I’m Young – Do I Need a Will?
A Will is necessary at any age. Not having one and relying on chance is never smart. Whether you’re just starting out in life or further along, having a Will is key. We don’t like to think about our own mortality, it’s an unpleasant subject like going to the dentist or doctor—yet drafting a Will is not something to put off.
You may find gathering your assets and meeting with a lawyer a hassle. But acknowledging life is short is important because a Will benefits your family more than yourself. Drafting a Will may not be on your youth-filled bucket list but it’s worth it and doable once you get over the initial mental hurdle and often brings unexpected surprises.
Here’s why having a Will at almost any age is important and practical for all age groups.
The Perfect Moment Doesn’t Exist
In the past, writing a Will was a costly and time consuming exercise involving appointments with lawyers and big fees. Young people face multiple milestones – from accumulating assets, buying homes to starting families. These events often prompt a review or update of your Will.
Given the financial implications, a Will that can withstand life’s changes is crucial. People should not view Will writing as a one off exercise but as an ongoing process that adapts as life evolves.
I’ll Wait Until I’m Married
The fallacy here is assuming life will eventually stabilise. Life is always changing – if an Executor becomes ill your Will needs to be reviewed. LegalWills.co.za suggests drafting your Will as soon as possible and simple later updates. Not constant updates but waiting for the mythical perfect moment.
Death Doesn’t Care About Your Age
Uncomfortable but true – life ends for everyone, regardless of age. Preparation is essential, whether 21 or 98, because life is unpredictable. In South Africa, those under 18 don’t need to have a Will; adulthood (18) brings that responsibility. Without a Will, decisions about your estate default to the Intestate Succession Act which outlines how your assets will be distributed among your surviving family.
Age matters less than life stage and asset protection. If you’ve accumulated wealth through inheritance or business, it’s prudent to protect it legally. Many young people don’t write a Will because they feel their assets are insignificant, putting their rightful beneficiaries and future family at risk. Regardless of how few assets you have, having a Will is crucial for ensuring your wishes are honored and reducing potential drama among family and friends during difficult times.
Not Just About Money
A Will is about care and thought more than showing off wealth. Regardless of big assets, your estate plan makes key decisions – appointing Executors or guardianships, and involving a trusted family member in funeral arrangements and decision-making processes. They allow for charity bequests and protect assets from unintended beneficiaries, with extra provisions for pet care.
Most people are unaware of posthumous asset increase – youthful accidental death could result in liability payments going into your estate and therefore increasing posthumous value. This is why every individual needs a Will.
Peace of Mind
Without a Will, South Africa’s Intestate Succession Act determines how your estate is distributed. Unmarried and childless? The law distributes assets among parents, or siblings if no parents are alive, then nephews or nieces. These rules ignore personal family dynamics and allow unintended beneficiaries.
Beyond family distribution, charity bequests are unmade without a Will. Not having a Will complicates estate administration, increases fees, delays and potential family conflict – while having a Will simplifies the process, reduces stress and conflict.
Disposition of Personal Items
A Will allows for personal items to be designated. Anxiety arises when thinking of personal items – say a rare vinyl collection or a signed instrument – falling into the wrong hands. A Will acknowledges the people in your life.
I’ll Wait Until I’m Married
The fallacy here is assuming life will eventually stabilise. Life is always changing – if an Executor becomes ill your Will needs to be reviewed. LegalWills.co.za suggests drafting your Will as soon as possible and simple later updates. Not constant updates but waiting for the mythical perfect moment.
Death Doesn’t Care About Your Age
Uncomfortable but true – life ends for everyone, regardless of age. Preparation is essential, whether 21 or 98, because life is unpredictable. In South Africa, those under 18 don’t need to have a Will; adulthood (18) brings that responsibility. Without a Will, decisions about your estate default to the Intestate Succession Act which outlines how your assets will be distributed among your surviving family.
Age matters less than life stage and asset protection. If you’ve accumulated wealth through inheritance or business, it’s prudent to protect it legally. Many young people don’t write a Will because they feel their assets are insignificant, putting their rightful beneficiaries and future family at risk.
Not Just About Money
A Will is about care and thought more than showing off wealth. Regardless of big assets, your estate plan makes key decisions – appointing Executors or guardianships. They allow for charity bequests and protect assets from unintended beneficiaries, with extra provisions for pet care.
Most people are unaware of posthumous asset increase – youthful accidental death could result in liability payments going into your estate and therefore increasing posthumous value. This is why every individual needs a Will.
Peace of Mind
Without a Will, South Africa’s Intestate Succession Act determines how your estate is distributed. Unmarried and childless? The law distributes assets among parents, or siblings if no parents are alive, then nephews or nieces. These rules ignore personal family dynamics and allow unintended beneficiaries.
