thing. I'm atheist, so I don't really care what happens about funeral arrangements or whatever after I die. I'll let the people who do care make up their own minds (and hope they don't play Westlife or something at the funeral!!). I am on the organ donor register - if you aren't already, this is something to consider - I think you can sign up online.

soupdragon10

I think it is very sensible to make a will, you can specify what portion of an estate you want to go to each beneficiary, rather than naming a specific sum for them to recieve.

This covers situations where you are saving and this would steadily increase - you can also give details of any specific items that you want to go to friends, or even leave an amount to charity.

Doing this can make it so much easier if anything did happen, as those left to sort out your affairs wouldn't have so many difficulties at what would be a very difficult time.

skea56

Thank you all for your words of advice - new year new me, and I think getting control of my finances would be the first step.

zcrat41

Hi,
I'm a couple of years older than you (30) and do own a small house with about 30k invested in it. I do have a will because I would want the money to go to my brother and my godson who need it a hell of a lot more than my parents. I also specify where I want my nice jewelry to go to - best friend etc. I don't think its the most important thing in the world to be worried about till you have kids but I like to think if anything happened to me my brother and godson would be able to do something nice with the money.

dzug1

onlyroz wrote: »

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.

Yes but it will be far simpler for your parents to deal with the situation if you have a will leaving everything to them. The end result of not having a will will be the same - but the getting there will be easier.

Rebekah24

You can draw one up whenever you would like.

Just bear in mind you will need a new one with every milestone - children, marriage etc.

But its easy enough! dont see why not!

Newly_retired

I could be wrong, but it seems to me that you are in the fortunate position of being able to save every month becasue you live at home and therefore your parents are paying all your living costs. So I do hope that you would want them to benefit in the event of your untimely death.
However, is it not something to consider whether you could try to get them to take some rent money or cost of food expenses from you now, whilst you are alive?
I'm assuming you have offered and they have refused to take any money off you?
But maybe it is just not something you have thought about?
Sorry for the diversion.

DueMarch11

I have also been wondering lately if OH and I need wills, I guess we do really.

We are both 27, unmarried and renting. We have a 2 year old dd and another on the way.

Is it true that if I dont have a will to state that the children should stay with their dad if anything happens to me then they will go to my next of kin??

Plans_all_plans

No I don't think that's the case Due March11. I think the kids would go to their father if anything happened to you as he would be their next of kin. The problem would come if your eldest DD has a different dad and then you'd need something to stipulate what you'd ideally like in terms of keeping your new family together if possible.

I would get a will in your circs because you're unmarried. If you have any personal assets (rather than joint) and you'd like them to go to your boyfriend then yoiu should state this, otherwise your personal assets will pass to your children, I think. Also, you could do with thinking about where you'd like your children to go if you both died together i.e. with your family or his.

Newly_retired

You could also marry. That automatically gives your OH new rights. Marriage invalidates any previous wills.