Like anything, there are several myths and misconceptions when it comes to Wills and how they work. One of the main ones being that you only need a Will when you own property, are married, or have children. Most people associate Wills with older age and a lot of assets. However, this is not quite the case.
Wills exist to allow you to decide exactly what happens to your assets, whatever they may be, and how those should be distributed on to your loved ones after you die. Do you have jewellery you wish your sister to have? Who would you like your car to go to? Have you thought about the money you have sitting in your Kiwisaver account? Assets do not have to be extensive. However, not leaving a Will can see your assets and estate divided in accordance with the law and it may not be reflective of your wishes at all. To ensure your assets are split between people you care about, or to include or exclude anyone, it is essential to prepare a properly signed and witnessed Will.
Not having a Will could create problems for your loved ones. When someone dies without a will, there can be a long, dragged-out process to determine how assets are to be divided. Not only does that mean your assets may be divided in a way that you would not wish, but it can create significant financial and legal stress for your family to deal with. An example of this is a financed car. Like any debt, it does not become void at your death. Rather, someone from your family or a friend will be required to take over this finance or sell the car to repay it. Irrespective of your age, financial position, and marital status, it is important to take the time to make a Will so that your family are not met with unwelcome difficulties during an already difficult time.
So, in short, no. You are not too young to have a Will. Talk to the team at Cavell Leitch to start creating your Will, whatever stage of life you may be in.
If you have any questions please do not hesitate to get in touch with the team.