What age should I write a will? Time for Millennials to plan ahead

What age should I write a will? Time for Millennials to plan ahead

What age should I write a will? Time for Millennials to plan ahead

by | Inheritance

According to the King’s Court Trust, “only 24% of adults under the age of 35 have a Will in comparison to 75% of adults over the age of 55.”  In your 30’s, the need for a will can feel so very far away and an unpleasant thing to contemplate – your own mortality.

It is just over a year since DJ and musician Avicii took his own life.   The Swedish dance artist, real name Tim Bergling, was born in 1989 – a real millennial in every sense of the word.  Only 28 when he died, he left behind an amazing musical legacy and a considerable fortune for one so young.  He was reportedly worth £20 million.

Berling was known to be very charitable with his wealth during his life.  An interview in 2013 quotes the artist as saying “When you have such an excess of money you don’t need, the most sensible, most human and completely obvious thing is to give to people in need.”  Some of his generosity was public and poignant.  In 2013 he donated one million euros to a Swedish hunger aid charity.  The previous year, he donated all the profits from his Feed America tour to a charity fighting to combat hunger.

Tim died without a will.  Under Swedish law, his parents will inherit his entire estate.  The artist also had assets outside of Sweden, that will be subject to the inheritance tax regime of the country they are sited in.  His US properties will certainly be taxed.  A will may have allowed Tim to maximise his tax allowances and plan to minimise the impact.

Considering the DJ’s ethos in life, it is not unreasonable to assume that in death he may have wanted to be just as generous in his will.  Unfortunately, we will never know.

Regardless of your age, you should be considering writing a will if you have any specific ideas about how you wish to leave a legacy, contact us now for assistance.

If you are experiencing mental health issues and need help, please contact Mind, charities or foundations specialising in assisting people in need, your GP or a trained therapist.

 

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2018-06-05T07:59:04+00:00

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Jim Swander, CEO, Cambodia

2018-06-05T08:37:50+00:00

Jim Swander, CEO, Cambodia

"It was a pleasure to work with Cindy and her team! Even though planning for one’s own death is a project we all can easily put off, it removed an area of stress in my life. I no longer had to wonder if certain people would be taken care of, or where my money would go. Cindy and I worked through the process and she asked a lot of thought provoking questions. The first draft helped me think a second layer down, and made the will more complete. We finalised with her lawyer, signed, witnessed and put away in a safe place, letting my executor know exactly where to find it. I do not hesitate to recommend Cindy’s services."
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2018-06-05T08:42:23+00:00

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