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'It is never too early' to make a Will |
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 Kester Cunningham John, 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 KCJ we have recognised this and recently launched an online Wills service. 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 KCJ 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."
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