Beyond family distribution, charity bequests are unmade without a Will. Not having a Will complicates estate administration, increases fees, delays and potential family conflict – while having a Will simplifies the process, reduces stress and conflict.
Disposition of Personal Items and Digital Assets
A Will allows for personal items to be designated. Anxiety arises when thinking of personal items – say a rare vinyl collection or a signed instrument – falling into the wrong hands. A Will acknowledges the people in your life.
Financial Considerations and Immediate Costs
A common excuse among young people is that it’s too expensive. Previously high fees of around $800 were a barrier, and each update would cost more. But the Internet age has changed this space, offering affordable, simplified options between basic kits and expensive legal services.
It’s important to note that while a will designates who inherits one’s possessions, it does not cover the immediate costs associated with a funeral or cremation.
Be careful with attorneys offering discounted Will services – often accompanied by Executor appointments, enriching lawyers more than your estate, earning potential while doing minimal work.
What Is a Last Will and Testament?
Understanding the legal document that outlines your wishes
A last will and testament is more than just a piece of paper; it’s a legal document that captures your wishes regarding the distribution of your assets after you pass away. Think of it as a roadmap for your loved ones, ensuring they are taken care of according to your specific instructions. This document can also appoint an executor to manage your estate, name beneficiaries to receive your assets, and provide for minor children or dependents.
Functions: distributing assets, appointing an executor, naming beneficiaries
The primary function of a will is to distribute your assets—whether it’s property, money, or personal belongings—to your chosen beneficiaries. But it doesn’t stop there. A will also allows you to appoint an executor, the person responsible for managing your estate and ensuring your wishes are carried out to the letter. Additionally, you can name beneficiaries, which could include family members, friends, or even charitable organizations. This ensures that your assets go exactly where you want them to, avoiding any potential disputes or confusion.
Special Considerations for Young People
Providing for minor children or dependents
As a young person, you might think a will is something you can worry about later. However, it’s crucial to consider the future, especially if you have minor children or dependents. A will allows you to appoint a guardian to care for your children if something happens to you. This ensures their well-being and financial security, giving you peace of mind.
According to the United Nations, young people are those between the ages of 15 and 24. Even if you fall within this age group and feel you have few assets, creating a will is still essential. It ensures your wishes are respected and your loved ones are taken care of. In South Africa, young adults can benefit significantly from having a will, regardless of their age or asset portfolio.
A will can also address the distribution of digital assets, such as social media accounts and cryptocurrency. Imagine owning bitcoin or other digital assets and wanting to ensure they are distributed according to your wishes. A will can make this possible. Additionally, it can outline your healthcare wishes, ensuring they are respected if you cannot make decisions yourself.
Creating a will doesn’t have to be complicated or expensive. Many online services offer free will drafting for young people, making it easier than ever to get started. By taking this step, you can avoid unnecessary drama and ensure your loved ones are cared for according to your wishes.
In conclusion, a last will and testament is a vital document that outlines your wishes regarding the distribution of your assets after your death. As a young person, it’s essential to consider creating a will to provide for minor children or dependents, name beneficiaries, and ensure your wishes are carried out.
Modern Will-Writing Ways for a Valid Will
LegalWills.co.za bridges the gap between basic form kits and expensive legal advice, offering affordable lawyer-grade services. A professional will drafter can make the process of creating a will straightforward and accessible. Features include drafting Wills, Powers of Attorney, Living Wills, asset documentation through MyLifeLocker, document storage in our digital vault, sending messages posthumously, funeral preference recordings, keyholder implementations and other estate options.
We’ve been around for over 25 years and our service has evolved to focus on client satisfaction – check out our thousands of five-star reviews on Google and Trustpilot.
Don’t Delay – Get Your Will Today
Life is unpredictable and death is inevitable, so making a valid will is a must, more than any other temporary expense. Investing in a Will is the best use of your time and money. Regardless of age, your loved ones and assets need deliberate planning to secure their future.
At the end of the day, making a Will is about more than self. It’s about caring for those around you.
He has over 20 years of experience helping people to write their Will and other estate planning documents. He has been interviewed by many of the major news media outlets and has contributed to articles in most leading publications. He has also contributed to a number of financial planning books.
Throughout his career, Tim has written extensively on the subject of Will writing and estate planning.
- The Ultimate Guide to Preparing a Will – 2024 - 19 November 2024
- Intestate Succession in South Africa | What Happens If I Die Without a Will? How LegalWills Offers an Affordable Solution - 15 February 2024
- A Guide to Writing a Will for Young Adults in South Africa - 23 September 2022
